Published on 10/10/2012 in the Prospect News Municipals Daily.
New Issue: Los Angeles Department of Water and Power prices $454.08 million of revenue bonds
By Sheri Kasprzak
New York, Oct. 10 - The Los Angeles Department of Water and Power of California sold $454,075,000 of series 2012 power system revenue bonds, said a pricing sheet.
The deal included $104,075,000 of series 2012A bonds and $350 million of series 2012B bonds.
The 2012A bonds are due 2014 and 2023 to 2035 with 3% to 5% coupons. The 2012B bonds are due 2038 and 2043. The 2038 bonds have a 5% coupon priced at 114.882, and the 2043 bonds have a 5% coupon priced at 114.166.
The bonds (Aa3/AA-/AA-) were sold on a negotiated basis. De La Rosa & Co. Inc. was the lead manager for the 2012A bonds, and J.P. Morgan Securities LLC, De La Rosa & Co. Inc. and Morgan Stanley & Co. LLC were the senior managers for the 2012B bonds.
Proceeds will be used to refund the department's series 2003B revenue bonds.
| Issuer: | Los Angeles Department of Water and Power
|
| Issue: | Series 2012 power system revenue bonds
|
| Amount: | $454,075,000
|
| Type: | Negotiated
|
| Underwriters: | De La Rosa & Co. Inc. (lead for 2012); J.P. Morgan Securities LLC, De La Rosa & Co. Inc. and Morgan Stanley & Co. LLC (lead for 2012B); Bank of America Merrill Lynch, Fidelity Capital Markets Inc. and Williams Capital Group LP (co-managers for 2012A); BMO Capital Markets, Citigroup Global Markets Inc., Goldman Sachs & Co., Loop Capital Markets LLC and Ramirez & Co. Inc. (co-managers for 2012B)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | Oct. 10
|
| Settlement date: | Oct. 25
|
|
|
| $104,075,000 series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.72 million | 2014 | Serial | 3% | 104.529
|
| $12.7 million | 2023 | Serial | 5% | 126.288
|
| $2,025,000 | 2024 | Serial | 3% | 106.311
|
| $11.32 million | 2024 | Serial | 5% | 124.89
|
| $14.03 million | 2025 | Serial | 5% | 123.805
|
| $14,775,000 | 2026 | Serial | 5% | 122.925
|
| $15.55 million | 2027 | Serial | 5% | 122.149
|
| $16.37 million | 2028 | Serial | 5% | 121.475
|
| $1,745,000 | 2029 | Serial | 5% | 120.901
|
| $1.82 million | 2030 | Serial | 3% | 99.589
|
| $1.88 million | 2031 | Serial | 3% | 98.587
|
| $1.94 million | 2032 | Serial | 3% | 97.665
|
| $2,005,000 | 2033 | Serial | 3% | 96.693
|
| $2,065,000 | 2034 | Serial | 3% | 95.676
|
| $2.13 million | 2035 | Serial | 3% | 94.619
|
|
|
| $350 million series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $35 million | 2038 | Term | 5% | 114.882
|
| $315 million | 2043 | Term | 5% | 114.166
|
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