By Sheri Kasprzak
New York, April 20 - The Municipal Improvement Corp. of Los Angeles priced $109.995 million in series 2009 lease revenue bonds on Wednesday, said an official statement.
The offering included $57.93 million in series 2009A bonds and $52.065 million in series 2009B bonds.
The 2009A bonds (A2/AA-/AA-) are due 2010 to 2019 with coupons from 3% to 5.25% and yields from 1.19% to 4.45%.
The 2009B bonds (A1/AA-/AA-) are due 2010 to 2023 with term bonds due 2025, 2028, 2030 and 2039. The serials have coupons from 3% to 5% with yields from 1.25% to 5%. The 2025 bonds have a 5.25% coupon, priced at par. The 2028 bonds have a 5.5% coupon, also priced at par, and the 2030 bonds have a 5.5% coupon to yield 5.581%. The 2039 bonds have a 5.5% coupon to yield 5.66%.
Citigroup Global Markets Inc. was the lead manager for the 2009A bonds and Siebert Brandford Shank & Co. LLC was the lead for the 2009B bonds. Estrada Hinojosa & Co. was the co-manager for both bonds.
Proceeds will repay the corporation's outstanding commercial paper notes, as well as pay for capital improvements and real property.
| Issuer: | Municipal Improvement Corp. of Los Angeles
|
| Issue: | Series 2009 lease revenue bonds
|
| Amount: | $109.995 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead for 2009A); Siebert Brandford Shank & Co. LLC (lead for 2009B); Estrada Hinojosa & Co. (co-manager)
|
| Ratings: | Moody's: A2 (series 2009A); A1 (series 2009B)
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | April 15
|
| Settlement date: | April 23
|
|
|
| Series 2009A
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 4% | 1.19%
|
| 2011 | Serial | 3% | 2.10%
|
| 2012 | Serial | 3% | 2.40%
|
| 2013 | Serial | 3% | 2.95%
|
| 2013 | Serial | 5% | 2.95%
|
| 2014 | Serial | 4% | 3.40%
|
| 2015 | Serial | 4% | 3.60%
|
| 2015 | Serial | 5% | 3.60%
|
| 2016 | Serial | 4% | 3.85%
|
| 2016 | Serial | 5% | 3.85%
|
| 2017 | Serial | 4% | 4.02%
|
| 2017 | Serial | 5% | 4.02%
|
| 2018 | Serial | 5.25% | 4.20%
|
| 2019 | Serial | 5.25% | 4.45%
|
|
|
| Series 2009B
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 3% | 1.25%
|
| 2011 | Serial | 3% | 2.00%
|
| 2012 | Serial | 3% | 2.30%
|
| 2013 | Serial | 3% | 2.85%
|
| 2014 | Serial | 4% | 3.30%
|
| 2015 | Serial | 4% | 3.50%
|
| 2016 | Serial | 4% | 3.75%
|
| 2017 | Serial | 4% | 3.95%
|
| 2018 | Serial | 4.25% | 4.15%
|
| 2019 | Serial | 4.5% | 4.40%
|
| 2020 | Serial | 4.5% | 4.60%
|
| 2021 | Serial | 4.75% | 4.75%
|
| 2022 | Serial | 4.75% | 4.83%
|
| 2023 | Serial | 5% | 5.00%
|
| 2025 | Term | 5.25% | 5.25%
|
| 2028 | Term | 5.5% | 5.50%
|
| 2030 | Term | 5.5% | 5.581%
|
| 2039 | Term | 5.5% | 5.66%
|
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