Published on 4/13/2016 in the Prospect News Municipals Daily.
New Issue: California Infrastructure brings $414.21 million of clean water bonds
By Sheri Kasprzak
New York, April 13 – The California Infrastructure and Economic Development Bank sold $414.21 million of series 2016 clean water state revolving fund revenue bonds, according to a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold through senior managers Morgan Stanley & Co. LLC, Piper Jaffray & Co. and Stifel, Nicolaus & Co. Inc.
The bonds are due 2017 to 2035 with 2% to 5% coupons and yields from 0.55% to 2.26%.
Proceeds will be used to fund various water projects across the state.
| Issuer: | California Infrastructure and Economic Development Bank
|
| Issue: | Series 2016 clean water state revolving fund revenue bonds
|
| Amount: | $414.21 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC, Piper Jaffray & Co. and Stifel, Nicolaus & Co., Inc. (lead), Academy Securities, Inc., Backstrom McCarley Berry & Co., LLC, Estrada Hinojosa & Co., Inc., Goldman Sachs & Co., Jefferies & Co., KeyBanc Capital Markets Inc., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Rice Financial Products Co., Siebert Brandford Shank & Co., LLC, U.S. Bancorp Investments Inc., William Blair & Co. and Wulff, Hansen & Co. (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Fitch: AAA
|
| Pricing date: | April 12
|
| Settlement date: | April 28
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $17.87 million | 2017 | Serial | 3% | 103.472 | 0.55%
|
| $8.17 million | 2018 | Serial | 3% | 105.644 | 0.65%
|
| $12.71 million | 2018 | Serial | 4% | 108.046 | 0.65%
|
| $12 million | 2019 | Serial | 2% | 104.149 | 0.77%
|
| $17,665,000 | 2019 | Serial | 4% | 110.896 | 0.77%
|
| $2.26 million | 2020 | Serial | 3% | 109.18 | 0.88%
|
| $28,815,000 | 2020 | Serial | 5% | 117.841 | 0.88%
|
| $3,115,000 | 2021 | Serial | 2.5% | 107.791 | 1.02%
|
| $29,525,000 | 2021 | Serial | 5% | 120.952 | 1.02%
|
| $11.75 million | 2022 | Serial | 4% | 117.601 | 1.15%
|
| $22.76 million | 2022 | Serial | 5% | 123.777 | 1.15%
|
| $2.43 million | 2023 | Serial | 3% | 111.994 | 1.30%
|
| $31,635,000 | 2023 | Serial | 5% | 126.106 | 1.30%
|
| $8.94 million | 2024 | Serial | 4% | 120.329 | 1.43%
|
| $20,655,000 | 2024 | Serial | 5% | 128.24 | 1.43%
|
| $2,435,000 | 2025 | Serial | 3% | 112.855 | 1.53%
|
| $21.06 million | 2025 | Serial | 5% | 130.347 | 1.53%
|
| $2.88 million | 2026 | Serial | 4% | 121.533 | 1.64%
|
| $18,925,000 | 2026 | Serial | 5% | 130.658 | 1.64%
|
| $21.83 million | 2027 | Serial | 5% | 129.702 | 1.73%
|
| $22.27 million | 2028 | Serial | 5% | 128.754 | 1.82%
|
| $16,515,000 | 2029 | Serial | 5% | 128.022 | 1.89%
|
| $17,025,000 | 2030 | Serial | 5% | 127.399 | 1.95%
|
| $16,145,000 | 2031 | Serial | 5% | 126.677 | 2.02%
|
| $12,835,000 | 2032 | Serial | 5% | 126.061 | 2.08%
|
| $11.99 million | 2033 | Serial | 5% | 125.449 | 2.14%
|
| $10 million | 2034 | Serial | 5% | 124.841 | 2.20%
|
| $10 million | 2035 | Serial | 5% | 124.236 | 2.26%
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
