Published on 11/19/2013 in the Prospect News Municipals Daily.
New Issue: Morgan Hill Redevelopment, Calif., sells $88.8 million refunding bonds
By Sheri Kasprzak
New York, Nov. 19 - The Morgan Hill Redevelopment Agency of California sold $88.78 million of series 2013 refunding revenue bonds, according to a pricing sheet.
The deal included $74.4 million of series 2013A tax-exempt bonds and $14.38 million of series 2013B taxable bonds.
The bonds (/AA-/AA-) were sold through Morgan Stanley & Co. LLC.
The 2013A bonds are due 2018 to 2033 with 3% to 5% coupons. The 2013B bonds are due 2014 to 2018 with 0.5% to 2.595% coupons, all priced at par.
Proceeds will be used to refund existing variable-rate tax allocation bonds.
| Issuer: | Morgan Hill Redevelopment Agency
|
| Issue: | Series 2013 refunding revenue bonds
|
| Amount: | $88.78 million
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Ratings: | Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | Nov. 19
|
| Settlement date: | Dec. 4
|
|
|
| $74.4 million series 2013A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.27 million | 2018 | Serial | 4% | 112.032
|
| $25,000 | 2019 | Serial | 3% | 106.387
|
| $2,385,000 | 2019 | Serial | 5% | 117.378
|
| $955,000 | 2019 | Serial | 5% | 116.37
|
| $2.47 million | 2020 | Serial | 5% | 117.246
|
| $1,055,000 | 2020 | Serial | 5% | 116.369
|
| $2,565,000 | 2021 | Serial | 5% | 115.967
|
| $1.14 million | 2021 | Serial | 5% | 115.388
|
| $2,655,000 | 2022 | Serial | 5% | 115.108
|
| $1,235,000 | 2022 | Serial | 5% | 114.739
|
| $2.76 million | 2023 | Serial | 5% | 114.417
|
| $1.33 million | 2023 | Serial | 5% | 113783
|
| $4.26 million | 2024 | Serial | 5% | 112.55
|
| $4.47 million | 2025 | Serial | 5% | 110.891
|
| $4,695,000 | 2026 | Serial | 5% | 109.517
|
| $4.93 million | 2027 | Serial | 5% | 108.332
|
| $350,000 | 2028 | Serial | 4.125% | 98.851
|
| $4,825,000 | 2028 | Serial | 5% | 105.191
|
| $5,435,000 | 2029 | Serial | 5% | 104.544
|
| $5,705,000 | 2030 | Serial | 5% | 105.191
|
| $5.99 million | 2031 | Serial | 5% | 104.544
|
| $6.29 million | 2032 | Serial | 5% | 103.901
|
| $6,605,000 | 2033 | Serial | 5% | 103.422
|
|
|
| $14.38 million series 2013B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.05 million | 2014 | Serial | 0.50% | 100
|
| $3,085,000 | 2015 | Serial | 1.12% | 100
|
| $3,115,000 | 2016 | Serial | 1.552% | 100
|
| $3,165,000 | 2017 | Serial | 2.195% | 100
|
| $965,000 | 2018 | Serial | 2.595% | 100
|
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