Published on 3/22/2012 in the Prospect News Municipals Daily.
New Issue: California Public Works brings $935.84 million of capital projects lease revenue bonds
By Sheri Kasprzak
New York, March 22 - The California Public Works Board brought $935.84 million of series 2012A capital projects lease revenue bonds, said a term sheet released by the state treasurer's office.
The bonds (A2/BBB+/BBB+) were sold through senior manager Goldman, Sachs & Co.
The bonds are due 2014 to 2034 with a term bond due in 2037. The serial coupons range from 2% to 5% with yields from 1.06% to 4.80%. The 2037 bonds have a 5% coupon priced at 100.782 to yield 4.90%.
Proceeds will be used to finance capital projects throughout the state.
| Issuer: | California Public Works Board
|
| Issue: | Series 2012A capital projects lease revenue bonds
|
| Amount: | $935.84 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. (lead)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
| Pricing date: | March 22
|
| Settlement date: | April 3
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,235,000 | 2014 | Serial | 2% | 101.85 | 1.06%
|
| $1.97 million | 2014 | Serial | 3% | 103.818 | 1.06%
|
| $14.65 million | 2014 | Serial | 4% | 105.786 | 1.06%
|
| $940,000 | 2015 | Serial | 3% | 104.555 | 1.44%
|
| $21.89 million | 2015 | Serial | 5% | 110.396 | 1.44%
|
| $1.51 million | 2016 | Serial | 3% | 104.172 | 1.91%
|
| $1.05 million | 2016 | Serial | 4% | 108.001 | 1.91%
|
| $20,955,000 | 2016 | Serial | 5% | 111.829 | 1.91%
|
| $4.82 million | 2017 | Serial | 4% | 108.469 | 2.20%
|
| $19,635,000 | 2017 | Serial | 5% | 113.174 | 2.20%
|
| $2,315,000 | 2018 | Serial | 4% | 107.839 | 2.58%
|
| $23.37 million | 2018 | Serial | 5% | 113.36 | 2.58%
|
| $2.78 million | 2019 | Serial | 4% | 106.657 | 2.94%
|
| $24.19 million | 2019 | Serial | 5% | 112.937 | 2.94%
|
| $2.23 million | 2020 | Serial | 4% | 105.459 | 3.22%
|
| $26,085,000 | 2020 | Serial | 5% | 112.458 | 3.22%
|
| $45,000 | 2021 | Serial | 4% | 103.907 | 3.49%
|
| $29,685,000 | 2021 | Serial | 5% | 111.57 | 3.49%
|
| $3,385,000 | 2022 | Serial | 4% | 102.824 | 3.66%
|
| $27,835,000 | 2022 | Serial | 5% | 111.131 | 3.66%
|
| $32,775,000 | 2023 | Serial | 5% | 109.292 | 3.87%
|
| $34,415,000 | 2024 | Serial | 5% | 107.489 | 4.08%
|
| $36.14 million | 2025 | Serial | 5% | 106.39 | 4.21%
|
| $37,945,000 | 2026 | Serial | 5% | 105.471 | 4.32%
|
| $12.44 million | 2027 | Serial | 4.25% | 97.507 | 4.48%
|
| $27.4 million | 2027 | Serial | 5% | 104.562 | 4.43%
|
| $41,835,000 | 2028 | Serial | 5% | 103.988 | 4.50%
|
| $43,925,000 | 2029 | Serial | 5% | 103.581 | 4.55%
|
| $46.12 million | 2030 | Serial | 5% | 103.175 | 4.60%
|
| $48,425,000 | 2031 | Serial | 5% | 102.772 | 4.65%
|
| $6,305,000 | 2032 | Serial | 4.625% | 98.397 | 4.75%
|
| $40.54 million | 2032 | Serial | 5% | 102.45 | 4.69%
|
| $53,385,000 | 2033 | Serial | 5% | 101.97 | 4.75%
|
| $56.06 million | 2034 | Serial | 5% | 101.572 | 4.80%
|
| $185,555,000 | 2037 | Term | 5% | 100.782 | 4.90%
|
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