By Sheri Kasprzak
New York, June 22 - The Los Angeles Harbor Department priced Wednesday $92.665 million of series 2011 refunding revenue bonds, said a pricing sheet.
The offering included $59.41 million of series 2011A AMT bonds and $33.255 million of series 2011B non-AMT bonds.
The bonds (Aa2/AA/AA) were sold through Morgan Stanley & Co. Inc. and De La Rosa & Co. Inc. with Siebert Brandford Shank & Co. LLC as the co-manager.
The 2011A bonds are due 2015 to 2022 with 3% to 5% coupons. The 2011B bonds are due 2022 to 2025 with 4% to 5% coupons. None of the 2011B bonds were reoffered.
Proceeds will be used to refund the department's series 2001A and 2001B bonds.
| Issuer: | Los Angeles Harbor Department
|
| Issue: | Series 2011 refunding revenue bonds
|
| Amount: | $92.665 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. and De La Rosa & Co. Inc. (lead), Siebert Brandford Shank & Co. LLC (co-manager)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | June 22
|
| Settlement date: | July 7
|
|
|
| $59.41 million series 2011A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.215 million | 2015 | Serial | 3% | 104.164
|
| $7.21 million | 2016 | Serial | 5% | 113.353
|
| $7.57 million | 2017 | Serial | 5% | 113.327
|
| $7.945 million | 2018 | Serial | 5% | 112.648
|
| $8.345 million | 2019 | Serial | 5% | 111.576
|
| $8.755 million | 2020 | Serial | 5% | 110.745
|
| $9.185 million | 2021 | Serial | 5% | 110.133
|
| $8.185 million | 2022 | Serial | 5% | NRO
|
|
|
| $33.255 million series 2011B non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.445 million | 2022 | Serial | 4% | NRO
|
| $10.1 million | 2023 | Serial | 5% | NRO
|
| $10.605 million | 2024 | Serial | 5% | NRO
|
| $1.05 million | 2025 | Serial | 4% | NRO
|
| $10.055 million | 2025 | Serial | 5% | NRO
|
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