Published on 1/14/2013 in the Prospect News Municipals Daily.
New Issue: Orange County, Calif., brings $268.36 million of taxable pension obligation bonds
By Sheri Kasprzak
New York, Jan. 14 - Orange County, Calif., priced $268.36 million of series 2013A taxable pension obligation bonds, according to a pricing sheet.
The bonds (Aa3/A+/AA/F1+) were sold through J.P. Morgan Securities LLC.
The bonds are due 2013 to 2014 with 0.58% to 0.76% coupons, all priced at par.
Proceeds will be used to refund the county's series 2013 debenture, which was issued to finance unfunded pensions for county employees.
| Issuer: | Orange County, Calif.
|
| Issue: | Series 2013A taxable pension obligation bonds
|
| Amount: | $268.36 million
|
| Type: | Negotiated
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: AA/F1+
|
| Pricing date: | Jan. 9
|
| Settlement date: | Jan. 14
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $10 million | Aug. 1, 2013 | Term | 0.58% | 100
|
| $70 million | Nov. 1, 2013 | Term | 0.61% | 100
|
| $70 million | Feb. 1, 2014 | Term | 0.68% | 100
|
| $70 million | May 1, 2014 | Term | 0.73% | 100
|
| $48.36 million | June 30, 2014 | Term | 0.76% | 100
|
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