ACTA to Commence Public Invitation to Tender Bonds
On December 14, 2023, the Alameda Corridor Transportation Authority (the "Authority") approved a resolution authorizing the Invitation of offers (the "Invitation") from the holders of its below listed bonds (the "Bonds") to tender for cash their Bonds.
Alameda Corridor Transportation Authority |
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Tax-Exempt Senior Lien Revenue Bonds, Series 1999A |
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Capital Appreciation Bonds |
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CUSIP No. |
Maturity Date |
Principal Amount at Issuance§ |
Maturity Value§ |
Yield to Maturity (as of Original Issuance) |
Accreted Value (as of October 1, 2023) |
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010869AR6 |
10/01/2030 |
$5,304,656.55 |
$27,345,000 |
5.250% |
$19,025,283.75 |
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010869AS4 |
10/01/2031 |
3,601,110.00 |
19,550,000 |
5.250 |
12,914,925.50 |
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010869AT2 |
10/01/2032 |
4,925,411.60 |
28,255,000 |
5.260 |
17,707,408.50 |
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010869AU9 |
10/01/2033 |
2,763,022.50 |
16,695,000 |
5.260 |
9,933,358.05 |
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§ |
Reflects the prior refunding of a portion of the Principal Amount. |
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Alameda Corridor Transportation Authority |
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Taxable Senior Lien Revenue Bonds, Series 1999C |
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Capital Appreciation Bonds |
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CUSIP No. |
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Maturity Date |
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Principal Amount at Issuance§ |
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Maturity Value§ |
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Yield to Maturity (as of Original Issuance) |
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Accreted Value (as of October 1, 2023) |
010869CE3 |
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10/01/2030 |
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$3,424,392.00 |
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$28,680,000 |
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6.83% |
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$17,922,705.60 |
010869CF0 |
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10/01/2031 |
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384,599.80 |
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3,445,000 |
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6.83 |
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2,013,016.85 |
010869CG8 |
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10/01/2032 |
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3,290,372.80 |
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31,520,000 |
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6.83 |
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17,221,897.60 |
010869CH6 |
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10/01/2033 |
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5,770,215.15 |
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59,115,000 |
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6.83 |
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30,201,262.35 |
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Reflects the prior refunding of a portion of the Principal Amount. |
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Alameda Corridor Transportation Authority |
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Tax-Exempt Subordinate Lien Revenue Refunding Bonds, Series 2004A |
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Capital Appreciation Bonds |
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CUSIP No. |
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Maturity Date |
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Principal Amount at Issuance |
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Maturity Value |
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Yield to Maturity (as of Original Issuance) |
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Accreted Value (as of October 1, 2023) |
010869DU6 |
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10/01/2029 |
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$13,641,408.90 |
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$57,015,000 |
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5.710% |
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$40,670,509.95 |
010869DV4 |
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10/01/2030 |
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22,708,010.70 |
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100,665,000 |
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5.720 |
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67,830,090.30 |
Alameda Corridor Transportation Authority |
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Taxable Subordinate Lien Revenue Refunding Bonds, Series 2004B |
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Capital Appreciation Bonds |
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CUSIP No. |
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Maturity Date |
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Principal Amount at Issuance |
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Maturity Value |
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Yield to Maturity (as of Original Issuance) |
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Accreted Value (as of October 1, 2023) |
010869ED3 |
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10/01/2026 |
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$25,085,189.75 |
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$100,675,000 |
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6.300% |
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$83,580,385.00 |
010869EE1 |
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10/01/2027 |
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23,522,713.75 |
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100,675,000 |
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6.310 |
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78,522,473.00 |
010869EF8 |
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10/01/2028 |
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22,052,770.20 |
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100,670,000 |
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6.320 |
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73,753,862.10 |
010869EG6 |
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10/01/2029 |
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8,965,144.40 |
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43,660,000 |
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6.330 |
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30,039,389.80 |
010869EH4 |
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10/01/2031 |
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18,249,457.60 |
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100,670,000 |
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6.330 |
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61,146,958.00 |
010869EJ0 |
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10/01/2032 |
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17,146,114.40 |
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100,670,000 |
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6.330 |
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57,453,375.70 |
010869EK7 |
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10/01/2033 |
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16,111,020.25 |
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100,675,000 |
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6.330 |
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53,984,955.25 |
Alameda Corridor Transportation Authority |
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Taxable Senior Lien Revenue Refunding Bonds, Series 2022B |
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Current Interest Bonds |
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CUSIP No. |
Maturity Date |
Principal Amount |
Interest Rate / Coupon |
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010869JL0 |
10/01/2046 |
$232,250,000.00 |
5.396% |
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The Invitation is part of the Authority's plan to refinance all or a portion of the Bonds. The refinancing plan is being undertaken by the Authority for the purpose of better aligning debt service on the Authority's bonds with estimated future Authority revenues and potentially reducing the frequency and amount of future payments required to be made by the Port of Long Beach and the Port of Los Angeles as further described in the Preliminary Official Statement dated January 5, 2024 for the Authority's Series 2024A Bonds, Series 2024B Bonds, Series 2024C Bonds, and Series 2024D Bonds. There can be no assurance that the Invitation or any component of the refinancing transaction will be completed.
The Invitation is open to all owners of the Bonds.
Michael Leue
Chief Executive Officer
Alameda Corridor Transportation Authority (ACTA)
www.acta.org
1. |
The Invitation of offers commenced January 5, 2024. This is the expected calendar for the Invitation. |
Key Dates and Times |
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All of these dates and times are subject to change. All times are New York City time.
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Launch Date |
January 5, 2024 |
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Expiration Date (unless extended) |
January 19, 2024 at 5 P.M. |
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Withdrawal Deadline |
January 19, 2024 at 5 P.M. |
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Notice of Results |
January 22, 2024 |
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Determination of Taxable Target Bonds Purchase Price Date |
January 22, 2024 at 10:30 A.M. |
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Notice of Taxable Target Bonds Purchase Price |
January 22, 2024 |
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Notice of Acceptance |
January 24, 2024 |
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Settlement Date |
February 6, 2024 |
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Institutional investors with questions about the Invitation should contact the Dealer Manager. Individual investors and their brokers and account executives with questions about the Invitation should contact the Information Agent. Copies of the Invitation are also available on the website of the Information Agent at https://www.gbsc-usa.com/alameda/.
Dealer Managers: |
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J.P. Morgan Securities LLC
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RBC CAPITAL MARKETS, LLC
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Information Agent and Tender Agent: |
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Global Bondholder Services Corporation
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2. |
This communication and the information contained herein do not constitute an offer to sell or the solicitation of an offer to buy any security. |
The Alameda Corridor Transportation Authority is a joint powers authority formed by the City of Long Beach and the City of Los Angeles in 1996 to acquire, construct, finance and operate the Alameda Corridor.
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