By Sheri Kasprzak
New York, Nov. 3 - The Spokane School District No. 81 of Washington State priced $130.96 million of series 2010 general obligation bonds on Wednesday, Trevor Carlson, debt director for the district, said.
The sale included $10.5 million of series 2010A tax-exempt G.O. bonds, $80.96 million of series 2010B tax-exempt G.O. refunding bonds and $39.5 million of series 2010C Build America Bonds.
The 2010A bonds are due Dec. 1, 2011 and have a 2% coupon.
The 2010B bonds are due 2011 to 2022 with coupons from 2% to 5%.
The 2010C bonds are due 2027 to 2029 with 5.35%, 5.45% and 5.5% coupons.
The full details of the offering were not immediately available, Carlson said, because the district would be finalizing the sale at a special board meeting Wednesday evening.
The bonds (Aa1/AA/) were priced competitively. Piper Jaffray & Co. won the 2010A bonds with a 0.397% true interest cost, and J.P. Morgan Securities LLC won the 2010B bonds with a 2.635% TIC. The 2010C bonds were won by Citigroup Global Markets Inc. with a 3.519% TIC.
Proceeds will be used to construct and improve the district's school facilities.
| Issuer: | Spokane School District No. 81
|
| Issue: | Series 2010 general obligation bonds
|
| Amount: | $130.96 million
|
| Type: | Competitive
|
| Underwriters: | Piper Jaffray & Co. (winner for 2010A), J.P. Morgan Securities LLC (winner for 2010B), Citigroup Global Markets Inc. (winner for 2010C)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Pricing date: | Nov. 3
|
| Settlement date: | Nov. 17
|
|
|
| $10.5 million series 2010A, TIC: 0.397%
|
| Maturity | Type | Coupon
|
| Dec. 1, 2011 | Term | 2%
|
|
|
| $80.96 million series 2010B, TIC: 2.635%
|
| Maturity | Type | Coupon
|
| 2011 | Serial | 2%
|
| 2012 | Serial | 5%
|
| 2013 | Serial | 5%
|
| 2014 | Serial | 5%
|
| 2015 | Serial | 5%
|
| 2016 | Serial | 5%
|
| 2017 | Serial | 5%
|
| 2018 | Serial | 5%
|
| 2019 | Serial | 5%
|
| 2020 | Serial | 5%
|
| 2021 | Serial | 5%
|
| 2022 | Serial | 5%
|
|
|
| $39.5 million series 2010C, TIC: 3.519%
|
| Maturity | Type | Coupon
|
| 2027 | Serial | 5.35%
|
| 2028 | Serial | 5.45%
|
| 2029 | Serial | 5.5%
|
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