HomeMy WebLinkAbout15-1, Old Greenwood Refunding Term Sheet
VIA EMAIL
January 6, 2014
Ms. Nicki Tallman
Mr. Rick Brandis
Brandis Tallman LLC
22 Battery Street, Suite 500
San Francisco, CA 94111
Western Alliance Public Finance and its bank affiliate Western Alliance Bank (“Purchaser”) are pleased to
submit the following preliminary terms, subject to additional due diligence, credit committee approval
and review of all relevant documentation, for the direct purchase of the 2014 Refunding of CFD No. 03-1
(Old Greenwood) Special Tax Bonds (“2014 Bonds”) of the Truckee Donner Public Utility District
(“Borrower”).
Principal amount: $11,900,000 (preliminary)
Final Maturity: 9/1/2032
Interest: Semi-annual beginning September 1, 2014
Amortization: Annual principal payments beginning September 1, 2014
Interest rate: 65% of the sum of the 20 Year LIBOR swap rate plus 2.80% (tax-exempt
fixed rate). Based on market rates as of January 6, 2014, the rate would
be 4.25%. The rate will be locked two weeks prior to funding.
Prepayment: The 2014 Bonds are non-callable through 9/1/2023 and pre-payable at
par thereafter.
Extraordinary Redemption: In the event of special tax prepayments by property owners, the 2014
Bonds will be pre-payable at the price of 103% through 9/1/2023 and at
par thereafter.
Reserve Fund: Not required by the Purchaser.
Security: Special Taxes to be levied annually against the property in the District.
Other fees due at closing: Legal fees not to exceed $15,000
Lender’s Counsel: Kutak Rock LLP
Funding: January 21-28, 2014
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Reporting requirements: Annual distribution to Purchaser of Borrower’s ongoing financial
disclosure as currently undertaken for Bonds of the Borrower.
Notification to Purchaser of any material impact to the Borrower’s
financial position.
Assignment: Purchaser retains right to assign its interest in the 2014 Bonds and will
give Borrower appropriate written notice of such assignment
Please feel free to contact me with any questions or if you require additional information.
Submitted on behalf of Western Alliance Public Finance and Western Alliance Bank:
James B. Sult, Jr.
Senior Vice President – Municipal Investment Manager
Western Alliance Bancorporation
One East Washington Street, 14th Floor
Phoenix, AZ 85004
(602) 797-3634 (O)
jsult@westernalliancebancorp.com
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