Published on 6/15/2016 in the Prospect News Municipals Daily.
New Issue: California Infrastructure prices $141.6 million of revolving fund bonds
By Sheri Kasprzak
New York, June 15 – The California Infrastructure and Economic Development Bank sold $141.6 million of series 2016A infrastructure state revolving fund revenue bonds, according to a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold through senior managers J.P. Morgan Securities LLC, Piper Jaffray & Co. and Stifel, Nicolaus & Co. LLC.
The bonds are due 2017 to 2036 with term bonds due in 2041 and 2045. The serial coupons range from 2% to 5% with yields from 0.60% to 2.38%. The 2041 bonds have a 5% coupon priced at 125.688 to yield 2.19% and the 2045 bonds have a 4% coupon priced at 113.689 to yield 2.48%.
Proceeds will be used to finance or refinance loans to qualified government entities.
| Issuer: | California Infrastructure and Economic Development Bank
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| Issue: | Series 2016A infrastructure state revolving fund revenue bonds
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| Amount: | $141.6 million
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| Type: | Negotiated
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| Underwriters: | J.P. Morgan Securities LLC, Piper Jaffray & Co. and Stifel, Nicolaus & Co. LLC (lead), Blaylock Beal Van LLC, BNY Mellon Capital Markets LLC, Loop Capital Markets LLC, Mischler Financial Inc., Fidelity Capital Markets Inc., RH Investment Corp., Williams Capital Group LP and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
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| Fitch: AAA
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| Pricing date: | June 14
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| Settlement date: | June 28
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $565,000 | 2017 | Serial | 2% | 101.752 | 0.60%
|
| $2.29 million | 2018 | Serial | 3% | 105.236 | 0.66%
|
| $2,365,000 | 2019 | Serial | 4% | 110.372 | 0.77%
|
| $2.46 million | 2020 | Serial | 5% | 117.181 | 0.88%
|
| $2,465,000 | 2021 | Serial | 3% | 110.219 | 1.00%
|
| $2.66 million | 2022 | Serial | 4% | 11.556 | 1.09%
|
| $2,775,000 | 2023 | Serial | 5% | 126.178 | 1.22%
|
| $2.92 million | 2024 | Serial | 5% | 128.61 | 1.33%
|
| $3,085,000 | 2025 | Serial | 5% | 130.751 | 1.44%
|
| $3,245,000 | 2026 | Serial | 5% | 132.713 | 1.54%
|
| $3.41 million | 2027 | Serial | 5% | 131.603 | 1.64%
|
| $3.59 million | 2028 | Serial | 5% | 130.832 | 1.71%
|
| $3,775,000 | 2029 | Serial | 5% | 129.958 | 1.79%
|
| $3,955,000 | 2030 | Serial | 5% | 129.415 | 1.84%
|
| $5,095,000 | 2031 | Serial | 5% | 128.767 | 1.90%
|
| $5.44 million | 2032 | Serial | 5% | 128.23 | 1.95%
|
| $5.73 million | 2033 | Serial | 5% | 127.909 | 1.98%
|
| $6,025,000 | 2034 | Serial | 4% | 115.354 | 2.31%
|
| $6.28 million | 2035 | Serial | 4% | 114.96 | 2.35%
|
| $6.37 million | 2036 | Serial | 4% | 114.665 | 2.38%
|
| $35.89 million | 2041 | Term | 5% | 125.688 | 2.19%
|
| $31.21 million | 2045 | Term | 4% | 113.689 | 2.48%
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