Published on 3/5/2015 in the Prospect News Municipals Daily.
New Issue: California brings to market $1.94 billion of various purpose G.O. bonds
By Sheri Kasprzak
New York, March 5 – The State of California sold $1,944,865,000 of series 2015 various purpose general obligation bonds, according to a pricing sheet. The deal was upsized from $1.9 billion.
The offering included $931.61 million of series 2015 G.O. bonds and $1,013,255,000 of series 2015 G.O. refunding bonds.
The 2015 G.O.s are due 2016 and 2021 to 2033 with term bonds due in 2045. The serial coupons range from 3% to 5% with 0.17% to 3.17% yields. The 2045 bonds have a 4% coupon priced at 102.645 to yield 3.68% and a 5% coupon priced at 114.594 to yield 3.27%.
The 2015 G.O. refunding bonds are due 2016 to 2030 with coupons from 1.5% to 5% and yields from 0.17% to 3.17%.
The bonds (Aa3/A+/) were sold through senior managers BofA Merrill Lynch and Morgan Stanley & Co. LLC with Fidelity Capital Markets Inc. as the co-senior manager.
Proceeds will be used to finance capital projects, as well as to repay commercial paper notes.
| Issuer: | State of California
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| Issue: | Series 2015 various purpose general obligation bonds
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| Amount: | $1,944,865,000
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| Type: | Negotiated
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| Underwriters: | BofA Merrill Lynch and Morgan Stanley & Co. LLC (senior managers) and Fidelity Capital Markets Inc. (co-senior manager), Academy Securities Inc., Great Pacific Securities, Baird & Co., Alamo Capital, J.P. Morgan Securities LLC, Siebert Brandford Shank & Co. LLC, Blaylock Beal Van LLC, Jefferies & Co., Southwest Securities LLC, BMO Capital Markets LLC, Mischler Financial Group, Stifel, Nicolaus & Co., Citigroup Global Markets Inc., Oppenheimer & Co. Inc., U.S. Bancorp Investments Inc., Drexel Hamilton LLC, Piper Jaffray & Co., Wedbush Securities Inc., First Southwest Co., Ramirez & Co. Inc., Wells Fargo Securities LLC, Goldman, Sachs & Co., RBC Capital Markets LLC and William Blair & Co. (co-managers)
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| Ratings: | Moody’s: Aa3
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| Standard & Poor’s: A+
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| Pricing date: | March 4
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| Settlement date: | March 18
|
|
|
| $931.61 million series 2015 G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $10 million | 2016 | Serial | 4% | 103.644 | 0.17%
|
| $10 million | 2021 | Serial | 5% | 118.918 | 1.65%
|
| $10,815,000 | 2022 | Serial | 4% | 113.755 | 1.88%
|
| $11.35 million | 2024 | Serial | 4% | 113.943 | 2.27%
|
| $77.12 million | 2024 | Serial | 5% | 122.003 | 2.27%
|
| $20.49 million | 2025 | Serial | 4% | 114.279 | 2.38%
|
| $77.01 million | 2025 | Serial | 5% | 123.095 | 238%
|
| $206 million | 2026 | Serial | 5% | 121.513 | 2.54%
|
| $63,665,000 | 2027 | Serial | 5% | 120.342 | 2.66%
|
| $22,665,000 | 2028 | Serial | 5% | 119.28 | 2.77%
|
| $33,015,000 | 2029 | Serial | 3% | 98.094 | 3.17%
|
| $19.17 million | 2031 | Serial | 5% | 117.567 | 2.95%
|
| $30 million | 2032 | Serial | 3.25% | 98.458 | 3.37%
|
| $36,895,000 | 2032 | Serial | 5% | 117.191 | 2.99%
|
| $53,415,000 | 2033 | Serial | 5% | 116.909 | 3.02%
|
| $60,185,000 | 2045 | Term | 4% | 102.645 | 3.68%
|
| $189,815,000 | 2045 | Term | 5% | 114.594 | 3.27%
|
|
|
| $1,013,255,000 series 2015 G.O. refunding bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,555,000 | 2016 | Serial | 2% | 101.741 | 0.17%
|
| $53,065,000 | 2016 | Serial | 3% | 102.692 | 0.17%
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| $107.33 million | 2016 | Serial | 5% | 104.596 | 0.17%
|
| $6.65 million | 2017 | Serial | 2% | 102.753 | 0.58%
|
| $8,075,000 | 2017 | Serial | 4% | 106.631 | 0.58%
|
| $35.67 million | 2017 | Serial | 5% | 108.569 | 0.58%
|
| $30.81 million | 2018 | Serial | 3% | 105.864 | 0.98%
|
| $11,105,000 | 2018 | Serial | 4% | 108.768 | 0.98%
|
| $63,425,000 | 2018 | Serial | 5% | 111.671 | 0.98%
|
| $9,685,000 | 2019 | Serial | 1.5% | 101.154 | 1.20%
|
| $5,015,000 | 2019 | Serial | 4% | 110.777 | 1.20%
|
| $39,005,000 | 2019 | Serial | 5% | 114.626 | 1.20%
|
| $10.15 million | 2020 | Serial | 2% | 102.715 | 1.43%
|
| $5,345,000 | 2020 | Serial | 4% | 112.245 | 1.43%
|
| $67.75 million | 2020 | Serial | 5% | 117.01 | 1.43%
|
| $19.81 million | 2021 | Serial | 3% | 107.623 | 1.65%
|
| $1.93 million | 2021 | Serial | 4% | 113.271 | 1.65%
|
| $56.06 million | 2021 | Serial | 5% | 118.918 | 1.65%
|
| $5,885,000 | 2022 | Serial | 4% | 113.755 | 1.88%
|
| $54.31 million | 2022 | Serial | 5% | 120.244 | 1.88%
|
| $7.16 million | 2023 | Serial | 4% | 114.005 | 2.08%
|
| $62,895,000 | 2023 | Serial | 5% | 121.3 | 2.08%
|
| $10 million | 2024 | Serial | 4% | 113.943 | 2.27%
|
| $58,995,000 | 2024 | Serial | 5% | 122.003 | 2.27%
|
| $3,415,000 | 2025 | Serial | 4% | 114.279 | 2.38%
|
| $41.21 million | 2025 | Serial | 5% | 123.095 | 2.38%
|
| $43.8 million | 2026 | Serial | 5% | 121.513 | 2.54%
|
| $43.98 million | 2027 | Serial | 5% | 120.342 | 2.66%
|
| $43,015,000 | 2028 | Serial | 5% | 119.28 | 2.77%
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| $55.12 million | 2029 | Serial | 3% | 98.094 | 3.17%
|
| $13.3 million | 2029 | Serial | 3% | 118.611 | 2.84%
|
| $35,735,000 | 2030 | Serial | 5% | 118.04 | 2.90%
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