By Sheri Kasprzak
New York, Nov. 2 – The California Pollution Control Financing Authority sold $126 million of series 2015B solid waste disposal refunding revenue bonds for Waste Management Inc., according to an official statement.
The bonds (/A-/A-2/) were sold through BofA Merrill Lynch.
The deal included $76,225,000 of series 2015B-1 bonds and $49,775,000 of series 2015B-2 bonds.
The 2015B-1 bonds are due Nov. 1, 2025 and bear interest at the term rate with a 3% initial coupon. The 2015B-2 bonds are due Nov. 1, 2040 and also bear interest at the term rate with a 3.125% initial coupon.
Proceeds will be used to refund all or a portion of the authority’s series 2002A and 2005C variable-rate revenue bonds.
| Issuer: | California Pollution Control Financing Authority/Waste Management Inc.
|
| Issue: | Series 2015 solid waste disposal refunding revenue bonds
|
| Amount: | $126 million
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch
|
| Rating: | Standard & Poor’s: A-/A-2
|
| Pricing date: | Oct. 29
|
| Settlement date: | Nov. 10
|
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| $76,225,000 series 2015B-1 bonds
|
| Maturity | Type | Initial Coupon | Price
|
| Nov. 1, 2025 | Term | 3% | 100
|
|
|
| $49,775,000 series 2015B-2 bonds
|
| Maturity | Type | Initial Coupon | Price
|
| Nov. 1, 2040 | Term | 3.125% | 100
|
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