Published on 9/9/2015 in the Prospect News Municipals Daily.
New Issue: San Diego County Water, Calif., sells $285.63 million of refunding bonds
By Sheri Kasprzak
New York, Sept. 9 – The San Diego County Water Authority of California priced $285.63 million of series 2015A water revenue refunding bonds, according to a pricing sheet. The offering was upsized from $153.6 million.
The bonds (Aa2/AA+/AA+) were sold through BofA Merrill Lynch and Goldman, Sachs & Co.
The bonds are due 2019 to 2029 with 2% to 5% coupons.
Proceeds will be used to refund the authority’s series 2008A certificates of participation and series 2010A revenue bonds.
| Issuer: | San Diego County Water Authority, Calif.
|
| Issue: | Series 2015A water revenue refunding bonds
|
| Amount: | $285.63 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Goldman, Sachs & Co.
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA+
|
| Fitch: AA+
|
| Pricing date: | Sept. 9
|
| Settlement date: | Sept. 22
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $6,955,000 | 2019 | Serial | 5% | 113.683
|
| $7.7 million | 2020 | Serial | 5% | 116.205
|
| $3 million | 2021 | Serial | 2% | 101.759
|
| $12.19 million | 2021 | Serial | 5% | 117.755
|
| $4 million | 2022 | Serial | 3% | 106.8
|
| $11.95 million | 2022 | Serial | 5% | 119.165
|
| $4 million | 2023 | Serial | 2.5% | 102.585
|
| $19,475,000 | 2023 | Serial | 5% | 120.058
|
| $3 million | 2024 | Serial | 3% | 105.678
|
| $21.65 million | 2024 | Serial | 5% | 121.236
|
| $24,145,000 | 2025 | Serial | 5% | 122.19
|
| $114.71 million | 2026 | Serial | 5% | 120.664
|
| $11.98 million | 2027 | Serial | 5% | 119.722
|
| $20,875,000 | 2028 | Serial | 5% | 118.789
|
| $20 million | 2029 | Serial | 5% | 117.772
|
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