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Published on 3/17/2010 in the Prospect News Municipals Daily.

New Issue: California prices $352 million in revenue bonds for California State University

By Sheri Kasprzak

New York, March 17 - The State of California brought $352 million in series 2010 revenue bonds Wednesday for the Trustees of the California State University, said a pricing sheet released by the state treasurer's office.

The bonds were sold through Barclays Capital Inc.

The deal included series 2010A tax-exempt bonds and series 2010B taxable Build America Bonds. The exact breakdown was not immediately available.

The 2010A bonds are due 2010 to 2031 with 1% to 5% coupons and yields from 0.33% to 4.7%. The 2010B bonds are due 2022 to 2025 with term bonds due 2030 and 2041. The taxable serials have coupons from 2022 to 2025 with coupons from 5.449% to 5.699%, all priced at par. The 2030 bonds have a 6.434% coupon, priced at par, and the 2041 bonds have a 6.848% coupon, also priced at par.

Proceeds will be used to fund capital improvements to California State University's campuses.

Issuer:State of California/California State University
Issue:Series 2010 revenue bonds
Amount:$352 million
Type:Negotiated
Underwriter:Barclays Capital Inc. (lead)
Pricing date:March 17
Series 2010A
MaturityTypeCouponYield
2010Serial2%0.33%
2011Serial3%0.60%
2012Serial1%1.00%
2012Serial3%1.00%
2012Serial4%1.00%
2013Serial4%1.29%
2013Serial5%1.29%
2014Serial3%1.62%
2014Serial5%1.62%
2015Serial3%2.00%
2015Serial5%2.00%
2016Serial4%2.47%
2016Serial5%2.47%
2017Serial3%2.84%
2017Serial5%2.84%
2018Serial4%3.17%
2018Serial5%3.17%
2019Serial4%3.37%
2019Serial5%3.37%
2020Serial3.5%3.52%
2020Serial5%3.52%
2021Serial5%3.65%
2022Serial5%3.78%
2023Serial5%3.90%
2024Serial5%4.00%
2025Serial5%4.08%
2026Serial5%4.22%
2027Serial5%4.32%
2028Serial5%4.41%
2029Serial5%4.50%
2030Serial5%4.58%
2031Serial4.5%4.70%
Series 2010B
MaturityTypeCouponYield
2022Serial5.449%5.449%
2023Serial5.549%5.549%
2024Serial5.649%5.649%
2025Serial5.699%5.699%
2030Term6.434%6.434%
2041Term6.484%6.484%

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