Published on 6/22/2016 in the Prospect News Municipals Daily.
New Issue: State Public School Building, Pa., prices $128.68 million revenue bonds
By Sheri Kasprzak
New York, June 22 – The State Public School Building Authority of Pennsylvania sold $128.68 million of series 2016 school revenue bonds, according to a pricing sheet.
The bonds (/A/) were sold through PNC Capital Markets LLC.
The deal included $125,735,000 of series 2016A bonds and $2,945,000 of series 2016B taxable bonds.
The 2016A bonds are due 2017 to 2033 with 2% to 5% coupons and yields from 1.1% to 2.85%.
The 2016B bonds are due Dec. 1, 2020 and have a 2.116% coupon priced at par.
Proceeds will be lent to school districts for capital projects and to refund the authority’s series 2009A revenue bonds.
| Issuer: | State Public School Building Authority
|
| Issue: | Series 2016 school revenue bonds
|
| Amount: | $128.68 million
|
| Type: | Negotiated
|
| Underwriter: | PNC Capital Markets LLC
|
| Rating: | S&P: A
|
| Pricing date: | June 21
|
| Settlement date: | July 20
|
|
|
| $125,735,000 series 2016A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,000 | 2017 | Serial | 3% | 102.564 | 1.10%
|
| $5,000 | 2018 | Serial | 3% | 104.205 | 1.19%
|
| $5,000 | 2019 | Serial | 3% | 105.61 | 1.29%
|
| $4.77 million | 2020 | Serial | 4% | 110.833 | 1.43%
|
| $9,845,000 | 2021 | Serial | 5% | 117.464 | 1.59%
|
| $7.37 million | 2022 | Serial | 5% | 119.556 | 1.74%
|
| $7,785,000 | 2023 | Serial | 5% | 121.206 | 1.90%
|
| $5,000 | 2024 | Serial | 2% | 98.629 | 2.18%
|
| $5,000 | 2025 | Serial | 2% | 97.649 | 2.28%
|
| $310,000 | 2026 | Serial | 2.125% | 97.668 | 2.38%
|
| $7,335,000 | 2027 | Serial | 5% | 123.418 | 2.43%
|
| $15.47 million | 2028 | Serial | 5% | 123.006 | 2.47%
|
| $16,265,000 | 2029 | Serial | 5% | 122.493 | 2.52%
|
| $17,095,000 | 2030 | Serial | 5% | 122.084 | 2.56%
|
| $16.38 million | 2031 | Serial | 4% | 110.254 | 2.85%
|
| $10.48 million | 2032 | Serial | 5% | 121.071 | 2.66%
|
| $12,605,000 | 2033 | Serial | 5% | 120.567 | 2.71%
|
|
|
| $2,945,000 series 2016B taxable bonds
|
| Maturity | Type | Coupon | Price
|
| Dec. 1, 2020 | Term | 2.116% | 100
|
|
|
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