Published on 4/24/2013 in the Prospect News Municipals Daily.
New Issue: California Public Works sells $385.37 million revenue bonds
By Sheri Kasprzak
New York, April 24 - The California Public Works Board sold $385.37 million of series 2013 lease revenue bonds, according to a pricing sheet.
The deal included $59,385,000 of series 2013D Yuba City Courthouse lease revenue bonds and $325,985,000 of series 2013E Coalinga State Hospital lease revenue bonds.
The 2013D bonds are due 2016 to 2033 with a term bond due in 2038. The serial coupons range from 2% to 5%. The 2038 bonds have a 5% coupon priced at 109.97.
The 2013E bonds are due 2015 to 2029 with 4% to 5% coupons.
The bonds (A2/A-/BBB+) were sold through Wells Fargo Securities LLC.
Proceeds will be used to finance improvements to courthouse facilities and refund existing debt.
| Issuer: | California Public Works Board
|
| Issue: | Series 2013 lease revenue bonds
|
| Amount: | $385.37 million
|
| Type: | Negotiated
|
| Underwriter: | Wells Fargo Securities LLC (lead)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: BBB+
|
| Pricing date: | April 24
|
| Settlement date: | May 1
|
|
|
| $59,385,000 series 2013D Yuba City Courthouse lease revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $260,000 | 2016 | Serial | 2% | 103.678
|
| $1.26 million | 2016 | Serial | 4% | 109.758
|
| $490,000 | 2017 | Serial | 2% | 103.95
|
| $1,085,000 | 2017 | Serial | 4% | 111.93
|
| $1.63 million | 2018 | Serial | 5% | 118.142
|
| $955,000 | 2019 | Serial | 3% | 108.507
|
| $755,000 | 2019 | Serial | 5% | 120.082
|
| $100,000 | 2020 | Serial | 3% | 108.153
|
| $1,675,000 | 2020 | Serial | 5% | 121.412
|
| $365,000 | 2021 | Serial | 4% | 114.296
|
| $1.5 million | 2021 | Serial | 5% | 121.703
|
| $1.95 million | 2022 | Serial | 5% | 122.017
|
| $150,000 | 2023 | Serial | 4% | 113.58
|
| $1.9 million | 2023 | Serial | 5% | 122.458
|
| $2.15 million | 2024 | Serial | 4% | 111.033
|
| $335,000 | 2025 | Serial | 3% | 98.698
|
| $1.9 million | 2025 | Serial | 5% | 118.052
|
| $2.34 million | 2026 | Serial | 5% | 116.342
|
| $180,000 | 2027 | Serial | 3.5% | 98.9
|
| $2.28 million | 2027 | Serial | 5% | 114.94
|
| $2.58 million | 2028 | Serial | 5% | 113.925
|
| $2.71 million | 2029 | Serial | 5% | 113.285
|
| $2,845,000 | 2030 | Serial | 3.75% | 98.139
|
| $2.95 million | 2031 | Serial | 5% | 112.107
|
| $3.1 million | 2032 | Serial | 5% | 111.658
|
| $3,255,000 | 2033 | Serial | 4% | 99.314
|
| $18,685,000 | 2038 | Term | 5% | 109.97
|
|
|
| $325,985,000 series 2013E Coalinga State Hospital lease revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $15,625,000 | 2015 | Serial | 4% | 107.114
|
| $16,245,000 | 2016 | Serial | 4% | 109.758
|
| $16,895,000 | 2017 | Serial | 4% | 111.93
|
| $17,575,000 | 2018 | Serial | 4% | 113.238
|
| $18,275,000 | 2019 | Serial | 5% | 120.082
|
| $19.19 million | 2020 | Serial | 5% | 121.412
|
| $20.15 million | 2021 | Serial | 5% | 121.703
|
| $21,155,000 | 2022 | Serial | 5% | 122.017
|
| $22,215,000 | 2023 | Serial | 5% | 122.458
|
| $23,325,000 | 2024 | Serial | 5% | 120.28
|
| $24,495,000 | 2025 | Serial | 5% | 118.052
|
| $25,715,000 | 2026 | Serial | 5% | 116.342
|
| $27,005,000 | 2027 | Serial | 5% | 114.94
|
| $28.35 million | 2028 | Serial | 5% | 113.925
|
| $29.77 million | 2029 | Serial | 5% | 113.285
|
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