Published on 5/7/2015 in the Prospect News Municipals Daily.
New Issue: Merced Irrigation District, Calif., sells $59.01 million refunding debt
By Sheri Kasprzak
New York, May 7 – The Merced Irrigation District of California priced $59.01 million of series 2015A electric system refunding revenue bonds, according to a pricing sheet. The deal was upsized from $57,835,000.
The bonds (/A-/) are due 2015 to 2032 with a term bond due in 2035. The serial coupons range from 2% to 5% with 0.35% to 3.65% yields. The 2035 bonds have a 4% coupon priced at 98.49 to yield 4.11%.
Proceeds will be used to refund series 2005 COPs and prepay its series 2013 electric system revenue bonds.
| Issuer: | Merced Irrigation District
|
| Issue: | Series 2015A electric system refunding revenue bonds
|
| Amount: | $59.01 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Sutter Securities Inc. (lead)
|
| Rating: | Standard & Poor’s: A-
|
| Pricing date: | May 7
|
| Settlement date: | June 8
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,055,000 | 2015 | Serial | 2% | 100.516 | 0.35%
|
| $2,255,000 | 2016 | Serial | 2% | 101.604 | 0.77%
|
| $2,295,000 | 2017 | Serial | 3% | 104.281 | 1.12%
|
| $2.36 million | 2018 | Serial | 4% | 108.355 | 1.41%
|
| $2.45 million | 2019 | Serial | 4% | 109.657 | 1.67%
|
| $2.55 million | 2020 | Serial | 5% | 115.595 | 1.90%
|
| $2.4 million | 2021 | Serial | 5% | 116.803 | 2.14%
|
| $2.37 million | 2022 | Serial | 5% | 117.635 | 2.36%
|
| $2,485,000 | 2023 | Serial | 5% | 118 | 2.58%
|
| $2.61 million | 2024 | Serial | 5% | 118.012 | 2.79%
|
| $2,735,000 | 2025 | Serial | 5% | 118.6 | 2.90%
|
| $2.87 million | 2026 | Serial | 5% | 117.14 | 3.05%
|
| $3,005,000 | 2027 | Serial | 3.25% | 98.004 | 3.45%
|
| $3,095,000 | 2028 | Serial | 5% | 114.566 | 3.32%
|
| $3.25 million | 2029 | Serial | 5% | 113.723 | 3.41%
|
| $3,405,000 | 2030 | Serial | 5% | 112.61 | 3.53%
|
| $3.57 million | 2031 | Serial | 5% | 112.059 | 3.59%
|
| $3.75 million | 2032 | Serial | 5% | 111.511 | 3.65%
|
| $10.5 million | 2035 | Term | 4% | 98.49 | 4.11%
|
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