Published on 9/27/2012 in the Prospect News Municipals Daily.
New Issue: Port of Oakland, Calif., sells $384.4 million refunding revenue bonds
By Sheri Kasprzak
New York, Sept. 27 - The Port of Oakland, Calif., priced $384,395,000 of series 2012 refunding revenue bonds, according to a pricing sheet.
The bonds (A2//A+) were sold through Bank of America Merrill Lynch.
The deal included $380.82 million of series 2012P AMT refunding revenue bonds and $3,575,000 of series 2012Q non-AMT refunding revenue bonds.
The 2012P bonds are due 2014, 2015 and 2021 to 2033 with 2% to 5% coupons. The 2012Q bonds are due May 1, 2014 with a 2% coupon priced at 102.451.
Proceeds will be used to refund existing debt.
| Issuer: | Port of Oakland
|
| Issue: | Series 2012 refunding revenue bonds
|
| Amount: | $384,395,000
|
| Type: | Negotiated
|
| Underwriter: | Bank of America Merrill Lynch
|
| Ratings: | Moody's: A2
|
| Fitch: A+
|
| Pricing date: | Sept. 27
|
| Settlement date: | Oct. 10
|
|
|
| $380.82 million series 2012P AMT refunding revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,235,000 | 2014 | Serial | 2% | 102.199
|
| $7,215,000 | 2015 | Serial | 3% | 105.664
|
| $200,000 | 2021 | Serial | 3% | 102.508
|
| $18,065,000 | 2021 | Serial | 5% | 117.719
|
| $225,000 | 2022 | Serial | 3.5% | 105.232
|
| $29.72 million | 2022 | Serial | 5% | 117.693
|
| $1,115,000 | 2023 | Serial | 4% | NRO
|
| $28,455,000 | 2023 | Serial | 5% | NRO
|
| $20.72 million | 2024 | Serial | 5% | NRO
|
| $21.76 million | 2025 | Serial | 5% | NRO
|
| $26.64 million | 2026 | Serial | 5% | NRO
|
| $1.16 million | 2027 | Serial | 3.5% | NRO
|
| $24,215,000 | 2027 | Serial | 5% | NRO
|
| $29.22 million | 2028 | Serial | 5% | NRO
|
| $30,685,000 | 2029 | Serial | 5% | NRO
|
| $32.22 million | 2030 | Serial | 4.5% | NRO
|
| $33,675,000 | 2031 | Serial | 5% | NRO
|
| $35,355,000 | 2032 | Serial | 4.5% | NRO
|
| $3.75 million | 2033 | Serial | 3.75% | 98.168
|
| $33.19 million | 2033 | Serial | 5% | NRO
|
|
|
| $3,575,000 series 2012Q non-AMT refunding revenue bonds
|
| Maturity | Type | Coupon | Price
|
| May 1, 2014 | Term | 2% | 102.451
|
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