Published on 1/11/2012 in the Prospect News Municipals Daily.
New Issue: Orange County, Calif., brings $229.88 million of taxable pension obligation bonds
By Sheri Kasprzak
New York, Jan. 11 - Orange County in California sold $229.88 million of series 2012A taxable pension obligation bonds, according to a term sheet.
The bonds (Aa2/A+) were sold on a negotiated basis with Morgan Stanley & Co. LLC as the lead manager.
The bonds are due 2012 to 2013 with 0.75% to 0.95% coupons, all priced at par.
Proceeds will be used to refund the county's series 2012 debenture.
| Issuer: | Orange County, Calif.
|
| Issue: | Series 2012A taxable pension obligation bonds
|
| Amount: | $229.88 million
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC (lead)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| Pricing date: | Jan. 11
|
| Settlement date: | Jan. 18
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $10 million | 2012 | Serial | 0.75% | 100
|
| $60 million | 2012 | Serial | 0.8% | 100
|
| $60 million | 2013 | Serial | 0.85% | 100
|
| $60 million | 2013 | Serial | 0.9% | 100
|
| $39.88 million | 2013 | Serial | 0.95% | 100
|
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