REG - San Francisco P.U.C. - Notice of Bonds Offer Purchase Prices
03/04/2025 17:00
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RNS Number : 5839D San Francisco Public Utilities Comm 03 April 2025
Notice of Taxable Target Bonds Offer Purchase Prices
Dated April 2, 2025
RELATING TO THE
INVITATION TO TENDER BONDS FOR PURCHASE, DATED March 17, 2025
made by
public utilities commission of the City and County of San Francisco
to the Bondholders described herein of all or any portion of certain
maturities of its
TAXABLE TARGET BONDS
SAN FRANCISCO WATER REVENUE BONDS,
2019 Series ABC, 2019 Sub-Series A Bonds 2019 Series ABC, 2019 Sub-Series B Bonds
(Refunding - Federally Taxable) (WSIP)
(Refunding - Federally Taxable) (Hetch Hetchy)
(Green Bonds)
2019 Series ABC, 2019 Sub-Series C Bonds 2020 Series EFGH, 2020 Sub-Series E Bonds
(Refunding - Federally Taxable) (Local Water Main)
(Refunding - Federally Taxable) (WSIP)
(Green Bonds)
2020 Series EFGH, 2020 Sub-Series F Bonds 2020 Series EFGH, 2020 Sub-Series G Bonds
(Refunding - Federally Taxable) (Non-WSIP)
(Refunding - Federally Taxable) (Local Water)
2020 Series EFGH, 2020 Sub-Series H Bonds
(Refunding - Federally Taxable) (Hetch Hetchy Water)
TAX-EXEMPT TARGET BONDS
SAN FRANCISCO WATER REVENUE BONDS,
2016 Series AB, 2016 Sub-Series A Bonds 2017 Series DEFG, 2017 Sub-Series D Bonds (Refunding) (Green Bonds)
(Refunding)
The purpose of this Notice of Taxable Target Bonds Offer Purchase Prices,
dated April 2, 2025 (the "Notice of Taxable Target Bonds Offer Purchase
Prices") is to set forth the Offer Purchase Prices for the Taxable Target
Bonds. All other terms relating to the Invitation (hereinafter defined)
remain unchanged. Terms used herein and not otherwise defined are used as
defined in the Invitation.
Pursuant to the Invitation to Tender Bonds for Purchase, dated March 17, 2025
(as supplemented by the Pricing Notice, dated March 24, 2025, the Preliminary
Acceptance Notice, dated April 1, 2025, and as it may be further amended or
supplemented, the "Invitation"), the Public Utilities Commission of the City
and County of San Francisco (the "Commission") invited Bondholders to offer to
tender Target Bonds for cash: (i) for the Taxable Target Bonds, at the
applicable Offer Purchase Prices based on a Fixed Spread set forth in the
Pricing Notice to be added to the yield on the relevant Benchmark U.S.
Treasury Security (also set forth in the Pricing Notice), and (ii) for the
Tax-Exempt Target Bonds, at the applicable Offer Purchase Prices as set forth
in the Pricing Notice, plus, for both (i) and (ii), Accrued Interest on the
Target Bonds purchased to but not including the Settlement Date.
The Offer Purchase Prices, expressed as a dollar amount per $100 principal
amount, for each maturity and corresponding CUSIP of the Taxable Target Bonds
that were preliminarily accepted pursuant to the Preliminary Acceptance Notice
set forth in Attachment A hereto, were calculated by the Commission based on
the Purchase Yields determined by adding (a) the applicable Fixed Spread set
forth in the Pricing Notice to (b) the relevant Treasury Security Yield for
each applicable CUSIP of the Taxable Target Bonds. The Offer Purchase Prices
were calculated using the market standard bond pricing formula as of the
Settlement Date using the relevant Purchase Yield, the coupon of the relevant
Taxable Target Bond, and the maturity date for each Taxable Target Bond,
except for the Taxable Target Term Bonds, which were priced using their
respective average life dates, as shown in Attachment A, as their assumed
maturity dates. The Treasury Security Yields were determined at
approximately 10:00 a.m., New York City time, on April 2, 2025, in accordance
with the Invitation.
On the Final Acceptance Date (i.e. April 2, 2025, unless such date is extended
by the Commission in accordance with the Invitation), the Commission will
announce its acceptance for purchase of the Target Bonds, if any, from among
those Target Bonds of each CUSIP preliminarily accepted for purchase as listed
in Attachment A and Attachment B of the Preliminary Acceptance Notice by
giving notice via the Final Acceptance Notice. The Commission has no
obligation to accept for purchase any tendered Target Bonds. The
Commission's obligation to pay for Target Bonds validly tendered (and not
validly withdrawn) and accepted pursuant to the Invitation is subject to the
satisfaction of or waiver of the terms and conditions of the Invitation
(including, inter alia, satisfaction or waiver of the Financing Conditions) on
or prior to the Settlement Date.
Should the Commission determine to purchase less than all of the tendered
Target Bonds of a particular CUSIP, the principal amount of such Target Bonds
that it will purchase will be allocated among such tendered Target Bonds on a
pro rata basis as described in the Invitation.
The Invitation, including the 2025 Refunding POS, is available: (i) at the
Municipal Securities Rulemaking Board through its Electronic Municipal Market
Access website, currently located at http://emma.msrb.org, using the CUSIP
numbers for the Target Bonds, and (ii) on the website of the Information Agent
and Tender Agent at https://www.globic.com/sfpuc.
Any questions are to be directed to the Information Agent and Tender Agent at
(212) 227-9622.
ATTACHMENT A
TAXABLE TARGET BONDS
The tables below provide the respective Offer Purchase Price for each CUSIP
and corresponding maturity of the Taxable Target Bonds preliminarily accepted
for purchase.
Series and Subseries CUSIP No.(( 1 )) Maturity Date (November 1) Average Life Date 2 Interest Rate Outstanding Principal Amount Preliminary Principal Amount Accepted for Purchase Benchmark U.S. Treasury Security 3 Fixed Spread Treasury Security Yield 4 Purchase Yield Offer Purchase Price 5
2019 Series ABC, 2019 Sub-Series A 79765R4T3 2028 N/A 2.533% $1,310,000 $700,000 3-Year - 15.0 bps 3.840% 3.690% 96.193
79771FFG7 2029 N/A 2.593 2,980,000 - - - - - -
79771FFH5 2030 N/A 2.703 3,060,000 110,000 5-Year - 10.0 bps 3.897 3.797 94.580
79771FFJ1 2031 N/A 2.803 29,910,000 9,075,000 7-Year - 10.0 bps 4.011 3.911 93.660
79771FFK8 2032 N/A 2.953 2,835,000 - - - - - -
79771FFL6 2033 N/A 3.053 2,925,000 1,175,000 10-Year + 0.0 bps 4.142 4.142 92.233
79765R4Z9 2034 N/A 3.153 2,885,000 1,055,000 10-Year + 7.0 bps 4.142 4.212 91.750
79765R5A3 2039 7/16/2037 3.303 153,555,000 50,655,000 10-Year + 29.0 bps 4.142 4.432 89.413
79765R5B1 2043 7/11/2042 3.473 183,475,000 10,325,000 30-Year + 31.0 bps 4.506 4.816 84.389
2019 Series ABC, 2019 Sub-Series B 79765R5C9 2034 4/1/2033 3.153 4,735,000 - - - - - -
79765R5D7 2041 12/20/2038 3.523 11,435,000 - - - - - -
2019 Series ABC, 2019 Sub-Series C 79765R5E5 2034 4/2/2033 3.153 5,160,000 - - - - - -
79765R5F2 2041 12/20/2038 3.523 12,455,000 - - - - - -
2020 Series EFGH, 2020 Sub-Series E 79771FAA5 2041 5/18/2038 2.825 141,290,000 27,000,000 10-Year + 34.0 bps 4.142 4.482 83.726
79771FAB3 2047 6/2/2045 2.945 41,430,000 7,000,000 30-Year + 36.0 bps 4.506 4.866 75.520
2020 Series EFGH, 2020 Sub-Series F 79771FAJ6 2028 N/A 1.618 1,505,000 1,235,000 3-Year - 15.0 bps 3.840 3.690 93.184
79771FAK3 2029 N/A 1.718 1,530,000 80,000 5-Year - 15.0 bps 3.897 3.747 91.602
79771FAL1 2030 N/A 1.788 5,720,000 2,055,000 5-Year - 10.0 bps 3.897 3.797 90.048
79771FAM9 2031 N/A 1.988 5,830,000 2,250,000 7-Year - 10.0 bps 4.011 3.911 88.998
79771FAN7 2032 N/A 2.188 5,955,000 - - - - - -
79771FAP2 2033 N/A 2.288 6,090,000 255,000 10-Year + 0.0 bps 4.142 4.142 86.778
79771FAQ0 2034 N/A 2.388 6,235,000 - - - - - -
79771FAR8 2035 N/A 2.488 6,385,000 - - - - - -
79771FAS6 2041 10/25/2039 2.845 37,330,000 3,785,000 10-Year + 37.0 bps 4.142 4.512 82.380
79771FAT4 2047 6/4/2045 3.145 51,605,000 4,200,000 30-Year + 37.0 bps 4.506 4.876 77.956
(cont'd) ATTACHMENT A
TAXABLE TARGET BONDS
Series and Subseries CUSIP No.(( 6 )) Maturity Date (November 1) Average Life Date 7 Interest Rate Outstanding Principal Amount Preliminary Principal Amount Accepted for Purchase Benchmark U.S. Treasury Security 8 Fixed Spread Treasury Security Yield 9 Purchase Yield Offer Purchase Price 10
2020 Series EFGH, 2020 Sub-Series G 79771FBB2 2028 N/A 1.618% $1,815,000 $265,000 3-Year - 15.0 bps 3.840% 3.690% 93.184
79771FBC0 2029 N/A 1.718 4,610,000 75,000 5-Year - 15.0 bps 3.897 3.747 91.602
79771FBD8 2030 N/A 1.788 5,485,000 2,500,000 5-Year - 10.0 bps 3.897 3.797 90.048
79771FBE6 2031 N/A 1.988 12,170,000 1,155,000 7-Year - 10.0 bps 4.011 3.911 88.998
79771FBF3 2032 N/A 2.188 2,380,000 130,000 7-Year - 5.0 bps 4.011 3.961 88.540
79771FBH9 2034 N/A 2.388 1,140,000 - - - - - -
79771FBJ5 2035 N/A 2.488 325,000 - - - - - -
79771FBK2 2043 6/29/2040 3.095 10,705,000 - - - - - -
2020 Series EFGH, 2020 Sub-Series H 79771FBS5 2028 N/A 1.618 720,000 - - - - - -
79771FBT3 2029 N/A 1.718 735,000 - - - - - -
79771FBU0 2030 N/A 1.788 2,740,000 1,105,000 5-Year - 10.0 bps 3.897 3.797 90.048
79771FBV8 2031 N/A 1.988 2,790,000 - - - - - -
79771FBW6 2032 N/A 2.188 2,850,000 - - - - - -
79771FBX4 2033 N/A 2.288 2,915,000 - - - - - -
79771FBY2 2034 N/A 2.388 2,985,000 2,880,000 10-Year + 5.0 bps 4.142 4.192 85.934
79771FBZ9 2035 N/A 2.488 3,055,000 - - - - - -
79771FCA3 2041 10/25/2039 2.845 17,860,000 - - - - - -
79771FCB1 2047 6/4/2045 3.145 24,685,000 4,600,000 30-Year + 37.0 bps 4.506 4.876 77.956
1 CUSIP is a registered trademark of the American Bankers Association.
CUSIP information herein is provided by CUSIP Global Services, managed on
behalf of the American Bankers Association by FactSet Research Systems Inc.
This information is not intended to create a database and does not serve in
any way as a substitute for the CUSIP Services. CUSIP numbers are provided
for convenience of reference only. None of the Commission, the Dealer
Manager, the Information Agent and Tender Agent nor their respective agents or
counsel assumes responsibility for the accuracy of such numbers.
2 Taxable Target Term Bonds priced to their average life dates.
3 Except for the 30-Year Benchmark Treasury Security which was the "old long
bond" (maturity date November 15, 2054, 4.500% CUSIP 912810UE6), each
Benchmark Treasury Security was the most recently auctioned "on-the-run"
United States Treasury Security for the maturity indicated as of date and time
that the Offer Purchase Prices for the Target Bonds were set.
4 The bid-side yield on each Benchmark Treasury Security to be used in
establishing the Offer Purchase Prices for the Taxable Target Bonds were equal
the bid-side yield of the applicable Benchmark Treasury Security as quoted on
the Bloomberg Bond Trader FIT1 series of pages at approximately 10:00 a.m.,
New York City time, on April 2, 2025.
5 The Offer Purchase Prices for the Taxable Target Bonds were derived from
the Purchase Yields and are expressed as a dollar amount per $100 principal
amount of the Taxable Target Bonds and exclude Accrued Interest. Accrued
Interest on purchased Taxable Target Bonds will be paid by the Commission to
but not including the Settlement Date in addition to the applicable Purchase
Price.
6 CUSIP is a registered trademark of the American Bankers Association.
CUSIP information herein is provided by CUSIP Global Services, managed on
behalf of the American Bankers Association by FactSet Research Systems Inc.
This information is not intended to create a database and does not serve in
any way as a substitute for the CUSIP Services. CUSIP numbers are provided
for convenience of reference only. None of the Commission, the Dealer
Manager, the Information Agent and Tender Agent nor their respective agents or
counsel assumes responsibility for the accuracy of such numbers.
7 Taxable Target Term Bonds priced to their average life dates.
8 Except for the 30-Year Benchmark Treasury Security which was the "old long
bond" (maturity date November 15, 2054, 4.500% CUSIP 912810UE6), each
Benchmark Treasury Security was the most recently auctioned "on-the-run"
United States Treasury Security for the maturity indicated as of date and time
that the Offer Purchase Prices for the Target Bonds were set.
9 The bid-side yield on each Benchmark Treasury Security to be used in
establishing the Offer Purchase Prices for the Taxable Target Bonds were equal
the bid-side yield of the applicable Benchmark Treasury Security as quoted on
the Bloomberg Bond Trader FIT1 series of pages at approximately 10:00 a.m.,
New York City time, on April 2, 2025.
10 The Offer Purchase Prices for the Taxable Target Bonds were derived from
the Purchase Yields and are expressed as a dollar amount per $100 principal
amount of the Taxable Target Bonds and exclude Accrued Interest. Accrued
Interest on purchased Taxable Target Bonds will be paid by the Commission to
but not including the Settlement Date in addition to the applicable Purchase
Price.
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