By Sheri Kasprzak
New York, Nov. 18 - The City of Newport Beach, Calif., priced on Thursday $126.66 million of series 2010 certificates of participation, said a pricing sheet.
The sale included $20.085 million of series 2010A tax-exempt certificates and $106.575 million of series 2010B Build America Bonds.
The 2010A certificates are due 2011 to 2019 with 2% to 4% coupons. The 2010B certificates are due 2018 to 2023 with term bonds due 2030 and 2040. Serial coupons range from 4.451% to 5.851%, all priced at par. The 2030 bonds have a 7.018% coupon priced at par, and the 2040 bonds have a 7.168% coupon, also priced at par.
Stone & Youngberg was the senior manager for the bonds (Aa2/AA+/AA+). The co-managers are De La Rosa & Co. Inc., Bank of America Merrill Lynch and Raymond James & Associates Inc.
Proceeds will be used to design and construct a new park, an emergency readiness center, city council chambers, a new library, a new community room at the city's administrative offices and a pedestrian bridge.
| Issuer: | Newport Beach, Calif.
|
| Issue: | Series 2010 certificates of participation
|
| Amount: | $126.66 million
|
| Type: | Negotiated
|
| Underwriters: | Stone & Youngberg (lead), De La Rosa & Co. Inc., Bank of America Merrill Lynch and Raymond James & Associates Inc. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Nov. 18
|
| Settlement date: | Nov. 30
|
|
|
| $20.085 million series 2010A
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.74 million | 2011 | Serial | 2% | 100.788
|
| $2.69 million | 2012 | Serial | 3% | 103.219
|
| $2.775 million | 2013 | Serial | 3% | 104.386
|
| $2.86 million | 2014 | Serial | 3% | 104.609
|
| $2.94 million | 2015 | Serial | 4% | 108.721
|
| $3.06 million | 2016 | Serial | 4% | 108.588
|
| $3.185 million | 2017 | Serial | 4% | 107.543
|
| $410,000 | 2018 | Serial | 4% | 105.971
|
| $425,000 | 2019 | Serial | 4% | 104.13
|
|
|
| $106.575 million series 2010B
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.9 million | 2018 | Serial | 4.451% | 100
|
| $2.98 million | 2019 | Serial | 4.751% | 100
|
| $3.065 million | 2020 | Serial | 5.051% | 100
|
| $3.165 million | 2021 | Serial | 5.351% | 100
|
| $3.275 million | 2022 | Serial | 5.601% | 100
|
| $3.39 million | 2023 | Serial | 5.851% | 100
|
| $17.8 million | 2030 | Term | 7.018% | 100
|
| $70 million | 2040 | Term | 7.168% | 100
|
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