Published on 10/17/2012 in the Prospect News Municipals Daily.
New Issue: Modesto Irrigation District, Calif., prices $92.86 million of refunding bonds
By Sheri Kasprzak
New York, Oct. 17 - The Modesto Irrigation District of California sold $92,855,000 of series 2012 electric system revenue refunding bonds, according to a pricing sheet.
The bonds (A2/A+/) were sold through Citigroup Global Markets Inc.
The deal included $90,065,000 of series 2012A bonds and $2.79 million of series 2012B taxable bonds.
The 2012A bonds are due 2013 to 2032 with 1% to 5% coupons.
The 2012B bonds are due July 1, 2013 and have a 1% coupon priced at par.
Proceeds will be used to refund the district's series 2003A certificates of participation.
| Issuer: | Modesto Irrigation District
|
| Issue: | Series 2012 electric system revenue refunding bonds
|
| Amount: | $92,855,000
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A+
|
| Pricing date: | Oct. 17
|
| Settlement date: | Oct. 25
|
|
|
| $90,065,000 series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $935,000 | 2013 | Serial | 1% | 100.388
|
| $855,000 | 2014 | Serial | 5% | 107.357
|
| $3.22 million | 2016 | Serial | 5% | 114.624
|
| $3.38 million | 2017 | Serial | 5% | 117.453
|
| $5.26 million | 2018 | Serial | 5% | 119.78
|
| $3.74 million | 2019 | Serial | 5% | 120.973
|
| $5.4 million | 2020 | Serial | 5% | 121.503
|
| $7,955,000 | 2021 | Serial | 5% | 121.49
|
| $8,355,000 | 2022 | Serial | 5% | 121.475
|
| $8.77 million | 2023 | Serial | 5% | 121.425
|
| $9.03 million | 2024 | Serial | 5% | 120.393
|
| $9.66 million | 2025 | Serial | 5% | 119.372
|
| $8,965,000 | 2026 | Serial | 5% | 119.372
|
| $2.14 million | 2027 | Serial | 5% | 118.462
|
| $2,245,000 | 2028 | Serial | 5% | 117.86
|
| $2,355,000 | 2029 | Serial | 5% | 117.361
|
| $2.47 million | 2030 | Serial | 5% | 116.766
|
| $2.6 million | 2031 | Serial | 5% | 116.371
|
| $2.73 million | 2032 | Serial | 5% | 115.782
|
|
|
| $2.79 million series 2012B taxable bonds
|
| Maturity | Type | Coupon | Price
|
| July 1, 2013 | Term | 1% | 100
|
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