Published on 3/11/2015 in the Prospect News Municipals Daily.
New Issue: University of California brings to market $1.17 billion of revenue debt
By Sheri Kasprzak
New York, March 11 – The University of California sold $1,170,210,000 of series 2015 general revenue bonds, according to a pricing sheet. The deal was upsized from $1.14 billion.
The offering included $788.52 million of series 2015AO bonds and $381.69 million of series 2015AP taxable bonds.
The 2015AO bonds are due 2016 to 2035 with term bonds due in 2040 and 2042. The serial coupons range from 2% to 5%. The 2040 bonds have a 4% coupon priced at 102.683 and a 5% coupon priced at 114.916. The 2042 bonds have a 3.625% coupon priced at 97.38.
The 2015AP bonds are due 2016 to 2027 with a term bond due in 2045. The serial coupons range from 0.54% to 3409% all priced at par. The 2045 bonds have a 3.931% coupon priced at par.
The bonds (Aa2/AA/AA) were sold through senior managers Barclays and Stifel, Nicolaus & Co.
Proceeds will be used to finance the construction, acquisition, improvement and renovation of university facilities at 10 campuses and to refund debt.
| Issuer: | University of California
|
| Issue: | Series 2015 general revenue bonds
|
| Amount: | $1,170,210,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays and Stifel, Nicolaus & Co. (lead); Alamo Capital; Backstrom McCarley Berry & Co. LLC; BNY Mellon Capital Markets LLC; Cabrera Capital Markets LLC; CastleOak Securities LP; Fidelity Capital Markets LLC; FTN Financial Capital Markets; Goldman, Sachs & Co.; J.P. Morgan Securities LLC; Loop Capital Markets LLC; Morgan Stanley & Co. LLC; Prager & Co. LLC; Ramirez & Co. Inc.; Raymond James/Morgan Keegan; RBC Capital Markets LLC; Siebert Brandford Shank & Co. LLC; Sutter Securities Inc.; Wells Fargo Securities LLC; and The Williams Capital Group LP (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Fitch: AA
|
| Pricing date: | March 11
|
| Settlement date: | March 25
|
|
|
| $788.52 million series 2015AO general revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $21,925,000 | 2016 | Serial | 3% | 103.184
|
| $2,435,000 | 2017 | Serial | 2% | 102.927
|
| $26,015,000 | 2017 | Serial | 5% | 108.376
|
| $6.95 million | 2018 | Serial | 3% | 106.069
|
| $30.12 million | 2018 | Serial | 5% | 111.31
|
| $10 million | 2019 | Serial | 4% | 110.801
|
| $28,865,000 | 2019 | Serial | 5% | 113.82
|
| $5,985,000 | 2020 | Serial | 2% | 102.264
|
| $39.32 million | 2020 | Serial | 5% | 115.904
|
| $5,085,000 | 2021 | Serial | 3% | 107.244
|
| $53 million | 2021 | Serial | 5% | 117.248
|
| $8,715,000 | 2022 | Serial | 4% | 113.242
|
| $50,315,000 | 2022 | Serial | 5% | 118.838
|
| $54,705,000 | 2023 | Serial | 5% | 119.852
|
| $5,515,000 | 2024 | Serial | 4% | 113.849
|
| $37.27 million | 2024 | Serial | 5% | 122.045
|
| $3.92 million | 2025 | Serial | 4% | 114.224
|
| $35.26 million | 2025 | Serial | 5% | 123.172
|
| $43,395,000 | 2026 | Serial | 5% | 121.664
|
| $45.27 million | 2027 | Serial | 5% | 120.376
|
| $43.51 million | 2028 | Serial | 5% | 119.104
|
| $38,865,000 | 2029 | Serial | 3.25% | 99.436
|
| $33,455,000 | 2030 | Serial | 3.25% | 98.7
|
| $32.08 million | 2031 | Serial | 5% | 117.464
|
| $27.34 million | 2032 | Serial | 5% | 117.082
|
| $14,805,000 | 2033 | Serial | 5% | 116.513
|
| $5.06 million | 2034 | Serial | 4% | 103.8
|
| $8.92 million | 2034 | Serial | 5% | 116.134
|
| $13.92 million | 2035 | Serial | 3.5% | 98.573
|
| $23,925,000 | 2040 | Term | 4% | 102.683
|
| $23,515,000 | 2040 | Term | 5% | 114.916
|
| $9.06 million | 2042 | Term | 3.625% | 97.38
|
|
|
| $381.69 million series 2015AP taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.38 million | 2016 | Serial | 0.54% | 100
|
| $3 million | 2017 | Serial | 0.934% | 100
|
| $3,045,000 | 2018 | Serial | 1.418% | 100
|
| $3,085,000 | 2019 | Serial | 2.003% | 100
|
| $7,395,000 | 2020 | Serial | 2.253% | 100
|
| $6,685,000 | 2021 | Serial | 2.526% | 100
|
| $8.77 million | 2022 | Serial | 2.826% | 100
|
| $16,285,000 | 2023 | Serial | 2.909% | 100
|
| $21.02 million | 2024 | Serial | 3.059% | 100
|
| $23.56 million | 2025 | Serial | 3.159% | 100
|
| $12,725,000 | 2026 | Serial | 3.309% | 100
|
| $8,235,000 | 2027 | Serial | 3.409% | 100
|
| $264,505,000 | 2045 | Term | 3.931% | 100
|
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