Published on 1/21/2014 in the Prospect News Municipals Daily.
New Issue: Mankato Independent School, Minn., sells $69.5 million of school bonds
By Sheri Kasprzak
New York, Jan. 21 - The Mankato Independent School District No. 77 of Minnesota sold $69.5 million of series 2014A school building bonds, according to a pricing sheet.
The bonds (/AA+/) were sold competitively with BofA Merrill Lynch winning the bid at a 3.35% true interest cost, said Jerry Kolander, director of business affairs for the district.
The bonds are due 2015 to 2034 with 4% coupons.
Proceeds will be used to finance the construction, acquisition and equipment of school facilities in the district.
| Issuer: | Mankato Independent School District No. 77
|
| Issue: | Series 2014A school building bonds
|
| Amount: | $69.5 million
|
| Type: | Competitive
|
| Underwriter: | BofA Merrill Lynch (winner)
|
| True interest cost: | 3.35%
|
| Rating: | Standard & Poor's: AA+
|
| Pricing date: | Jan. 21
|
| Settlement date: | Feb. 19
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.03 million | 2015 | Serial | 4% | 103.604
|
| $1,875,000 | 2016 | Serial | 4% | 106.985
|
| $1.98 million | 2017 | Serial | 4% | 110.081
|
| $2.1 million | 2018 | Serial | 4% | 111.837
|
| $2,215,000 | 2019 | Serial | 4% | 113.416
|
| $2.35 million | 2020 | Serial | 4% | 113.265
|
| $2.49 million | 2021 | Serial | 4% | 112.57
|
| $3,815,000 | 2022 | Serial | 4% | 111.9
|
| $3.94 million | 2023 | Serial | 4% | 111.113
|
| $4.08 million | 2024 | Serial | 4% | 110.907
|
| $3,025,000 | 2025 | Serial | 4% | 108.995
|
| $3,135,000 | 2026 | Serial | 4% | 107.21
|
| $3.25 million | 2027 | Serial | 4% | 105.894
|
| $3,385,000 | 2028 | Serial | 4% | 104.855
|
| $3,525,000 | 2029 | Serial | 4% | 103.998
|
| $4.99 million | 2030 | Serial | 4% | 103.234
|
| $5.21 million | 2031 | Serial | 4% | 102.058
|
| $5,445,000 | 2032 | Serial | 4% | 101.311
|
| $5,695,000 | 2033 | Serial | 4% | 100.734
|
| $5,965,000 | 2034 | Serial | 4% | 100.324
|
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