By Cristal Cody
Springdale, Ark., April 25 - Chicago's Board of Education priced $464.66 million of unlimited tax general obligation refunding bonds with a 4.838405% true interest cost, the issuer said Friday.
The series 2008C bonds (A1/AA-/A+) priced Thursday with 4.25% to 5.25% coupons to yield 3.92% to 4.92%, said Sandra Deangelus, debt manager.
The bonds have serial maturities from 2017 through 2029 and a term bond due 2032.
The term bond priced with a 5% coupon to yield 4.77%.
The 2027 maturity and the term bond are insured by Financial Security Assurance.
Lehman Brothers is the senior manager of the negotiated sale. Citigroup Global Markets, Cabrera Capital Markets, S.B.K.-Brooks Investment Corp. and William Blair & Co. are co-managers.
Proceeds will be used to refund the board's outstanding $481 million of series 2003B1, B2 and B3 general obligation bonds and series 2004B1, B2, B3 and B4 general obligation refunding bonds.
| Issuer: | Chicago Board of Education
|
| Issue: | Unlimited tax general obligation refunding bonds
|
| Amount: | $464,655,000
|
| Type: | Negotiated
|
| True interest cost: | 4.838405%
|
| Coupons: | 4.25% to 5.25% serials; term 5%
|
| Yields: | 3.92% to 4.92% serials; term 4.77%
|
| Maturities: | 2017 to 2029 serials; term bond due 2032
|
| Underwriter: | Lehman Brothers (lead)
|
| Ratings: | Moody's: A1
|
| S&P: AA-
|
| Fitch: A+
|
| Pricing date: | April 24
|
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