Published on 9/11/2012 in the Prospect News Municipals Daily.
New Issue: Mobile County School Commissioners, Ala., sells $100.9 million warrants
By Sheri Kasprzak
New York, Sept. 11 - The Mobile County Board of School Commissioners of Alabama sold $100.9 million of series 2012 capital outlay school warrants, according to a term sheet.
Gardnyr Michael Capital Inc. was the senior manager.
The warrants (/AA-/) are due 2013 to 2032 with term bonds due in 2036 and 2042. The serial coupons range from 2% to 5%. The 2036 bonds have a 3.625% coupon priced at 96.245. The 2042 bonds have a 3.75% coupon priced at 95.863 and a 4% coupon priced at 100.075.
Proceeds will be used to acquire and construct 2012 school projects within the county.
| Issuer: | Mobile County Board of School Commissioners
|
| Issue: | Series 2012 capital outlay school warrants
|
| Amount: | $100.9 million
|
| Type: | Negotiated
|
| Underwriter: | Gardnyr Michael Capital Inc.
|
| Ratings: | Standard & Poor's: AA-
|
| Pricing date: | Sept. 11
|
| Settlement date: | Sept. 26
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.06 million | 2013 | Serial | 2% | 100.557
|
| $2.21 million | 2014 | Serial | 2% | 101.559
|
| $2,255,000 | 2015 | Serial | 2% | 102.346
|
| $2.3 million | 2016 | Serial | 3% | 105.962
|
| $2,365,000 | 2017 | Serial | 3% | 106.671
|
| $2.44 million | 2018 | Serial | 3% | 106.554
|
| $2.51 million | 2019 | Serial | 3% | 105.757
|
| $2,585,000 | 2020 | Serial | 2% | 98.162
|
| $2.64 million | 2021 | Serial | 2.25% | 98.334
|
| $2.7 million | 2022 | Serial | 2.5% | 98.837
|
| $2,765,000 | 2023 | Serial | 2.5% | 97.567
|
| $2,835,000 | 2024 | Serial | 2.75% | 98.548
|
| $2,915,000 | 2025 | Serial | 2.75% | 97.319
|
| $2,995,000 | 2026 | Serial | 3% | 98.582
|
| $3,085,000 | 2027 | Serial | 3% | 98.042
|
| $3,175,000 | 2028 | Serial | 3% | 97.22
|
| $3.27 million | 2029 | Serial | 3.125% | 97.917
|
| $3,375,000 | 2030 | Serial | 5% | 114.99
|
| $3.54 million | 2031 | Serial | 5% | 114.99
|
| $3.72 million | 2032 | Serial | 5% | 113.939
|
| $16,485,000 | 2036 | Term | 3.625% | 96.245
|
| $26,975,000 | 2042 | Term | 3.75% | 95.863
|
| $2.7 million | 2042 | Term | 4% | 100.075
|
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