Published on 12/14/2015 in the Prospect News Municipals Daily.
New Issue: Metropolitan Water District of Southern California sells $208.26 million revenue bonds
By Sheri Kasprzak
New York, Dec. 14 – The Metropolitan Water District of Southern California sold $208,255,000 of series 2015A water revenue bonds, according to a term sheet. The deal was downsized from $250 million.
The bonds (Aa1/AAA/AA+) were sold through senior managers RBC Capital Markets LLC and U.S. Bancorp Investments Inc.
The bonds are due 2018 to 2028 with term bonds due in 2040 and 2045. The serial bonds have 5% coupons with yields from 0.78% to 2.24%. The 2040 bonds have a 5% coupon priced at 117.754 to yield 2.86%, and the 2045 bonds have a 4% coupon priced at 105.519 to yield 3.32%.
Proceeds will be used to finance the construction and expansion of water facilities.
| Issuer: | Metropolitan Water District of Southern California
|
| Issue: | Series 2015A water revenue bonds
|
| Amount: | $208,255,000
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC and U.S. Bancorp Investments Inc. (lead), Siebert Brandford Shank & Co. LLC and Ramirez & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AAA
|
| Fitch: AA+
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 17
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.99 million | 2018 | Serial | 5% | 110.587 | 0.78%
|
| $2,145,000 | 2019 | Serial | 5% | 114.098 | 0.94%
|
| $2,585,000 | 2020 | Serial | 5% | 117.171 | 1.11%
|
| $2,535,000 | 2021 | Serial | 5% | 119.829 | 1.28%
|
| $3.74 million | 2022 | Serial | 5% | 121.999 | 1.46%
|
| $4.02 million | 2023 | Serial | 5% | 123.815 | 1.63%
|
| $15.74 million | 2024 | Serial | 5% | 125.312 | 1.79%
|
| $13,615,000 | 2025 | Serial | 5% | 126.629 | 1.93%
|
| $14,855,000 | 2026 | Serial | 5% | 125.243 | 2.07%
|
| $15,745,000 | 2027 | Serial | 5% | 124.46 | 2.15%
|
| $61.06 million | 2028 | Serial | 5% | 123.585 | 2.24%
|
| $48.72 million | 2040 | Term | 5% | 117.754 | 2.86%
|
| $21,505,000 | 2045 | Term | 4% | 105.519 | 3.32%
|
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