Published on 1/12/2015 in the Prospect News Municipals Daily.
New Issue: Orange County, Calif., prices $339.63 million pension obligation bonds
By Sheri Kasprzak
New York, Jan. 12 – Orange County, Calif., sold $339,625,000 of series 2015A taxable pension obligation bonds, according to a pricing sheet.
The bonds (/AA-/AA/F1+) were sold through J.P. Morgan Securities LLC and Stifel, Nicolaus & Co. Inc.
The bonds are due Aug. 3, 2015; Nov. 2, 2015; Feb. 1, 2016; May 2, 2016; and June 30, 2016. The August 2015 bonds have a 0.425% coupon, the November 2015 bonds have a 0.58% coupon, the February 2016 bonds have a 0.68% coupon, the May 2016 bonds have a 0.78% coupon and the June 2016 bonds have a 0.80% coupon, all priced at par.
Proceeds will be used to fund pension obligations for county employees.
| Issuer: | Orange County, Calif.
|
| Issue: | Series 2015A taxable pension obligation bonds
|
| Amount: | $339,625,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Stifel, Nicolaus & Co. Inc.
|
| Ratings: | Standard & Poor’s: AA-
|
| Fitch: AA/F1+
|
| Pricing date: | Jan. 8
|
| Settlement date: | Jan. 13
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $10 million | Aug. 3, 2015 | Term | 0.425% | 100
|
| $95 million | Nov. 2, 2015 | Term | 0.58% | 100
|
| $95 million | Feb. 1, 2016 | Term | 0.68% | 100
|
| $95 million | May 2, 2016 | Term | 0.78% | 100
|
| $44,625,000 | June 30, 2016 | Term | 0.80% | 100
|
|
|
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