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
|
| Issue: | Series 2015 various purpose general obligation bonds
|
| Amount: | $1,915,990,000
|
| Type: | Negotiated
|
| 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
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
|
| Fitch: A+
|
| Pricing date: | Aug. 26
|
| Settlement date: | Sept. 9
|
|
|
| $1,365,990,000 series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $18,595,000 | 2016 | Serial | 2% | 101.63
|
| $6,635,000 | 2017 | Serial | 2% | 102.557
|
| $2,465,000 | 2017 | Serial | 3% | 104.436
|
| $48.4 million | 2017 | Serial | 5% | 108.196
|
| $9.74 million | 2018 | Serial | 3% | 105.868
|
| $3,025,000 | 2018 | Serial | 4% | 108.717
|
| $56.56 million | 2018 | Serial | 5% | 111.565
|
| $7.36 million | 2019 | Serial | 2% | 103.15
|
| $1,845,000 | 2019 | Serial | 4% | 110.742
|
| $66,015,000 | 2019 | Serial | 5% | 114.538
|
| $6,785,000 | 2020 | Serial | 3% | 107.199
|
| $33,935,000 | 2020 | Serial | 5% | 116.61
|
| $2,545,000 | 2021 | Serial | 4% | 112.369
|
| $58,655,000 | 2021 | Serial | 5% | 117.941
|
| $10,935,000 | 2022 | Serial | 3% | 106.276
|
| $73.36 million | 2022 | Serial | 5% | 119.087
|
| $5.54 million | 2023 | Serial | 4% | 113.132
|
| $37.65 million | 2023 | Serial | 5% | 120.348
|
| $6,555,000 | 2024 | Serial | 3% | 105.188
|
| $49.46 million | 2024 | Serial | 5% | 121.156
|
| $9.9 million | 2025 | Serial | 4% | 113.168
|
| $77,315,000 | 2025 | Serial | 5% | 121.89
|
| $86.14 million | 2026 | Serial | 5% | 120.333
|
| $58,305,000 | 2027 | Serial | 5% | 119.276
|
| $70.78 million | 2028 | Serial | 5% | 118.42
|
| $25.54 million | 2029 | Serial | 3% | 97.659
|
| $34.1 million | 2029 | Serial | 5% | 117.665
|
| $50 million | 2030 | Serial | 5% | 116.916
|
| $41,245,000 | 2030 | Serial | 5.25% | 119.704
|
| $18 million | 2031 | Serial | 5% | 116.172
|
| $20.84 million | 2031 | Serial | 5.25% | 118.947
|
| $49 million | 2032 | Serial | 5% | 115.711
|
| $50.69 million | 2032 | Serial | 5.25% | 118.477
|
| $38 million | 2033 | Serial | 3.5% | 98.039
|
| $34.26 million | 2033 | Serial | 5% | 115.251
|
| $92.83 million | 2034 | Serial | 5% | 114.885
|
| $102,985,000 | 2035 | Serial | 5% | 114.611
|
|
|
| $550 million series 2015B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $80 million | 2016 | Serial | 2% | 101.63
|
| $25.61 million | 2017 | Serial | 4% | 106.316
|
| $30 million | 2018 | Serial | 5% | 111.565
|
| $15.88 million | 2019 | Serial | 5% | 114.538
|
| $55 million | 2020 | Serial | 5% | 116.61
|
| $20 million | 2021 | Serial | 5% | 117.941
|
| $53,485,000 | 2022 | Serial | 5% | 119.087
|
| $3.52 million | 2023 | Serial | 5% | 120.348
|
| $16,505,000 | 2024 | Serial | 5% | 121.156
|
| $50 million | 2045 | Term | 4% | 100.402
|
| $200 million | 2045 | Term | 5% | 112.717
|
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