Published on 3/22/2016 in the Prospect News Municipals Daily.
New Issue: San Jacinto Community College, Texas, sells $188.46 million G.O. bonds
By Sheri Kasprzak
New York, March 22 – The San Jacinto Community College District of Texas priced $188,455,000 of series 2016 general obligation bonds, said a pricing sheet. The offering was upsized from $179.01 million.
The bonds (Aa2/AA) were sold through senior manager J.P. Morgan Securities LLC.
The deal includes $138.22 million of series 2016A limited tax G.O. building bonds and $50,235,000 of series 2016B limited tax G.O. refunding bonds.
The 2016A bonds are due 2018 to 2036 with term bonds due in 2041 and 2046. The serial coupons range from 3% to 5% with yields from 0.85% to 3.00%. The 2041 bonds have a 4% coupon priced at 103.699 to yield 3.55%, and the 2046 bonds have a 4% coupon priced at 103.196 to yield 3.61%.
The 2016B bonds are due 2020 to 2036 with a term bond due in 2038. The serial coupons range from 4% to 5% and yields from 1.26% to 3.00%. The 2038 bonds have a 3.375% coupon priced at 97.801 to yield 3.52%.
Proceeds will be used to construct, equip, improve and renovate schools in the district, as well as to refund the district’s series 2008 and 2009 limited tax G.O. bonds.
| Issuer: | San Jacinto Community College District
|
| Issue: | Series 2016 general obligation bonds
|
| Amount: | $188,455,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Citigroup Global Markets Inc., Hilltop Securities Inc., Ramirez & Co. Inc., Raymond James/Morgan Keegan and William Blair & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Pricing date: | March 22
|
| Settlement date: | April 20
|
|
|
| $138.22 million series 2016A limited tax general obligation building bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,295,000 | 2018 | Serial | 3% | 103.872 | 0.85%
|
| $2,375,000 | 2019 | Serial | 4% | 108.173 | 1.05%
|
| $2,485,000 | 2020 | Serial | 5% | 113.901 | 1.26%
|
| $2.61 million | 2021 | Serial | 5% | 116.515 | 1.44%
|
| $2,745,000 | 2022 | Serial | 5% | 118.88 | 1.59%
|
| $2,885,000 | 2023 | Serial | 5% | 120.66 | 1.77%
|
| $3,035,000 | 2024 | Serial | 5% | 121.936 | 1.96%
|
| $3.19 million | 2025 | Serial | 5% | 123.052 | 2.12%
|
| $3,355,000 | 2026 | Serial | 5% | 124.104 | 2.25%
|
| $3,525,000 | 2027 | Serial | 5% | 122.719 | 2.39%
|
| $3.69 million | 2028 | Serial | 4% | 111.876 | 2.62%
|
| $3.86 million | 2029 | Serial | 5% | 121.063 | 2.56%
|
| $4,055,000 | 2030 | Serial | 5% | 120.292 | 2.64%
|
| $4,265,000 | 2031 | Serial | 5% | 119.528 | 2.72%
|
| $4,485,000 | 2032 | Serial | 5% | 118.769 | 2.80%
|
| $4,715,000 | 2033 | Serial | 5% | 118.204 | 2.86%
|
| $4,955,000 | 2034 | Serial | 5% | 117.735 | 2.91%
|
| $5.21 million | 2035 | Serial | 5% | 117.269 | 2.96%
|
| $5,475,000 | 2036 | Serial | 5% | 116.897 | 3.00%
|
| $31,065,000 | 2041 | Term | 4% | 103.699 | 3.55%
|
| $37,945,000 | 2046 | Term | 4% | 103.196 | 3.61%
|
|
|
| $50,235,000 series 2016B limited tax general obligation refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $960,000 | 2020 | Serial | 5% | 113.901 | 1.26%
|
| $960,000 | 2021 | Serial | 5% | 116.515 | 1.44%
|
| $3,155,000 | 2022 | Serial | 5% | 118.88 | 1.59%
|
| $3.32 million | 2023 | Serial | 5% | 120.66 | 1.77%
|
| $3.49 million | 2024 | Serial | 5% | 121.936 | 1.96%
|
| $4,235,000 | 2028 | Serial | 4% | 111.876 | 2.62%
|
| $4,405,000 | 2029 | Serial | 4% | 110.598 | 2.76%
|
| $4.59 million | 2030 | Serial | 4% | 109.248 | 2.91%
|
| $4,565,000 | 2034 | Serial | 5% | 117.735 | 2.91%
|
| $4,805,000 | 2035 | Serial | 5% | 117.269 | 2.96%
|
| $5,045,000 | 2036 | Serial | 5% | 116.897 | 3.00%
|
| $10,705,000 | 2038 | Term | 3.375% | 97.801 | 3.52%
|
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