Published on 5/20/2015 in the Prospect News Municipals Daily.
New Issue: Indio Water Authority, Calif., prices $60.26 million of refunding bonds
By Sheri Kasprzak
New York, May 20 – The Indio Water Authority of California offered $60,255,000 of series 2015 water revenue refunding bonds, according to a pricing sheet. The deal was upsized from $55,545,000.
The bonds (/A/) were sold through senior managers J.P. Morgan Securities LLC and Citigroup Global Markets Inc.
The deal included $51,095,000 of series 2015A bonds and $9.16 million of series 2015B taxable bonds.
The 2015A bonds are due 2021 to 2032 with term bonds due in 2036 and 2040. The serial coupons range from 3% to 5%. The 2036 bonds have a 4% coupon priced at 97.237. The 2040 bonds have a 4.125% coupon priced at 97.34 and a 5% coupon priced at 108.395.
The 2015B bonds are due 2016 to 2021 with 1.033% to 3.185% coupons all priced at par.
Proceeds will be used to refund the authority’s series 2006 bonds.
| Issuer: | Indio Water Authority, Calif.
|
| Issue: | Series 2015 water revenue refunding bonds
|
| Amount: | $60,255,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Citigroup Global Markets Inc. (lead)
|
| Rating: | Standard & Poor’s: A
|
| Pricing date: | May 20
|
| Settlement date: | June 2
|
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| $51,095,000 series 2015A refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,055,000 | 2021 | Serial | 5% | 115.418
|
| $2,155,000 | 2022 | Serial | 5% | 116.424
|
| $2,265,000 | 2023 | Serial | 5% | 116.824
|
| $2,375,000 | 2024 | Serial | 5% | 117.188
|
| $2.5 million | 2025 | Serial | 5% | 117.473
|
| $2,625,000 | 2026 | Serial | 5% | 115.99
|
| $2.75 million | 2027 | Serial | 3% | 96.792
|
| $2,835,000 | 2028 | Serial | 3.25% | 97.228
|
| $2.93 million | 2029 | Serial | 3.5% | 98.059
|
| $3.03 million | 2030 | Serial | 3.625% | 97.804
|
| $3,135,000 | 2031 | Serial | 3.625% | 96.426
|
| $3.25 million | 2032 | Serial | 3.75% | 97.074
|
| $14.33 million | 2036 | Term | 4% | 97.237
|
| $3,835,000 | 2040 | Term | 4.125% | 97.34
|
| $1,025,000 | 2040 | Term | 5% | 108.395
|
|
|
| $9.16 million series 2015B taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.36 million | 2016 | Serial | 1.033% | 100
|
| $1.74 million | 2017 | Serial | 1.55% | 100
|
| $1,765,000 | 2018 | Serial | 2.092% | 100
|
| $1.8 million | 2019 | Serial | 2.57% | 100
|
| $1,845,000 | 2020 | Serial | 2.82% | 100
|
| $650,000 | 2021 | Serial | 3.185% | 100
|
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