E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
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
AmountMaturityTypeCouponPrice
$18,595,0002016Serial2%101.63
$6,635,0002017Serial2%102.557
$2,465,0002017Serial3%104.436
$48.4 million2017Serial5%108.196
$9.74 million2018Serial3%105.868
$3,025,0002018Serial4%108.717
$56.56 million2018Serial5%111.565
$7.36 million2019Serial2%103.15
$1,845,0002019Serial4%110.742
$66,015,0002019Serial5%114.538
$6,785,0002020Serial3%107.199
$33,935,0002020Serial5%116.61
$2,545,0002021Serial4%112.369
$58,655,0002021Serial5%117.941
$10,935,0002022Serial3%106.276
$73.36 million2022Serial5%119.087
$5.54 million2023Serial4%113.132
$37.65 million2023Serial5%120.348
$6,555,0002024Serial3%105.188
$49.46 million2024Serial5%121.156
$9.9 million2025Serial4%113.168
$77,315,0002025Serial5%121.89
$86.14 million2026Serial5%120.333
$58,305,0002027Serial5%119.276
$70.78 million2028Serial5%118.42
$25.54 million2029Serial3%97.659
$34.1 million2029Serial5%117.665
$50 million2030Serial5%116.916
$41,245,0002030Serial5.25%119.704
$18 million2031Serial5%116.172
$20.84 million2031Serial5.25%118.947
$49 million2032Serial5%115.711
$50.69 million2032Serial5.25%118.477
$38 million2033Serial3.5%98.039
$34.26 million2033Serial5%115.251
$92.83 million2034Serial5%114.885
$102,985,0002035Serial5%114.611
$550 million series 2015B bonds
AmountMaturityTypeCouponPrice
$80 million2016Serial2%101.63
$25.61 million2017Serial4%106.316
$30 million2018Serial5%111.565
$15.88 million2019Serial5%114.538
$55 million2020Serial5%116.61
$20 million2021Serial5%117.941
$53,485,0002022Serial5%119.087
$3.52 million2023Serial5%120.348
$16,505,0002024Serial5%121.156
$50 million2045Term4%100.402
$200 million2045Term5%112.717

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.