Published on 6/13/2013 in the Prospect News Municipals Daily.
New Issue: Western Riverside Water, Calif., sells $78.93 million refunding bonds
By Sheri Kasprzak
New York, June 13 - The Western Riverside Water and Wastewater Financing Authority of California priced $78,925,000 of series 2013 local agency revenue refunding bonds, according to a pricing sheet.
The deal included $52,335,000 of series 2013A-1 bonds, $1.84 million of series 2013A-2 bonds and $24.75 million of series 2013B bonds.
The 2013A-1 bonds are due 2014 to 2031 with term bonds due in 2033 and 2035. The serial coupons range from 2% to 5% with yields from 0.85% to 4.3%. The 2033 bonds have a 4.25% coupon priced at 98.264 to yield 4.38%. The 2035 bonds have a 5% coupon priced at 106.053 to yield 4.26%.
The 2013A-2 bonds are due Sept. 1, 2037 and have a 4.75% coupon priced at 97.881 to yield 4.9%.
The 2013B bonds are due 2014 to 2031 with term bonds due in 2033 and 2037. The serial coupons range from 2% to 5% and yields range from 1.00% to 5.07%. The 2033 bonds have a 5% coupon priced at 98.494 to yield 5.12%. The 2037 bonds have a 5% coupon priced at 97.526 to yield 5.18%.
The bonds (/BBB+/) were sold through Stifel, Nicolaus & Co. Inc. and Piper Jaffray & Co.
Proceeds will be used to purchase local obligations and refund existing debt.
| Issuer: | Western Riverside Water and Wastewater Financing Authority
|
| Issue: | Series 2013 local agency revenue refunding bonds
|
| Amount: | $78,925,000
|
| Type: | Negotiated
|
| Underwriters: | Stifel, Nicolaus & Co. Inc. and Piper Jaffray & Co. (lead)
|
| Rating: | Standard & Poor's: BBB+
|
| Pricing date: | June 11
|
| Settlement date: | June 27
|
|
|
| $52,335,000 series 2013A-1 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,245,000 | 2014 | Serial | 2% | 101.344 | 0.85%
|
| $1.68 million | 2015 | Serial | 3% | 103.747 | 1.25%
|
| $1,715,000 | 2016 | Serial | 4% | 107.405 | 1.60%
|
| $1,785,000 | 2017 | Serial | 4% | 107.975 | 2.00%
|
| $1.85 million | 2018 | Serial | 4% | 108.098 | 2.33%
|
| $1,905,000 | 2019 | Serial | 4% | 107.113 | 2.74%
|
| $1.97 million | 2020 | Serial | 4% | 106.411 | 3.00%
|
| $2.01 million | 2021 | Serial | 5% | 112.169 | 3.29%
|
| $2,105,000 | 2022 | Serial | 5% | 111.683 | 3.50%
|
| $2.2 million | 2023 | Serial | 3.375% | 97.926 | 3.62%
|
| $2.27 million | 2024 | Serial | 4% | 101.248 | 3.85%
|
| $2.36 million | 2025 | Serial | 5% | 109.514 | 3.86%
|
| $2.47 million | 2026 | Serial | 5% | 108.724 | 3.95%
|
| $2.6 million | 2027 | Serial | 5% | 108.114 | 4.02%
|
| $2,735,000 | 2028 | Serial | 5% | 107.594 | 4.08%
|
| $2.84 million | 2029 | Serial | 4% | 97.664 | 4.20%
|
| $2.94 million | 2030 | Serial | 4% | 96.969 | 4.25%
|
| $3.04 million | 2031 | Serial | 4.125% | 97.803 | 4.30%
|
| $6.45 million | 2033 | Term | 4.25% | 98.264 | 4.38%
|
| $6,165,000 | 2035 | Term | 5% | 106.053 | 4.26%
|
|
|
| $1.84 million series 2013A-2 bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| Sept. 1, 2037 | Term | 4.75% | 97.881 | 4.90%
|
|
|
| $24.75 million series 2013B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $600,000 | 2014 | Serial | 2% | 101.167 | 1.00%
|
| $825,000 | 2015 | Serial | 3% | 103.309 | 1.45%
|
| $840,000 | 2016 | Serial | 3% | 103.062 | 2.00%
|
| $865,000 | 2017 | Serial | 3% | 101.571 | 2.60%
|
| $885,000 | 2018 | Serial | 3% | 100 | 3.00%
|
| $910,000 | 2019 | Serial | 5% | 109.719 | 3.25%
|
| $965,000 | 2020 | Serial | 5% | 109.443 | 3.50%
|
| $1 million | 2021 | Serial | 5% | 107.997 | 3.85%
|
| $1.06 million | 2022 | Serial | 4% | 99.615 | 4.05%
|
| $1,095,000 | 2023 | Serial | 4% | 98.352 | 4.20%
|
| $1.13 million | 2024 | Serial | 4.125% | 98.019 | 4.35%
|
| $1.19 million | 2025 | Serial | 5% | 103.918 | 4.15%
|
| $1,245,000 | 2026 | Serial | 5% | 103.212 | 4.30%
|
| $1,295,000 | 2027 | Serial | 5% | 102.512 | 4.45%
|
| $1.36 million | 2028 | Serial | 5% | 101.186 | 4.85%
|
| $1,425,000 | 2029 | Serial | 5% | 100.547 | 4.93%
|
| $1.5 million | 2030 | Serial | 5% | 100 | 5.00%
|
| $1,575,000 | 2031 | Serial | 5% | 99.167 | 5.07%
|
| $2.78 million | 2033 | Term | 5% | 98.494 | 5.12%
|
| $2,205,000 | 2037 | Term | 5% | 97.526 | 5.18%
|
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