Published on 8/26/2015 in the Prospect News Municipals Daily.
New Issue: California comes to market with $1.92 billion various purpose G.O.s
By Sheri Kasprzak
New York, Aug. 26 – The State of California sold $1,915,990,000 of series 2015 various purpose general obligation bonds, according to a pricing sheet.
The bonds (Aa3/AA-/A+) were sold through senior manager J.P. Morgan Securities LLC.
The deal included $1,365,990,000 of series 2015A bonds and $550 million of series 2015B bonds.
The 2015A bonds are due 2016 to 2035 with 2% to 5.25% coupons.
The 2015B bonds are due 2016 to 2024 with a term bond due in 2045. The serial coupons range from 2% to 5%. The 2045 bonds have a 4% coupon priced at 100.402 and a 5% coupon priced at 112.717.
Proceeds will be used to finance capital improvement projects and refund existing debt.
Issuer: | State of California
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Issue: | Series 2015 various purpose general obligation bonds
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Amount: | $1,915,990,000
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Type: | Negotiated
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Underwriters: | J.P. Morgan Securities LLC (lead), Academy Securities, Alamo Capital Inc., BofA Merrill Lynch, Backstrom McCarley Berry & Co., Barclays, Blaylock Beal Van LLC, CastleOak Securities LP, Citigroup Global Markets Inc., Drexel Hamilton LLC, Fidelity Capital Markets Inc., First Southwest Co., FTN Financial Services Inc., Goldman, Sachs & Co., Hutchinson Shockey Erley & Co. Inc., Jefferies & Co., Loop Capital Markets LLC, Mesirow Financial Inc., Morgan Stanley & Co. LLC, Piper Jaffray & Co., Prager & Co. LLC, Ramirez & Co. Inc., Raymond James/Morgan Keegan, RBC Capital Markets LLC, RH Investments Inc., Rice Financial Products Co., Siebert Brandford Shank & Co. LLC, Stifel, Nicolaus & Co. LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
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Ratings: | Moody’s: Aa3
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| Standard & Poor’s: AA-
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| Fitch: A+
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Pricing date: | Aug. 26
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Settlement date: | Sept. 9
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$1,365,990,000 series 2015A bonds
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Amount | Maturity | Type | Coupon | Price
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$18,595,000 | 2016 | Serial | 2% | 101.63
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$6,635,000 | 2017 | Serial | 2% | 102.557
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$2,465,000 | 2017 | Serial | 3% | 104.436
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$48.4 million | 2017 | Serial | 5% | 108.196
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$9.74 million | 2018 | Serial | 3% | 105.868
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$3,025,000 | 2018 | Serial | 4% | 108.717
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$56.56 million | 2018 | Serial | 5% | 111.565
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$7.36 million | 2019 | Serial | 2% | 103.15
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$1,845,000 | 2019 | Serial | 4% | 110.742
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$66,015,000 | 2019 | Serial | 5% | 114.538
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$6,785,000 | 2020 | Serial | 3% | 107.199
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$33,935,000 | 2020 | Serial | 5% | 116.61
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$2,545,000 | 2021 | Serial | 4% | 112.369
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$58,655,000 | 2021 | Serial | 5% | 117.941
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$10,935,000 | 2022 | Serial | 3% | 106.276
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$73.36 million | 2022 | Serial | 5% | 119.087
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$5.54 million | 2023 | Serial | 4% | 113.132
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$37.65 million | 2023 | Serial | 5% | 120.348
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$6,555,000 | 2024 | Serial | 3% | 105.188
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$49.46 million | 2024 | Serial | 5% | 121.156
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$9.9 million | 2025 | Serial | 4% | 113.168
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$77,315,000 | 2025 | Serial | 5% | 121.89
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$86.14 million | 2026 | Serial | 5% | 120.333
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$58,305,000 | 2027 | Serial | 5% | 119.276
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$70.78 million | 2028 | Serial | 5% | 118.42
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$25.54 million | 2029 | Serial | 3% | 97.659
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$34.1 million | 2029 | Serial | 5% | 117.665
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$50 million | 2030 | Serial | 5% | 116.916
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$41,245,000 | 2030 | Serial | 5.25% | 119.704
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$18 million | 2031 | Serial | 5% | 116.172
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$20.84 million | 2031 | Serial | 5.25% | 118.947
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$49 million | 2032 | Serial | 5% | 115.711
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$50.69 million | 2032 | Serial | 5.25% | 118.477
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$38 million | 2033 | Serial | 3.5% | 98.039
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$34.26 million | 2033 | Serial | 5% | 115.251
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$92.83 million | 2034 | Serial | 5% | 114.885
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$102,985,000 | 2035 | Serial | 5% | 114.611
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$550 million series 2015B bonds
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Amount | Maturity | Type | Coupon | Price
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$80 million | 2016 | Serial | 2% | 101.63
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$25.61 million | 2017 | Serial | 4% | 106.316
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$30 million | 2018 | Serial | 5% | 111.565
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$15.88 million | 2019 | Serial | 5% | 114.538
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$55 million | 2020 | Serial | 5% | 116.61
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$20 million | 2021 | Serial | 5% | 117.941
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$53,485,000 | 2022 | Serial | 5% | 119.087
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$3.52 million | 2023 | Serial | 5% | 120.348
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$16,505,000 | 2024 | Serial | 5% | 121.156
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$50 million | 2045 | Term | 4% | 100.402
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$200 million | 2045 | Term | 5% | 112.717
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