Published on 1/15/2015 in the Prospect News Municipals Daily.
New Issue: Santa Clara Valley Transportation, Calif., prices $89.98 million bonds
By Sheri Kasprzak
New York, Jan. 15 – The Santa Clara Valley Transportation Authority of California sold $89.98 million of 2000 measure A series 2015 sales tax revenue refunding bonds, said a pricing sheet.
The deal included $86.64 million of series 2015A tax-exempt bonds and $3.34 million of series 2015B taxable bonds.
The 2015A bonds are due 2019 to 2036 with 5% coupons and yields from 0.85% to 2.61%. The 2015B bonds are due April 1, 2018 and have a 1.2% coupon priced at par.
Citigroup Global Markets Inc. was the senior manager for the bonds (/AA+/).
Proceeds will be used to refund the authority’s 2000 measure A series 2007A sales tax revenue refunding bonds.
| Issuer: | Santa Clara Valley Transportation Authority
|
| Issue: | 2000 measure A series 2015 sales tax revenue refunding bonds
|
| Amount: | $89.98 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Barclays, Goldman Sachs & Co. and RBC Capital Markets LLC (co-managers)
|
| Rating: | Standard & Poor’s: AA+
|
| Pricing date: | Jan. 15
|
| Settlement date: | Feb. 26
|
|
|
| $86.64 million series 2015A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.08 million | 2019 | Serial | 5% | 116.675 | 0.85%
|
| $3,235,000 | 2020 | Serial | 5% | 119.608 | 1.04%
|
| $3,395,000 | 2021 | Serial | 5% | 121.947 | 1.25%
|
| $3,565,000 | 2022 | Serial | 5% | 123.782 | 1.46%
|
| $3.74 million | 2023 | Serial | 5% | 125.551 | 1.62%
|
| $3.93 million | 2024 | Serial | 5% | 127.317 | 1.74%
|
| $4.13 million | 2025 | Serial | 5% | 128.782 | 1.86%
|
| $4,335,000 | 2026 | Serial | 5% | 127.408 | 1.99%
|
| $4.55 million | 2027 | Serial | 5% | 126.156 | 2.11%
|
| $4.78 million | 2028 | Serial | 5% | 125.226 | 2.20%
|
| $5,015,000 | 2029 | Serial | 5% | 124.508 | 2.27%
|
| $5.27 million | 2030 | Serial | 5% | 123.897 | 2.33%
|
| $5.53 million | 2031 | Serial | 5% | 123.088 | 2.41%
|
| $5,805,000 | 2032 | Serial | 5% | 122.585 | 2.46%
|
| $6,095,000 | 2033 | Serial | 5% | 122.085 | 2.51%
|
| $6,405,000 | 2034 | Serial | 5% | 121.686 | 2.55%
|
| $6,725,000 | 2035 | Serial | 5% | 121.289 | 2.59%
|
| $7,055,000 | 2036 | Serial | 5% | 121.091 | 2.61%
|
|
|
| $3.34 million series 2015B taxable bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| April 1, 2018 | Term | 1.20% | 100 | 1.20%
|
|
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