By Sheri Kasprzak
New York, Feb. 6 - The California Infrastructure and Economic Development Bank sold $68.93 million of series 2012 refunding revenue bonds on behalf of the J. Paul Getty Trust, according to a term sheet.
The deal included $56.05 million of series 2012A-1 bonds and $12.88 million of series 2012A-2 bonds.
The 2012A-1 bonds are due 2014 to 2023 with 3% to 5% coupons. The 2012A-2 bonds are due 2012 to 2014 with 0.19% to 0.644% coupons, all priced at par.
Morgan Stanley & Co. LLC and Estrada Hinojosa & Co. Inc. were the senior managers for the bonds (Aaa/AAA/).
Proceeds will be used to refund the trust's outstanding series 2004A-B variable-rate revenue bonds, as well as to make interest rate swap termination payments.
| Issuer: | California Infrastructure and Economic Development Bank/J. Paul Getty Trust
|
| Issue: | Series 2012 refunding revenue bonds
|
| Amount: | $68.93 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Estrada Hinojosa & Co. Inc. (lead)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | Feb. 2
|
| Settlement date: | Feb. 22
|
|
|
| $56.05 million series 2012A-1 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.84 million | 2014 | Serial | 3% | 106.874
|
| $5.15 million | 2015 | Serial | 4% | 112.461
|
| $5.38 million | 2016 | Serial | 5% | 120.019
|
| $5,525,000 | 2017 | Serial | 5% | 123.421
|
| $5,725,000 | 2018 | Serial | 5% | 125.953
|
| $3 million | 2019 | Serial | 2% | 106.024
|
| $3.08 million | 2019 | Serial | 5% | 127.801
|
| $6.19 million | 2020 | Serial | 3% | 113.018
|
| $6.5 million | 2021 | Serial | 5% | 130.894
|
| $6,655,000 | 2022 | Serial | 5% | 131.906
|
| $7,005,000 | 2023 | Serial | 5% | 133.262
|
|
|
| $12.88 million series 2012A-2 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.85 million | 2012 | Serial | 0.19% | 100
|
| $4.89 million | 2013 | Serial | 0.471% | 100
|
| $3.14 million | 2014 | Serial | 0.644% | 100
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
