By Sheri Kasprzak
New York, Oct. 7 - The California Department of Water Resources priced $1,763,215,000 in series 2010M power supply revenue bonds on Thursday, according to a pricing sheet. The department had originally planned to sell $1.9 billion of the bonds.
The bonds (Aa3/AA-/AA) were sold on a negotiated basis with Bank of America Merrill Lynch, Stone & Youngberg and Wells Fargo Securities LLC as the senior managers. The co-managers were Barclays Capital Inc.; Cabrera Capital Markets LLC; Citigroup Global Markets Inc.; City National Securities Inc.; De La Rosa & Co.; Edward D. Jones & Co. LP; Fidelity Capital Markets; George K. Baum & Co.; Goldman, Sachs & Co.; Great Pacific Securities; Grigsby & Associates Inc.; J.P. Morgan Securities LLC; Jefferies & Co.; M.R. Beal & Co.; Morgan Keegan & Co. Inc.; Morgan Stanley & Co. Inc.; Rice Financial Products Co.; SL Hare Capital Inc.; Southwest Securities Inc.; Toussaint Capital Partners LLC; William Blair & Co. Inc.; and Wulff, Hansen & Co.
The bonds are due 2011 to 2020 with coupons from 1% to 5%.
Proceeds will be used to redeem outstanding variable-rate bonds and refund the department's series 2002A fixed-rate bonds.
| Issuer: | California Department of Water Resources
|
| Issue: | Series 2010M power supply revenue bonds
|
| Amount: | $1,763,215,000
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch; Stone & Youngberg; and Wells Fargo Securities LLC (lead); Barclays Capital Inc.; Cabrera Capital Markets LLC; Citigroup Global Markets Inc.; City National Securities Inc.; De La Rosa & Co.; Edward D. Jones & Co. LP; Fidelity Capital Markets; George K. Baum & Co.; Goldman, Sachs & Co.; Great Pacific Securities; Grigsby & Associates Inc.; J.P. Morgan Securities LLC; Jefferies & Co.; M.R. Beal & Co.; Morgan Keegan & Co. Inc.; Morgan Stanley & Co. Inc.; Rice Financial Products Co.; SL Hare Capital Inc.; Southwest Securities Inc.; Toussaint Capital Partners LLC; William Blair & Co. Inc.; and Wulff, Hansen & Co. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA
|
| Pricing date: | Oct. 7
|
| Settlement date: | Oct. 20
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $79.675 million | 2011 | Serial | 1% | 100.376
|
| $7.885 million | 2012 | Serial | 2% | 101.775
|
| $15.565 million | 2012 | Serial | 3% | 103.293
|
| $7.16 million | 2012 | Serial | 4% | 104.811
|
| $22.75 million | 2013 | Serial | 2% | 102.189
|
| $50 million | 2013 | Serial | 3% | 104.677
|
| $35.52 million | 2013 | Serial | 4% | 107.165
|
| $310.48 million | 2013 | Serial | 5% | 109.653
|
| $58.735 million | 2014 | Serial | 2% | 101.92
|
| $30.1 million | 2014 | Serial | 4% | 108.781
|
| $261.045 million | 2014 | Serial | 5% | 112.211
|
| $16.45 million | 2015 | Serial | 2.25% | 102.3
|
| $65.21 million | 2015 | Serial | 4% | 109.896
|
| $185.415 million | 2015 | Serial | 5% | 114.236
|
| $18.785 million | 2016 | Serial | 2.5% | 102.605
|
| $110.19 million | 2016 | Serial | 4% | 110.421
|
| $264.795 million | 2016 | Serial | 5% | 115.632
|
| $6 million | 2017 | Serial | 2.5% | 101.327
|
| $6 million | 2017 | Serial | 4% | 110.38
|
| $12.74 million | 2017 | Serial | 5% | 116.416
|
| $7 million | 2018 | Serial | 3% | 103.134
|
| $21 million | 2018 | Serial | 4% | 109.949
|
| $13.895 million | 2018 | Serial | 5% | 116.763
|
| $14.32 million | 2019 | Serial | 3% | 101.888
|
| $99.525 million | 2019 | Serial | 4% | 109.446
|
| $39.195 million | 2019 | Serial | 5% | 117.004
|
| $3.78 million | 2020 | Serial | 5% | 117.013
|
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