ACTA to Commence Public Invitation to Tender Bonds

LONG BEACH, Calif.–(BUSINESS WIRE)–#ClimateChange–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

Tax-Exempt Senior Lien Revenue Bonds, Series 1999A

 

 

 

 

 

 

Capital Appreciation Bonds

 

 

 

 

 

 

CUSIP No.

Maturity Date

Principal Amount

at Issuance§

Maturity Value§

Yield to Maturity

(as of Original Issuance)

Accreted Value (as of October 1,

2023)

010869AR6

10/01/2030

$5,304,656.55

$27,345,000

5.250%

$19,025,283.75

010869AS4

10/01/2031

3,601,110.00

19,550,000

5.250

12,914,925.50

010869AT2

10/01/2032

4,925,411.60

28,255,000

5.260

17,707,408.50

010869AU9

10/01/2033

2,763,022.50

16,695,000

5.260

9,933,358.05

§

Reflects the prior refunding of a portion of the Principal Amount.

 

Alameda Corridor Transportation Authority

Taxable Senior Lien Revenue Bonds, Series 1999C

 

Capital Appreciation Bonds

 

CUSIP No.

 

Maturity Date

 

Principal Amount

at Issuance§

 

Maturity Value§

 

Yield to Maturity

(as of Original Issuance)

 

Accreted Value (as of October 1,

2023)

010869CE3

 

10/01/2030

 

$3,424,392.00

 

$28,680,000

 

6.83%

 

$17,922,705.60

010869CF0

 

10/01/2031

 

384,599.80

 

3,445,000

 

6.83

 

2,013,016.85

010869CG8

 

10/01/2032

 

3,290,372.80

 

31,520,000

 

6.83

 

17,221,897.60

010869CH6

 

10/01/2033

 

5,770,215.15

 

59,115,000

 

6.83

 

30,201,262.35

§

Reflects the prior refunding of a portion of the Principal Amount.

 

Alameda Corridor Transportation Authority

Tax-Exempt Subordinate Lien Revenue Refunding Bonds, Series 2004A

 

 

 

 

 

 

 

 

 

 

 

Capital Appreciation Bonds

 

CUSIP No.

 

Maturity Date

 

Principal Amount

at Issuance

 

Maturity Value

 

Yield to Maturity

(as of Original Issuance)

 

Accreted Value (as of October 1,

2023)

010869DU6

 

10/01/2029

 

$13,641,408.90

 

$57,015,000

 

5.710%

 

$40,670,509.95

010869DV4

 

10/01/2030

 

22,708,010.70

 

100,665,000

 

5.720

 

67,830,090.30

 

Alameda Corridor Transportation Authority

Taxable Subordinate Lien Revenue Refunding Bonds, Series 2004B

 

 

 

 

 

 

 

 

 

 

 

Capital Appreciation Bonds

 

CUSIP No.

 

Maturity Date

 

Principal Amount

at Issuance

 

Maturity Value

 

Yield to Maturity

(as of Original Issuance)

 

Accreted Value (as of October 1,

2023)

010869ED3

 

10/01/2026

 

$25,085,189.75

 

$100,675,000

 

6.300%

 

$83,580,385.00

010869EE1

 

10/01/2027

 

23,522,713.75

 

100,675,000

 

6.310

 

78,522,473.00

010869EF8

 

10/01/2028

 

22,052,770.20

 

100,670,000

 

6.320

 

73,753,862.10

010869EG6

 

10/01/2029

 

8,965,144.40

 

43,660,000

 

6.330

 

30,039,389.80

010869EH4

 

10/01/2031

 

18,249,457.60

 

100,670,000

 

6.330

 

61,146,958.00

010869EJ0

 

10/01/2032

 

17,146,114.40

 

100,670,000

 

6.330

 

57,453,375.70

010869EK7

 

10/01/2033

 

16,111,020.25

 

100,675,000

 

6.330

 

53,984,955.25

 

Alameda Corridor Transportation Authority

Taxable Senior Lien Revenue Refunding Bonds, Series 2022B

 

 

 

 

Current Interest Bonds

 

 

 

 

CUSIP No.

Maturity Date

Principal Amount

Interest Rate

/ Coupon

010869JL0

10/01/2046

$232,250,000.00

5.396%

 

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

All of these dates and times are subject to change. All times are New York City time.

Notices of changes will be sent in the manner provided for in this Invitation.

Launch Date

January 5, 2024

Expiration Date (unless extended)

January 19, 2024 at 5 P.M.

Withdrawal Deadline

January 19, 2024 at 5 P.M.

Notice of Results

January 22, 2024

Determination of Taxable Target Bonds Purchase Price Date

January 22, 2024 at 10:30 A.M.

Notice of Taxable Target Bonds Purchase Price

January 22, 2024

Notice of Acceptance

January 24, 2024

Settlement Date

February 6, 2024

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:

J.P. Morgan Securities LLC

383 Madison Avenue, Floor 3

New York, New York 10179

Tel: (212) 834-3261

Fax: (917) 463-0871

Attn: Debt Capital Markets

Email: [email protected]

RBC CAPITAL MARKETS, LLC

200 Vesey Street, 8th Floor

New York, New York 10281

Tel: (212) 618-7843

Toll-free: (877) 381-2099

Attn: Liability Management Team

Email: [email protected]

Information Agent and Tender Agent:

Global Bondholder Services Corporation

65 Broadway – Suite 404

New York, New York 10006

Tel: (855) 654-2015

Attn: Corporate Actions

Email: [email protected]

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.

Contacts

Denis Wolcott, (213) 200-1563

[email protected]