Barclays BofA Merrill Lynch Loop Capital Markets Raymond James · PDF file...

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Transcript of Barclays BofA Merrill Lynch Loop Capital Markets Raymond James · PDF file...

  • JANUARY 30, 2020 UPDATE TO OFFICIAL STATEMENT DATED JULY 11, 2019

    NEW ISSUE – BOOK-ENTRY ONLY Ratings: See “RATINGS” herein

    In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Board (“Bond Counsel”), based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Series 2020A Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 (the “Code”) and is exempt from State of California personal income taxes. In the further opinion of Bond Counsel, interest on the Series 2020A Bonds is not a specific preference item for purposes of the federal alternative minimum tax. Bond Counsel expresses no opinion regarding any other tax consequences related to the ownership or disposition of, or the amount, accrual or receipt of interest on, the Series 2020A Bonds. See “TAX MATTERS” herein.

    $65,240,000 TRUSTEES OF THE

    CALIFORNIA STATE UNIVERSITY SYSTEMWIDE REVENUE BONDS

    SERIES 2020A

    Dated: Date of Delivery Due: November 1, as shown on inside cover

    The Official Statement dated July 11, 2019 (the “Original Official Statement”) relating to the Series 2020A Bonds is restated in its entirety by this Updated Official Statement. The Original Official Statement describing the Series 2020A Bonds should no longer be relied upon. This Updated Official Statement should be read in its entirety and contains information that should be considered in making investment decisions with respect to the Series 2020A Bonds. Investors are advised to read the entire Updated Official Statement to obtain information essential to the making of an informed investment decision.

    The Trustees of the California State University Systemwide Revenue Bonds, Series 2020A (the “Series 2020A Bonds”) are being issued by the Trustees of the California State University (the “Board”) pursuant to an Indenture, dated as of April 1, 2002, as supplemented from time to time, including by a Thirtieth Supplemental Indenture, dated as of August 1, 2019 (collectively, the “Indenture”), between the Board and the Treasurer of the State of California, as trustee (the “State Treasurer”). The Series 2020A Bonds are being issued to refinance certain prior bonds to achieve debt service savings. See Appendix H—“BONDS REFUNDED WITH SERIES 2020A BONDS.”

    The Series 2020A Bonds are being issued on a parity with other bonds of the Board that have been issued previously or may be issued in the future pursuant to the Indenture. The pledge of and lien on the Gross Revenues under the Indenture secures bonds issued under the Indenture on a parity basis and is senior to other indebtedness of the Board. See “SECURITY FOR THE SERIES 2020A BONDS— Parity Lien Indebtedness; No Senior Lien Indebtedness.”

    The Series 2020A Bonds will be issued in fully registered form in denominations of $5,000 each or any integral multiple thereof, and following their purchase by the Underwriters will be registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), New York, New York. DTC will act as securities depository of the Series 2020A Bonds. Individual purchases will be made in book-entry form only, in principal amounts of $5,000 and integral multiples thereof. Purchasers will not receive certificates representing their interests in the Series 2020A Bonds purchased. See “THE SERIES 2020A BONDS—Book Entry Only System.”

    Interest on the Series 2020A Bonds is payable semiannually on May 1 and November 1 of each year, commencing May 1, 2020. Principal of and interest on the Series 2020A Bonds are payable by the State Treasurer, as trustee, to DTC. DTC is required to remit such principal and interest to its Participants for subsequent disbursement to the Beneficial Owners of the Series 2020A Bonds, as described herein. See Appendix G—“BOOK-ENTRY ONLY SYSTEM.”

    The Series 2020A Bonds are subject to optional redemption as described herein. See “THE SERIES 2020A BONDS— Redemption.”

    MATURITIES, AMOUNTS, INTEREST RATES AND YIELDS SEE INSIDE COVER

    THE SERIES 2020A BONDS ARE LIMITED OBLIGATIONS OF THE BOARD, PAYABLE FROM GROSS REVENUES AND OTHER AMOUNTS PLEDGED UNDER THE INDENTURE. NEITHER THE PAYMENT OF THE PRINCIPAL OF THE SERIES 2020A BONDS NOR ANY PART THEREOF, NOR ANY INTEREST THEREON, CONSTITUTES A DEBT, LIABILITY OR OBLIGATION OF THE STATE OF CALIFORNIA. THE SERIES 2020A BONDS ARE NOT SECURED BY A LEGAL OR EQUITABLE PLEDGE OF, OR CHARGE, LIEN OR OTHER ENCUMBRANCE UPON, ANY OF THE PROPERTY OF THE STATE OF CALIFORNIA OR OF THE BOARD, EXCEPT TO THE EXTENT OF THE AFOREMENTIONED PLEDGE. THE OWNERS OF THE SERIES 2020A BONDS HAVE NO RIGHT TO COMPEL THE EXERCISE OF ANY TAXING POWER OF THE STATE OF CALIFORNIA. THE BOARD HAS NO TAXING POWER.

    This cover page contains information for quick reference only. It is not a summary of this issue. Potential investors must read the entire Updated Official Statement to obtain information essential to making an informed investment decision.

    The Series 2020A Bonds are offered when, as and if issued, subject to the approval of certain legal matters by Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Board. Certain legal matters will be passed upon for the Board by its General Counsel and for the Underwriters by Stradling, Yocca, Carlson & Rauth, a Professional Corporation, as Underwriters’ Counsel, and Orrick, Herrington & Sutcliffe LLP, as Disclosure Counsel to the Board. It is anticipated that the Series 2020A Bonds will be available for delivery to DTC in New York, New York, on or about February 4, 2020.

    Barclays BofA Merrill Lynch Loop Capital Markets Raymond James

    Dated: January 30, 2020

  • MATURITY SCHEDULE

    SERIES 2020A BONDS

    Maturity (November 1)

    Principal Amount

    Interest Rate Yield

    CUSIP† (13077D)

    Maturity (November 1)

    Principal Amount

    Interest Rate Yield

    CUSIP† (13077D)

    2020 $ 8,855,000 5.000% 1.210% FT4 2026 $ 4,780,000 5.000% 1.450% FZ0 2021 9,310,000 5.000 1.230 FU1 2027 4,930,000 5.000 1.540 GA4 2022 7,585,000 5.000 1.240 FV9 2028 2,465,000 5.000 1.640 GB2 2023 7,390,000 5.000 1.250 FW7 2029 2,590,000 5.000 1.730 GC0 2024 7,645,000 5.000 1.290 FX5 2030 2,320,000 5.000 1.850 C GD8 2025 6,180,000 5.000 1.360 FY3 2031 1,190,000 5.000 1.960 C GE6

    † CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (CGS) is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. Copyright© 2020 CUSIP Global Services. All rights reserved. CUSIP® data herein are provided by CUSIP Global Services. The data presented are not intended to create a database and do not serve in any way as a substitute for the CGS database. CUSIP® numbers are provided for convenience of reference only. None of the Board, the Underwriters or their agents or counsel assume responsibility for the accuracy of such numbers. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Series 2020A Bonds as a result of various subsequent actions, including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Series 2020A Bonds.

    C Yield computed to first optional redemption date of November 1, 2029 at par.

  • CALIFORNIA STATE UNIVERSITY

    Trustees

    The Honorable Gavin Newsom Governor of California The Honorable Eleni Kounalakis Lieutenant Governor The Honorable Anthony Rendon Speaker of the Assembly The Honorable Tony K. Thurmond State Superintendent of Public Instruction Dr. Timothy P. White CSU Chancellor Adam Day Chair, CSU Board of Trustees Lillian Kimbell Vice Chair, CSU Board of Trustees Dr. Silas H. Abrego Member, CSU Board of Trustees Larry L. Adamson Interim Alumni, CSU Board of Trustees Jane W. Carney Member, CSU Board of Trustees Rebecca D. Eisen Member, CSU Board of Trustees Dr. Douglas Faigin Member, CSU Board of Trustees Dr. Debra S. Farar Member, CSU Board of Trustees Jean P. Firstenberg Member, CSU Board of Trustees Wenda Fong Member, CSU Board of Trustees Juan F. Garcia Student, CSU Board of Trustees Maryana Khames Student, CSU Board of Trustees Jeffrey R. Krinsk Member, CSU Board of Trustees Jack McGrory Member, CSU Board of Trustees Hugo N. Morales Member, CSU Board of Trustees Dr. Romey Sabalius Faculty, CSU Board of Trustees Lateefah Simon Member, CSU Board of Trustees Christopher Steinhauser Member, CSU Board of Trustees Peter J. Taylor Member, CSU Board of Trustees

    Officers and Executives

    Dr. Timothy P. White, Chancellor Steve Relyea, Executive Vice Chancellor and Chief Financial Officer for Business and Finance

    Dr. Loren J. Blanchard, Executive Vice Chancellor for Academic and Student Affairs Andrew Jones, Executive Vice Chancellor, General Counsel and Secretary of the Board

    Garrett P. Ashley, Vice Chancellor, University Relations and Advancement Evelyn Nazario, Vice Chancellor, Human Resources

    Larry Mandel, Vice Chancellor and Chief Audit Officer

    Special Services

    The Honorable Fiona Ma Treasurer of the State of California

    The Honorable Xavier Becerra Attorney General of the State of California

    Orrick, Herrington & Sutcliffe LLP Bond Counsel and Disclosure Counsel