Published on 8/4/2016 in the Prospect News Municipals Daily.
New Issue: San Diego County Transportation prices $325 million of revenue bonds
By Sheri Kasprzak
New York, Aug. 4 – The San Diego County Regional Transportation Commission sold $325 million of series 2016A sales tax revenue bonds, according to a pricing sheet.
The bonds (/AAA/AAA) were sold through Citigroup Global Markets Inc.
The bonds are due 2017 to 2036 with term bonds due in 2041 and 2048. The serial coupons range from 4% to 5% and yields range from 0.39% to 2.14%. The 2041 bonds have a 5% coupon priced at 123.964 to yield 2.22%, and the 2048 bonds have a 5% coupon priced at 123.476 to yield 2.27%.
Proceeds will be used to finance transportation capital projects and refund the commission’s series 2010B and 2012 bonds.
| Issuer: | San Diego County Regional Transportation Commission
|
| Issue: | Series 2016A sales tax revenue bonds
|
| Amount: | $325 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Goldman Sachs & Co., J.P. Morgan Securities LLC, Stifel, Nicolaus & Co. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
| Pricing date: | Aug. 3
|
| Settlement date: | Aug. 17
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,765,000 | 2017 | Serial | 4% | 102.24 | 0.39%
|
| $4,555,000 | 2018 | Serial | 5% | 107.362 | 0.44%
|
| $4.78 million | 2019 | Serial | 5% | 111.763 | 0.48%
|
| $5.02 million | 2020 | Serial | 5% | 115.624 | 0.63%
|
| $5.27 million | 2021 | Serial | 5% | 119.321 | 0.74%
|
| $5,535,000 | 2022 | Serial | 5% | 122.488 | 0.89%
|
| $5.81 million | 2023 | Serial | 5% | 125.567 | 1.00%
|
| $6,105,000 | 2024 | Serial | 5% | 128.269 | 1.12%
|
| $6.41 million | 2025 | Serial | 5% | 130.845 | 1.22%
|
| $6.73 million | 2026 | Serial | 5% | 132.936 | 1.34%
|
| $7,065,000 | 2027 | Serial | 5% | 131.145 | 1.51%
|
| $7.42 million | 2028 | Serial | 5% | 129.587 | 1.66%
|
| $7.79 million | 2029 | Serial | 5% | 128.664 | 1.75%
|
| $8.18 million | 2030 | Serial | 5% | 128.052 | 1.81%
|
| $8,585,000 | 2031 | Serial | 5% | 127.444 | 1.87%
|
| $9,015,000 | 2032 | Serial | 5% | 126.94 | 1.92%
|
| $9,465,000 | 2033 | Serial | 5% | 126.238 | 1.99%
|
| $9.94 million | 2034 | Serial | 5% | 125.739 | 2.04%
|
| $10.44 million | 2035 | Serial | 5% | 125.243 | 2.09%
|
| $10.96 million | 2036 | Serial | 5% | 124.749 | 2.14%
|
| $63.59 million | 2041 | Term | 5% | 123.964 | 2.22%
|
| $119.57 million | 2048 | Term | 5% | 123.476 | 2.27%
|
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