By Sheri Kasprzak
New York, Dec. 15 - The Orange County Local Transportation Authority in California priced $352.57 million of series 2010 Measure M2 sales tax revenue bonds, according to a pricing sheet.
The deal included $293.54 million of series 2010A Build America Bonds and $59.03 million of series 2010B tax-exempt bonds.
The 2010A bonds are due 2021 to 2025 with a term bond due in 2041. The serial coupons range from 5.563% to 6.463%, all priced at par. The 2041 bonds have a 6.908% coupon priced at par.
The 2010B bonds are due 2013 to 2020 with coupons from 3% to 5%.
The senior manager was Bank of America Merrill Lynch. The co-managers included Barclays Capital Inc.; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Citigroup Global Markets Inc.; De La Rosa & Co. Inc.; Jefferies & Co.; Loop Capital Markets LLC; Morgan Stanley & Co. Inc.; RBC Capital Markets Corp.; Siebert Brandford Shank & Co. LLC; and Stone & Youngberg.
Proceeds will be used to finance capital improvements and retire existing commercial paper.
Based in Orange, Calif., the authority maintains streets and highways in Orange County.
| Issuer: | Orange County Local Transportation Authority
|
| Issue: | Series 2010 Measure M2 sales tax revenue bonds
|
| Amount: | $352.57 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead); Barclays Capital Inc.; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Citigroup Global Markets Inc.; De La Rosa & Co. Inc.; Jefferies & Co.; Loop Capital Markets LLC; Morgan Stanley & Co. Inc.; RBC Capital Markets Corp.; Siebert Brandford Shank & Co. LLC; and Stone & Youngberg (co-managers)
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 23
|
|
|
| $293.54 million series 2010A
|
| Amount | Maturity | Type | Coupon | Price
|
| $8.915 million | 2021 | Serial | 5.563% | 100
|
| $9.235 million | 2022 | Serial | 5.813% | 100
|
| $9.585 million | 2023 | Serial | 6.063% | 100
|
| $9.96 million | 2024 | Serial | 6.213% | 100
|
| $5.845 million | 2025 | Serial | 6.463% | 100
|
| $250 million | 2041 | Term | 6.908% | 100
|
|
|
| $59.03 million series 2010B
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.41 million | 2013 | Serial | 3% | 104.275
|
| $6.6 million | 2014 | Serial | 4% | 107.969
|
| $6.865 million | 2015 | Serial | 5% | 113.364
|
| $2.24 million | 2016 | Serial | 3% | 105.264
|
| $4.97 million | 2016 | Serial | 4% | 110.14
|
| $7.475 million | 2017 | Serial | 4% | 109.686
|
| $7.775 million | 2018 | Serial | 5% | 115.341
|
| $2.85 million | 2019 | Serial | 3.5% | 104.1
|
| $5.315 million | 2019 | Serial | 5% | 114.898
|
| $8.53 million | 2020 | Serial | 4.5% | 110.065
|
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