Published on 7/26/2011 in the Prospect News Municipals Daily.
New Issue: Modesto Irrigation District, Calif., sells $141.46 million refunding revenue bonds
By Sheri Kasprzak
New York, July 26 - The Modesto Irrigation District of California priced $141.455 million of series 2011 electric system refunding revenue bonds, said a pricing sheet.
The bonds were sold through Citigroup Global Markets Inc. and Stone & Youngberg. The co-managers were Morgan Stanley & Co. Inc., Ramirez & Co. Inc. and Wells Fargo Securities LLC.
The 2011A bonds are due 2014 to 2026 with coupons from 3% to 5%. The 2011B bonds are due 2012 to 2013 with 2% coupons.
Proceeds will be used to refund the district's series 1999A-B, 2001A and 2003A capital appreciation bonds.
| Issuer: | Modesto Irrigation District
|
| Issue: | Series 2011 electric system refunding revenue bonds
|
| Amount: | $141.455 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Stone & Youngberg (lead), Morgan Stanley & Co. Inc., Ramirez & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Pricing date: | July 21
|
| Settlement date: | July 28
|
|
|
| $125.38 million series 2011A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2 million | 2014 | Serial | 3% | 105.01
|
| $7.44 million | 2014 | Serial | 5% | 110.736
|
| $3 million | 2015 | Serial | 3% | 105.5
|
| $8.195 million | 2015 | Serial | 5% | 113.087
|
| $3 million | 2016 | Serial | 4% | 109.58
|
| $8.695 million | 2016 | Serial | 5% | 114.254
|
| $3 million | 2017 | Serial | 4% | 109.132
|
| $9.255 million | 2017 | Serial | 5% | 114.635
|
| $3 million | 2018 | Serial | 4% | 107.7
|
| $8.125 million | 2018 | Serial | 5% | 113.962
|
| $3 million | 2019 | Serial | 4% | 105.918
|
| $10.985 million | 2019 | Serial | 5% | 112.882
|
| $1.185 million | 2020 | Serial | 4% | 104.661
|
| $11.425 million | 2020 | Serial | 5% | 112.307
|
| $1.3 million | 2021 | Serial | 4% | 103.649
|
| $12.875 million | 2021 | Serial | 5% | 111.948
|
| $945,000 | 2022 | Serial | 3.75% | 99.554
|
| $7.3 million | 2022 | Serial | 5% | 109.841
|
| $430,000 | 2023 | Serial | 4% | 99.903
|
| $4.32 million | 2023 | Serial | 5% | 108.037
|
| $4.98 million | 2024 | Serial | 5% | 106.854
|
| $9.3 million | 2025 | Serial | 5% | 105.769
|
| $1.625 million | 2026 | Serial | 5% | 105.026
|
|
|
| $16.075 million series 2011B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8.285 million | 2012 | Serial | 2% | 101.149
|
| $7.79 million | 2013 | Serial | 2% | 101.709
|
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