Published on 5/23/2012 in the Prospect News Municipals Daily.
New Issue: San Diego County Regional Transportation prices $399.62 million of revenue bonds
By Sheri Kasprzak
New York, May 23 - The San Diego County Regional Transportation Commission sold $399,615,000 of series 2012A limited tax sales tax revenue bonds, according to a pricing sheet.
The bonds (Aa2/AAA/) were sold through Barclays Capital Inc. The co-managers were J.P. Morgan Securities LLC, Goldman, Sachs & Co., Morgan Stanley & Co. LLC and Bank of America Merrill Lynch.
The bonds are due 2013 to 2038 with term bonds due in 2042 and 2048. The serial coupons range from 2% to 5%. The 2042 bonds have a 5% coupon priced at 111.993. The 2048 bonds have a split maturity with a 4.125% coupon priced at par and a 5% coupon priced at 110.423.
Proceeds will be used to widen State Road 76, widen and extend State Road 52, improve transit projects, construct high-occupancy vehicle lanes on Interstate 5 and make improvements to other roads and highways.
| Issuer: | San Diego County Regional Transportation Commission
|
| Issue: | Series 2012A limited tax sales tax revenue bonds
|
| Amount: | $399,615,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. (lead); J.P. Morgan Securities LLC, Goldman, Sachs & Co., Morgan Stanley & Co. LLC and Bank of America Merrill Lynch (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AAA
|
| Pricing date: | May 23
|
| Settlement date: | June 14
|
|
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $17,885,000 | 2013 | Serial | 2% | 101.481
|
| $5 million | 2014 | Serial | 2% | 103.044
|
| $9.58 million | 2014 | Serial | 3% | 104.835
|
| $14.96 million | 2015 | Serial | 4% | 109.797
|
| $15,565,000 | 2016 | Serial | 5% | 116.411
|
| $16.34 million | 2017 | Serial | 5% | 119.518
|
| $5 million | 2018 | Serial | 4% | 116.12
|
| $12.16 million | 2018 | Serial | 5% | 121.718
|
| $5 million | 2019 | Serial | 4% | 116.729
|
| $12,965,000 | 2019 | Serial | 5% | 123.189
|
| $5 million | 2020 | Serial | 4% | 116.727
|
| $13,815,000 | 2020 | Serial | 5% | 124
|
| $20.09 million | 2021 | Serial | 5% | 124.818
|
| $3,205,000 | 2022 | Serial | 5% | 125.757
|
| $3.43 million | 2023 | Serial | 5% | 123.362
|
| $3.69 million | 2024 | Serial | 5% | 121.601
|
| $3,685,000 | 2025 | Serial | 5% | 120.444
|
| $3.72 million | 2026 | Serial | 5% | 119.679
|
| $4.38 million | 2027 | Serial | 5% | 118.921
|
| $4.19 million | 2028 | Serial | 5% | 118.074
|
| $4.33 million | 2029 | Serial | 5% | 117.328
|
| $4.51 million | 2030 | Serial | 5% | 116.587
|
| $5.33 million | 2031 | Serial | 5% | 115.943
|
| $5.63 million | 2032 | Serial | 5% | 115.486
|
| $5.68 million | 2033 | Serial | 5% | 114.94
|
| $6,075,000 | 2034 | Serial | 5% | 114.307
|
| $6,225,000 | 2035 | Serial | 5% | 113.678
|
| $6,425,000 | 2036 | Serial | 5% | 113.143
|
| $6.68 million | 2037 | Serial | 5% | 112.699
|
| $6,695,000 | 2038 | Serial | 5% | 112.345
|
| $55.64 million | 2042 | Term | 5% | 111.993
|
| $50 million | 2048 | Term | 4.125% | 100
|
| $56,735,000 | 2048 | Term | 5% | 110.423
|
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