Published on 6/26/2014 in the Prospect News Municipals Daily.
New Issue: Sacramento County Sanitation brings $378.51 million of revenue bonds
By Sheri Kasprzak
New York, June 26 – The Sacramento County Sanitation Districts Financing Authority of California sold $378.51 million of series 2014A revenue bonds, according to a pricing sheet.
The bonds (Aa3/AA/AA-) were sold through senior managers Wells Fargo Securities LLC and BofA Merrill Lynch.
The bonds are due 2016 to 2035 with a term bond due in 2044. The serial coupons range from 3% to 5% with 0.35% to 3.76% yields. The 2044 bonds have a 4% coupon priced at par and the 5% coupon priced at 111.649 to yield 3.59%.
Proceeds will be used to construct, plan, design and implement expansions to the sanitary system, as well as to refund existing debt.
| Issuer: | Sacramento County Sanitation Districts Financing Authority
|
| Issue: | Series 2014A revenue bonds
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| Amount: | $378.51 million
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| Type: | Negotiated
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| Underwriters: | Wells Fargo Securities LLC and BofA Merrill Lynch (lead), J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Raymond James/Morgan Keegan (co-managers)
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| Ratings: | Moody’s: Aa3
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| Standard & Poor’s: AA
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| Fitch: AA-
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| Pricing date: | June 26
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| Settlement date: | July 10
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|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7.4 million | 2016 | Serial | 4% | 108.685 | 0.35%
|
| $7.7 million | 2017 | Serial | 4% | 111.005 | 0.71%
|
| $8.06 million | 2018 | Serial | 5% | 116.908 | 1.05%
|
| $8,475,000 | 2019 | Serial | 5% | 118.802 | 1.37%
|
| $8,905,000 | 2020 | Serial | 5% | 120.039 | 1.68%
|
| $9.36 million | 2021 | Serial | 5% | 120.975 | 1.94%
|
| $9,845,000 | 2022 | Serial | 5% | 121.602 | 2.17%
|
| $10,345,000 | 2023 | Serial | 5% | 122.119 | 2.36%
|
| $10.88 million | 2024 | Serial | 5% | 121.786 | 2.50%
|
| $11.44 million | 2025 | Serial | 5% | 120.231 | 2.66%
|
| $2,765,000 | 2026 | Serial | 3% | 100 | 3.00%
|
| $9.23 million | 2026 | Serial | 5% | 119.176 | 2.77%
|
| $12.58 million | 2027 | Serial | 5% | 118.037 | 2.89%
|
| $13,225,000 | 2028 | Serial | 5% | 117.473 | 2.95%
|
| $805,000 | 2029 | Serial | 3.25% | 100 | 3.25%
|
| $13,095,000 | 2029 | Serial | 5% | 116.725 | 3.03%
|
| $14.6 million | 2030 | Serial | 5% | 115.983 | 3.11%
|
| $15,355,000 | 2031 | Serial | 5% | 115.247 | 3.19%
|
| $16.14 million | 2032 | Serial | 5% | 114.699 | 3.25%
|
| $16,965,000 | 2033 | Serial | 5% | 114.153 | 3.31%
|
| $17.84 million | 2034 | Serial | 5% | 113.701 | 3.36%
|
| $275,000 | 2035 | Serial | 3.75% | 99.85 | 3.76%
|
| $18,475,000 | 2035 | Serial | 5% | 113.251 | 3.41%
|
| $790,000 | 2044 | Term | 4% | 100 | 4.00%
|
| $133.96 million 2044 | Term | 5% | 111.649 | 3.59%
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