Published on 9/15/2011 in the Prospect News Municipals Daily.
New Issue: Sacramento Municipal Utility District sells $325.55 million of bonds
By Sheri Kasprzak
New York, Sept. 15 - The Sacramento Municipal Utility District of California brought to market $325.55 million of series 2011X electric revenue refunding bonds, said a pricing sheet.
The bonds (A1/A+/A+) were sold through J.P. Morgan Securities LLC and Barclays Capital Inc. The co-managers were Bank of America Merrill Lynch, BMO Capital Markets LLC, De La Rosa & Co. Inc., Morgan Stanley & Co. LLC, M.R. Beal & Co. Inc. and Ramirez & Co. Inc.
The bonds are due 2012 to 2028 with 1.5% to 5% coupons.
Proceeds will be used to refund the district's series 2001N, 2001O, 2001P, 2001Q, 2001R and 2001T revenue bonds.
| Issuer: | Sacramento Municipal Utility District
|
| Issue: | Series 2011X electric revenue refunding bonds
|
| Amount: | $325.55 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Barclays Capital Inc. (lead), Bank of America Merrill Lynch, BMO Capital Markets LLC, De La Rosa & Co. Inc., Morgan Stanley & Co. LLC, M.R. Beal & Co. Inc. and Ramirez & Co. Inc. (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Fitch: A+
|
| Pricing date: | Sept. 15
|
| Settlement date: | Oct. 4
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.185 million | 2012 | Serial | 1.5% | 100.99
|
| $3.12 million | 2013 | Serial | 3% | 104.536
|
| $4 million | 2014 | Serial | 4% | 109.041
|
| $8.7 million | 2014 | Serial | 5% | 111.867
|
| $1.99 million | 2015 | Serial | 4% | 111.1
|
| $15.17 million | 2016 | Serial | 5% | 116.254
|
| $5 million | 2017 | Serial | 4% | 112.13
|
| $9.83 million | 2017 | Serial | 5% | 117.669
|
| $5 million | 2018 | Serial | 4% | 111.88
|
| $13.17 million | 2018 | Serial | 5% | 118.234
|
| $2.21 million | 2019 | Serial | 4% | 111.098
|
| $20.175 million | 2019 | Serial | 5% | 118.214
|
| $1.95 million | 2020 | Serial | 4% | 110.433
|
| $29.72 million | 2020 | Serial | 5% | 118.279
|
| $2.015 million | 2021 | Serial | 3% | 101.365
|
| $27.725 million | 2021 | Serial | 5% | 118.465
|
| $690,000 | 2022 | Serial | 3% | 99.538
|
| $17.6 million | 2022 | Serial | 5% | 117.913
|
| $700,000 | 2023 | Serial | 3.125% | 98.969
|
| $9.16 million | 2023 | Serial | 5% | 117.325
|
| $2.9 million | 2024 | Serial | 5% | 115.988
|
| $240,000 | 2025 | Serial | 3.375% | 97.131
|
| $32.86 million | 2025 | Serial | 5% | 114.699
|
| $34.755 million | 2026 | Serial | 5% | 113.894
|
| $36.485 million | 2027 | Serial | 5% | 113.17
|
| $35.2 million | 2028 | Serial | 5% | 112.438
|
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