By Cristal Cody
Tupelo, Miss., Oct. 1 - The Desert Sands Unified School District in California priced $54.505 million certificates of participation with a 5.58% true interest cost, a sellside source said Wednesday.
The series 2008 certificates (A2/A+/) priced with 3.5% to 6% coupons to yield 2.6% to 5.8%.
The certificates have serial maturities from 2009 through 2020 and terms due in 2024.
RBC Capital Markets managed the negotiated sale.
Proceeds will be used for modernization projects at two district schools.
| Issuer: | Desert Sands Unified School District (California)
|
| Issue: | Certificates of participation
|
| Amount: | $54.505 million
|
| Type: | Negotiated
|
| True interest cost: | 5.58%
|
| Coupons: | 3.5%-6%
|
| Yields: | 2.6%-5.8%
|
| Maturities: | 2009-2020 serials; 2024 term
|
| Underwriter: | RBC Capital Markets
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A+
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 24
|
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