PRICING NOTICE
Dated March 24, 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 |
| 2019 Series ABC, 2019 Sub-Series C Bonds | 2020 Series EFGH, 2020 Sub-Series E Bonds |
| 2020 Series EFGH, 2020 Sub-Series F Bonds | 2020 Series EFGH, 2020 Sub-Series G Bonds |
| 2020 Series EFGH, 2020 Sub-Series H Bonds | |
| 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) |
The purpose of this Pricing Notice, dated March 24, 2025 (the "Pricing Notice") is to set forth the Fixed Spreads for the Taxable Target Bonds and the Offer Purchase Prices for the Tax-Exempt 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 it may be 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 this Pricing Notice to be added to the yield on the relevant Benchmark U.S. Treasury Security (also set forth in this Pricing Notice), and (ii) for the Tax-Exempt Target Bonds, at the applicable Offer Purchase Prices as set forth in this Pricing Notice, plus, for both (i) and (ii), Accrued Interest on the Target Bonds purchased to but not including the Settlement Date.
The Fixed Spreads for the Taxable Target Bonds are unchanged from the Indicative Fixed Spreads listed on pages (i) and (ii) of the Invitation.
The Offer Purchase Prices for the Tax-Exempt Target Bonds are unchanged from the Indicative Offer Purchase Prices listed on page (iii) of the Invitation.
As set forth in the Invitation, the Commission retains the right to extend the Invitation, or amend the terms of the Invitation (including a waiver of any term) in any material respect, provided, that the Commission shall provide notice of any such extension or amendment pursuant to the Invitation. In such event, any offers submitted with respect to the affected Target Bonds prior to such change, including any change in the Fixed Spreads for any Taxable Target Bonds or any change in the Offer Purchase Prices for any Tax-Exempt Target Bonds pursuant to the Invitation, will remain in full force and effect and any Bondholder of such affected Target Bonds, as applicable, wishing to revoke their offer to tender such Target Bonds for purchase must affirmatively withdraw such offer prior to the Expiration Date. See Section 2(n), "TERMS OF THIS INVITATION - Extension, Cancellation and Amendment; Changes to Terms" 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.
INVITATION - TAXABLE TARGET BONDS - FIXED SPREADS
Pursuant to the Invitation, the Fixed Spreads for the Taxable Target Bonds are listed in the tables below. The Offer Purchase Prices exclude Accrued Interest on the Taxable Target Bonds to be purchased, which interest will be paid to but not including the Settlement Date in addition to the Offer Purchase Price. There has been no change in the Indicative Fixed Spreads listed in pages (i) and (ii) of the Invitation.
| Series and Subseries | CUSIP No.[1] | Maturity Date (November 1) | Average Life Date[2] | Outstanding Principal Amount | Interest Rate | Benchmark U.S. Treasury Security[3] | Fixed Spread[4] |
| 2019 Series ABC, 2019 Sub-Series A | 79765R4T3 | 2028 | n/a | $1,310,000 | 2.533% | 3-Year | - 15.0 bps |
| | 79771FFG7 | 2029 | n/a | 2,980,000 | 2.593 | 5-Year | - 15.0 bps |
| | 79771FFH5 | 2030 | n/a | 3,060,000 | 2.703 | 5-Year | - 10.0 bps |
| | 79771FFJ1 | 2031 | n/a | 29,910,000 | 2.803 | 7-Year | - 10.0 bps |
| | 79771FFK8 | 2032 | n/a | 2,835,000 | 2.953 | 7-Year | - 5.0 bps |
| | 79771FFL6 | 2033 | n/a | 2,925,000 | 3.053 | 10-Year | + 0.0 bps |
| | 79765R4Z9 | 2034 | n/a | 2,885,000 | 3.153 | 10-Year | + 7.0 bps |
| | 79765R5A3 | 2039 | 7/16/2037 | 153,555,000 | 3.303 | 10-Year | + 29.0 bps |
| | 79765R5B1 | 2043 | 7/11/2042 | 183,475,000 | 3.473 | 30-Year | + 31.0 bps |
| 2019 Series ABC, 2019 Sub-Series B | 79765R5C9 | 2034 | 4/1/2033 | 4,735,000 | 3.153 | 10-Year | + 0.0 bps |
| | 79765R5D7 | 2041 | 12/20/2038 | 11,435,000 | 3.523 | 10-Year | + 32.0 bps |
| 2019 Series ABC, 2019 Sub-Series C | 79765R5E5 | 2034 | 4/2/2033 | 5,160,000 | 3.153 | 10-Year | + 0.0 bps |
| | 79765R5F2 | 2041 | 12/20/2038 | 12,455,000 | 3.523 | 10-Year | + 32.0 bps |
| 2020 Series EFGH, 2020 Sub-Series E | 79771FAA5 | 2041 | 5/18/2038 | 141,290,000 | 2.825 | 10-Year | + 34.0 bps |
| | 79771FAB3 | 2047 | 6/2/2045 | 41,430,000 | 2.945 | 30-Year | + 36.0 bps |
| 2020 Series EFGH, 2020 Sub-Series F | 79771FAJ6 | 2028 | n/a | 1,505,000 | 1.618 | 3-Year | - 15.0 bps |
| | 79771FAK3 | 2029 | n/a | 1,530,000 | 1.718 | 5-Year | - 15.0 bps |
| | 79771FAL1 | 2030 | n/a | 5,720,000 | 1.788 | 5-Year | - 10.0 bps |
| | 79771FAM9 | 2031 | n/a | 5,830,000 | 1.988 | 7-Year | - 10.0 bps |
| | 79771FAN7 | 2032 | n/a | 5,955,000 | 2.188 | 7-Year | - 5.0 bps |
| | 79771FAP2 | 2033 | n/a | 6,090,000 | 2.288 | 10-Year | + 0.0 bps |
| | 79771FAQ0 | 2034 | n/a | 6,235,000 | 2.388 | 10-Year | + 5.0 bps |
| | 79771FAR8 | 2035 | n/a | 6,385,000 | 2.488 | 10-Year | + 13.0 bps |
| | 79771FAS6 | 2041 | 10/25/2039 | 37,330,000 | 2.845 | 10-Year | + 37.0 bps |
| | 79771FAT4 | 2047 | 6/4/2045 | 51,605,000 | 3.145 | 30-Year | + 37.0 bps |
(cont'd) INVITATION - TAXABLE TARGET BONDS - FIXED SPREADS
| Series and Subseries | CUSIP No.[5] | Maturity Date (November 1) | Average Life Date[6] | Outstanding Principal Amount | Interest Rate | Benchmark U.S. Treasury Security[7] | Fixed Spread[8] |
| 2020 Series EFGH, 2020 Sub-Series G | 79771FBB2 | 2028 | n/a | $1,815,000 | 1.618% | 3-Year | - 15.0 bps |
| 79771FBC0 | 2029 | n/a | 4,610,000 | 1.718 | 5-Year | - 15.0 bps | |
| 79771FBD8 | 2030 | n/a | 5,485,000 | 1.788 | 5-Year | - 10.0 bps | |
| 79771FBE6 | 2031 | n/a | 12,170,000 | 1.988 | 7-Year | - 10.0 bps | |
| 79771FBF3 | 2032 | n/a | 2,380,000 | 2.188 | 7-Year | - 5.0 bps | |
| 79771FBH9 | 2034 | n/a | 1,140,000 | 2.388 | 10-Year | + 5.0 bps | |
| 79771FBJ5 | 2035 | n/a | 325,000 | 2.488 | 10-Year | + 13.0 bps | |
| 79771FBK2 | 2043 | 6/29/2040 | 10,705,000 | 3.095 | 30-Year | + 22.0 bps | |
| 2020 Series EFGH, 2020 Sub-Series H | 79771FBS5 | 2028 | n/a | 720,000 | 1.618 | 3-Year | - 15.0 bps |
| 79771FBT3 | 2029 | n/a | 735,000 | 1.718 | 5-Year | - 15.0 bps | |
| 79771FBU0 | 2030 | n/a | 2,740,000 | 1.788 | 5-Year | - 10.0 bps | |
| 79771FBV8 | 2031 | n/a | 2,790,000 | 1.988 | 7-Year | - 10.0 bps | |
| 79771FBW6 | 2032 | n/a | 2,850,000 | 2.188 | 7-Year | - 5.0 bps | |
| 79771FBX4 | 2033 | n/a | 2,915,000 | 2.288 | 10-Year | + 0.0 bps | |
| 79771FBY2 | 2034 | n/a | 2,985,000 | 2.388 | 10-Year | + 5.0 bps | |
| 79771FBZ9 | 2035 | n/a | 3,055,000 | 2.488 | 10-Year | + 13.0 bps | |
| 79771FCA3 | 2041 | 10/25/2039 | 17,860,000 | 2.845 | 10-Year | + 37.0 bps | |
| 79771FCB1 | 2047 | 6/4/2045 | 24,685,000 | 3.145 | 30-Year | + 37.0 bps |
The yields on the Benchmark U.S. Treasury Securities will be determined at approximately 10:00 AM on Wednesday, April 2, 2025, and the Notice of Taxable Target Bonds Offer Purchase Prices will be made available on that date in accordance with the Invitation.
Illustrative Offer Purchase Price Calculations:
Treasury Security Yields as of MARCH 21, 2025 (TAXABLE TARGET BONDS)
The tables below provide an example of the Offer Purchase Prices for the Taxable Target Bonds realized by a Bondholder that submits an offer based on the following yields for the Benchmark U.S. Treasury Securities as of March 21, 2025 and the Fixed Spreads. This example is being provided for convenience only and is not to be relied upon by a Bondholder as an indication of the Purchase Yield or Offer Purchase Price for any Taxable Target Bonds that may be paid by the Commission. Based on these Treasury Security Yields, the following Offer Purchase Prices for the Taxable Target Bonds would be derived:
| Series and Subseries | CUSIP No.[9] | Maturity Date (November 1) | Average Life Date[10] | Outstanding Principal Amount | Interest Rate | Benchmark U.S. Treasury Security[11] | Fixed Spread | Illustrative Treasury Security Yield 3* | Illustrative Purchase Yield 3* | Illustrative Purchase Price [12]* |
| 2019 Series ABC, 2019 Sub-Series A | 79765R4T3 | 2028 | n/a | $1,310,000 | 2.533% | 3-Year | - 15.0 bps | 3.925% | 3.775% | 95.920 |
| 79771FFG7 | 2029 | n/a | 2,980,000 | 2.593 | 5-Year | - 15.0 bps | 4.005 | 3.855 | 94.789 | |
| 79771FFH5 | 2030 | n/a | 3,060,000 | 2.703 | 5-Year | - 10.0 bps | 4.005 | 3.905 | 94.063 | |
| 79771FFJ1 | 2031 | n/a | 29,910,000 | 2.803 | 7-Year | - 10.0 bps | 4.125 | 4.025 | 93.034 | |
| 79771FFK8 | 2032 | n/a | 2,835,000 | 2.953 | 7-Year | - 5.0 bps | 4.125 | 4.075 | 92.778 | |
| 79771FFL6 | 2033 | n/a | 2,925,000 | 3.053 | 10-Year | + 0.0 bps | 4.250 | 4.250 | 91.501 | |
| 79765R4Z9 | 2034 | n/a | 2,885,000 | 3.153 | 10-Year | + 7.0 bps | 4.250 | 4.320 | 90.954 | |
| 79765R5A3 | 2039 | 7/16/2037 | 153,555,000 | 3.303 | 10-Year | + 29.0 bps | 4.250 | 4.540 | 88.471 | |
| 79765R5B1 | 2043 | 7/11/2042 | 183,475,000 | 3.473 | 30-Year | + 31.0 bps | 4.600 | 4.910 | 83.414 | |
| 2019 Series ABC, 2019 Sub-Series B | 79765R5C9 | 2034 | 4/1/2033 | 4,735,000 | 3.153 | 10-Year | + 0.0 bps | 4.250 | 4.250 | 92.658 |
| 79765R5D7 | 2041 | 12/20/2038 | 11,435,000 | 3.523 | 10-Year | + 32.0 bps | 4.250 | 4.570 | 89.435 | |
| 2019 Series ABC, 2019 Sub-Series C | 79765R5E5 | 2034 | 4/2/2033 | 5,160,000 | 3.153 | 10-Year | + 0.0 bps | 4.250 | 4.250 | 92.656 |
| 79765R5F2 | 2041 | 12/20/2038 | 12,455,000 | 3.523 | 10-Year | + 32.0 bps | 4.250 | 4.570 | 89.435 | |
| 2020 Series EFGH, 2020 Sub-Series E | 79771FAA5 | 2041 | 5/18/2038 | 141,290,000 | 2.825 | 10-Year | + 34.0 bps | 4.250 | 4.590 | 82.777 |
| 79771FAB3 | 2047 | 6/2/2045 | 41,430,000 | 2.945 | 30-Year | + 36.0 bps | 4.600 | 4.960 | 74.527 |
(cont'd) Illustrative Offer Purchase Price Calculations:
Treasury Security Yields as of MARCH 21, 2025 (TAXABLE TARGET BONDS)
| Series and Subseries | CUSIP No.[13] | Maturity Date (November 1) | Average Life Date[14] | Outstanding Principal Amount | Interest Rate | Benchmark U.S. Treasury Security[15] | Fixed Spread | Illustrative Treasury Security Yield 3* | Illustrative Purchase Yield 3* | Illustrative Purchase Price [16]* |
| 2020 Series EFGH, 2020 Sub-Series F | 79771FAJ6 | 2028 | n/a | $1,505,000 | 1.618% | 3-Year | - 15.0 bps | 3.925% | 3.775% | 92.916 |
| 79771FAK3 | 2029 | n/a | 1,530,000 | 1.718 | 5-Year | - 15.0 bps | 4.005 | 3.855 | 91.178 | |
| 79771FAL1 | 2030 | n/a | 5,720,000 | 1.788 | 5-Year | - 10.0 bps | 4.005 | 3.905 | 89.546 | |
| 79771FAM9 | 2031 | n/a | 5,830,000 | 1.988 | 7-Year | - 10.0 bps | 4.125 | 4.025 | 88.390 | |
| 79771FAN7 | 2032 | n/a | 5,955,000 | 2.188 | 7-Year | - 5.0 bps | 4.125 | 4.075 | 87.856 | |
| 79771FAP2 | 2033 | n/a | 6,090,000 | 2.288 | 10-Year | + 0.0 bps | 4.250 | 4.250 | 86.071 | |
| 79771FAQ0 | 2034 | n/a | 6,235,000 | 2.388 | 10-Year | + 5.0 bps | 4.250 | 4.300 | 85.166 | |
| 79771FAR8 | 2035 | n/a | 6,385,000 | 2.488 | 10-Year | + 13.0 bps | 4.250 | 4.380 | 84.164 | |
| 79771FAS6 | 2041 | 10/25/2039 | 37,330,000 | 2.845 | 10-Year | + 37.0 bps | 4.250 | 4.620 | 81.371 | |
| 79771FAT4 | 2047 | 6/4/2045 | 51,605,000 | 3.145 | 30-Year | + 37.0 bps | 4.600 | 4.970 | 76.944 | |
| 2020 Series EFGH, 2020 Sub-Series G | 79771FBB2 | 2028 | n/a | $1,815,000 | 1.618% | 3-Year | - 15.0 bps | 3.925 | 3.775 | 92.916 |
| 79771FBC0 | 2029 | n/a | 4,610,000 | 1.718 | 5-Year | - 15.0 bps | 4.005 | 3.855 | 91.178 | |
| 79771FBD8 | 2030 | n/a | 5,485,000 | 1.788 | 5-Year | - 10.0 bps | 4.005 | 3.905 | 89.546 | |
| 79771FBE6 | 2031 | n/a | 12,170,000 | 1.988 | 7-Year | - 10.0 bps | 4.125 | 4.025 | 88.390 | |
| 79771FBF3 | 2032 | n/a | 2,380,000 | 2.188 | 7-Year | - 5.0 bps | 4.125 | 4.075 | 87.856 | |
| 79771FBH9 | 2034 | n/a | 1,140,000 | 2.388 | 10-Year | + 5.0 bps | 4.250 | 4.300 | 85.166 | |
| 79771FBJ5 | 2035 | n/a | 325,000 | 2.488 | 10-Year | + 13.0 bps | 4.250 | 4.380 | 84.164 | |
| 79771FBK2 | 2043 | 6/29/2040 | 10,705,000 | 3.095 | 30-Year | + 22.0 bps | 4.600 | 4.820 | 81.558 | |
| 2020 Series EFGH, 2020 Sub-Series H | 79771FBS5 | 2028 | n/a | 720,000 | 1.618 | 3-Year | - 15.0 bps | 3.925 | 3.775 | 92.916 |
| 79771FBT3 | 2029 | n/a | 735,000 | 1.718 | 5-Year | - 15.0 bps | 4.005 | 3.855 | 91.178 | |
| 79771FBU0 | 2030 | n/a | 2,740,000 | 1.788 | 5-Year | - 10.0 bps | 4.005 | 3.905 | 89.546 | |
| 79771FBV8 | 2031 | n/a | 2,790,000 | 1.988 | 7-Year | - 10.0 bps | 4.125 | 4.025 | 88.390 | |
| 79771FBW6 | 2032 | n/a | 2,850,000 | 2.188 | 7-Year | - 5.0 bps | 4.125 | 4.075 | 87.856 | |
| 79771FBX4 | 2033 | n/a | 2,915,000 | 2.288 | 10-Year | + 0.0 bps | 4.250 | 4.250 | 86.071 | |
| 79771FBY2 | 2034 | n/a | 2,985,000 | 2.388 | 10-Year | + 5.0 bps | 4.250 | 4.300 | 85.166 | |
| 79771FBZ9 | 2035 | n/a | 3,055,000 | 2.488 | 10-Year | + 13.0 bps | 4.250 | 4.380 | 84.164 | |
| 79771FCA3 | 2041 | 10/25/2039 | 17,860,000 | 2.845 | 10-Year | + 37.0 bps | 4.250 | 4.620 | 81.371 | |
| 79771FCB1 | 2047 | 6/4/2045 | 24,685,000 | 3.145 | 30-Year | + 37.0 bps | 4.600 | 4.970 | 76.944 |
Illustrative TAXABLE TARGET BONDS Offer Purchase Price Calculations:
Interest Rate Sensitivity
As a measure of the sensitivity of the Offer Purchase Prices for the Taxable Target Bonds to changes in the yield on the Benchmark U.S. Treasury Security, the following tables show the impact on the Offer Purchase Prices of a 0.10% (10 basis point) movement in the yield on the Benchmark U.S. Treasury Security.
|
|
|
| Illustrative Purchase Yield Based on Treasury Security Yields as of March 21, 2025* | Illustrative Offer Purchase Prices [17]* | ||
| Series and Subseries | CUSIP No. [18] | Maturity Date | Assuming a 0.10% Increase in Treasury Security Yields | Current Treasury Security Yield | Assuming a 0.10% Decrease in Treasury Security Yields | |
| 2019 Series ABC, 2019 Sub-Series A | 79765R4T3 | 2028 | 3.775% | 95.600 | 95.920 | 96.241 |
| 79771FFG7 | 2029 | 3.855 | 94.390 | 94.789 | 95.191 | |
| 79771FFH5 | 2030 | 3.905 | 93.588 | 94.063 | 94.542 | |
| 79771FFJ1 | 2031 | 4.025 | 92.489 | 93.034 | 93.583 | |
| 79771FFK8 | 2032 | 4.075 | 92.164 | 92.778 | 93.397 | |
| 79771FFL6 | 2033 | 4.250 | 90.830 | 91.501 | 92.178 | |
| 79765R4Z9 | 2034 | 4.320 | 90.224 | 90.954 | 91.691 | |
| 79765R5A3 | 20393 | 4.540 | 87.610 | 88.471 | 89.342 | |
| 79765R5B1 | 2043[19] | 4.910 | 82.392 | 83.414 | 84.451 | |
| 2019 Series ABC, 2019 Sub-Series B | 79765R5C9 | 20343 | 4.250 | 92.021 | 92.658 | 93.301 |
| 79765R5D7 | 20413 | 4.570 | 88.498 | 89.435 | 90.384 | |
| 2019 Series ABC, 2019 Sub-Series C | 79765R5E5 | 20343 | 4.250 | 92.018 | 92.656 | 93.299 |
| 79765R5F2 | 20413 | 4.570 | 88.498 | 89.435 | 90.384 | |
| 2020 Series EFGH, 2020 Sub-Series E | 79771FAA5 | 20413 | 4.590 | 81.911 | 82.777 | 83.655 |
| 79771FAB3 | 20473 | 4.960 | 73.488 | 74.527 | 75.584 | |
| 2020 Series EFGH, 2020 Sub-Series F | 79771FAJ6 | 2028 | 3.775 | 92.602 | 92.916 | 93.231 |
| 79771FAK3 | 2029 | 3.855 | 90.787 | 91.178 | 91.571 | |
| 79771FAL1 | 2030 | 3.905 | 89.083 | 89.546 | 90.011 | |
| 79771FAM9 | 2031 | 4.025 | 87.860 | 88.390 | 88.923 | |
| 79771FAN7 | 2032 | 4.075 | 87.260 | 87.856 | 88.456 | |
| 79771FAP2 | 2033 | 4.250 | 85.422 | 86.071 | 86.725 | |
| 79771FAQ0 | 2034 | 4.300 | 84.462 | 85.166 | 85.877 | |
| 79771FAR8 | 2035 | 4.380 | 83.410 | 84.164 | 84.925 | |
| 79771FAS6 | 20413 | 4.620 | 80.450 | 81.371 | 82.305 | |
| 79771FAT4 | 20473 | 4.970 | 75.885 | 76.944 | 78.021 | |
(CONT'D) Illustrative TAXABLE TARGET BONDS Offer Purchase Price Calculations:
Interest Rate Sensitivity
|
|
|
| Illustrative Purchase Yield Based on Treasury Security Yields as of March 21, 2025* | Illustrative Offer Purchase Prices [20]* | ||
| Series and Subseries | CUSIP No. [21] | Maturity Date | Assuming a 0.10% Increase in Treasury Security Yields | Current Treasury Security Yield | Assuming a 0.10% Decrease in Treasury Security Yields | |
| 2020 Series EFGH, 2020 Sub-Series G | 79771FBB2 | 2028 | 3.775% | 92.602 | 92.916 | 93.231 |
| 79771FBC0 | 2029 | 3.855 | 90.787 | 91.178 | 91.571 | |
| 79771FBD8 | 2030 | 3.905 | 89.083 | 89.546 | 90.011 | |
| 79771FBE6 | 2031 | 4.025 | 87.860 | 88.390 | 88.923 | |
| 79771FBF3 | 2032 | 4.075 | 87.260 | 87.856 | 88.456 | |
| 79771FBH9 | 2034 | 4.300 | 84.462 | 85.166 | 85.877 | |
| 79771FBJ5 | 2035 | 4.380 | 83.410 | 84.164 | 84.925 | |
| 79771FBK2 | 2043[22] | 4.820 | 80.621 | 81.558 | 82.509 | |
| 2020 Series EFGH, 2020 Sub-Series H | 79771FBS5 | 2028 | 3.775 | 92.602 | 92.916 | 93.231 |
| 79771FBT3 | 2029 | 3.855 | 90.787 | 91.178 | 91.571 | |
| 79771FBU0 | 2030 | 3.905 | 89.083 | 89.546 | 90.011 | |
| 79771FBV8 | 2031 | 4.025 | 87.860 | 88.390 | 88.923 | |
| 79771FBW6 | 2032 | 4.075 | 87.260 | 87.856 | 88.456 | |
| 79771FBX4 | 2033 | 4.250 | 85.422 | 86.071 | 86.725 | |
| 79771FBY2 | 2034 | 4.300 | 84.462 | 85.166 | 85.877 | |
| 79771FBZ9 | 2035 | 4.380 | 83.410 | 84.164 | 84.925 | |
| 79771FCA3 | 20413 | 4.620 | 80.450 | 81.371 | 82.305 | |
| 79771FCB1 | 20473 | 4.970 | 75.885 | 76.944 | 78.021 | |
INVITATION - TAX-EXEMPT TARGET BONDS - OFFER PURCHASE PRICES
Pursuant to the Invitation, the Offer Purchase Prices for the Tax-Exempt Target Bonds are listed in the table below. There has been no change in the Indicative Offer Purchase Prices listed on page (iii) of the Invitation.
| Series and Subseries | CUSIP No. [23] | Maturity Date (November 1) | Par Call Date | Outstanding Principal Amount | Interest Rate | Offer Purchase Price [24] |
| 2016 Series AB, 2016 Sub-Series A | 79765RH69 | 2029 | 2026 | $51,135,000 | 5.000% | 104.223 |
| 79765RH77 | 2030 | 2026 | 53,460,000 | 4.000 | 102.453 | |
| 79765RH85 | 2031 | 2026 | 15,945,000 | 5.000 | 103.978 | |
| 79765RH93 | 2032 | 2026 | 26,770,000 | 5.000 | 103.856 | |
| 79765RJ26 | 2033 | 2026 | 23,830,000 | 5.000 | 103.780 | |
| 79765RJ34 | 2034 | 2026 | 19,905,000 | 5.000 | 103.597 | |
| 79765RJ42 | 2035 | 2026 | 12,830,000 | 5.000 | 103.521 | |
| 79765RJ59 | 2036 | 2026 | 43,670,000 | 4.000 | 101.626 | |
| 79765RJ67 | 2039[25] | 2026 | 141,995,000 | 4.000 | 101.000 | |
| 2017 Series DEFG, 2017 Sub-Series D | 79765R2K4 | 2030 | 2027 | 18,100,000 | 5.000 | 105.954 |
| 79765R2N8 | 2031 | 2027 | 2,430,000 | 4.000 | 103.571 | |
| 79765R2M0 | 2031 | 2027 | 7,465,000 | 5.000 | 106.629 | |
| 79765R2P3 | 2032 | 2027 | 31,835,000 | 5.000 | 106.428 | |
| 79765R2Q1 | 2033 | 2027 | 18,250,000 | 5.000 | 106.303 | |
| 79765R2R9 | 2034 | 2027 | 39,510,000 | 5.000 | 106.003 | |
| 79765R2S7 | 2035 | 2027 | 8,090,000 | 5.000 | 105.878 |
[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] Average life date is shown for the Taxable Target Term Bonds only. The Taxable Target Term Bonds will be priced to their respective average life date.
[3] Except for the 30-Year Benchmark U.S. Treasury Security which will be the "old long bond" (maturity date November 15, 2054, 4.500% CUSIP 912810UE6) each Benchmark U.S. Treasury Security will be the most recently auctioned "on-the-run" United States Treasury Security for the maturity indicated as of the date that the Offer Purchase Prices for the Taxable Target Bonds is set, expected to be April 2, 2025.
[4] The Offer Purchase Prices for the Taxable Target Bonds will be derived from the Fixed Spreads.
[5] 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.
[6] Average life date is shown for the Taxable Target Term Bonds only. The Taxable Target Term Bonds will be priced to their respective average life date.
[7] Except for the 30-Year Benchmark U.S. Treasury Security which will be the "old long bond" (maturity date November 15, 2054, 4.500% CUSIP 912810UE6) each Benchmark U.S. Treasury Security will be the most recently auctioned "on-the-run" United States Treasury Security for the maturity indicated as of the date that the Offer Purchase Prices for the Taxable Target Bonds is set, expected to be April 2, 2025.
[8] The Offer Purchase Prices for the Taxable Target Bonds will be derived from the Fixed Spreads.
[9] 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.
[10] Average life date is shown for the Taxable Target Term Bonds only. The Taxable Target Term Bonds will be priced to their respective average life date.
[11] Except for the 30-Year Benchmark U.S. Treasury Security which will be the "old long bond" (maturity date November 15, 2054, 4.500% CUSIP 912810UE6) each Benchmark U.S. Treasury Security will be the most recently auctioned "on-the-run" United States Treasury Security for the maturity indicated as of the date that the Offer Purchase Prices for the Taxable Target Bonds is set, expected to be April 2, 2025.
[12] The Offer Purchase Prices for the Taxable Target Bonds will be derived from the Fixed Spreads and will (i) be expressed as a dollar amount per $100 principal amount of the Taxable Target Bonds and (ii) 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.
* Preliminary, subject to change.
[13] 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.
[14] Average life date is shown for the Taxable Target Term Bonds only. The Taxable Target Term Bonds will be priced to their respective average life date.
[15] Except for the 30-Year Benchmark U.S. Treasury Security which will be the "old long bond" (maturity date November 15, 2054, 4.500% CUSIP 912810UE6) each Benchmark U.S. Treasury Security will be the most recently auctioned "on-the-run" United States Treasury Security for the maturity indicated as of the date that the Offer Purchase Prices for the Taxable Target Bonds is set, expected to be April 2, 2025.
[16] The Offer Purchase Prices for the Taxable Target Bonds will be derived from the Fixed Spreads and will (i) be expressed as a dollar amount per $100 principal amount of the Taxable Target Bonds and (ii) 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.
* Preliminary, subject to change.
[17] The Offer Purchase Prices for the Taxable Target Bonds will be derived from the Fixed Spreads and will (i) be expressed as a dollar amount per $100 principal amount of the Taxable Target Bonds and (ii) 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.
[18] 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.
[19] Taxable Target Term Bond.
*Preliminary, subject to change.
[20] The Offer Purchase Prices for the Taxable Target Bonds will be derived from the Fixed Spreads and will (i) be expressed as a dollar amount per $100 principal amount of the Taxable Target Bonds and (ii) 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.
[21] 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.
[22] Taxable Target Term Bond.
*Preliminary, subject to change.
[23] 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.
[24] Offer Purchase Prices are expressed as a dollar amount per $100 principal amount of the Tax-Exempt Target Bonds and exclude Accrued Interest. Accrued Interest on purchased Tax-Exempt Target Bonds will be paid by the Commission to but not including the Settlement Date in addition to the applicable Purchase Price.
[25] Target Term Bond.
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