By Sheri Kasprzak
New York, May 6 - The Stockton Unified School District in California priced $65 million in series 2008A general obligation bonds, a source familiar with the sale told Prospect News.
Morgan Stanley won the competitive bid with a 4.538494% true interest cost.
The bonds are due from 2009 to 2029 with a term bond due 2032. The coupons on the serial bonds range from 4% to 5% with yields from 2% to 4.7%. The 2032 bonds have a 4.75% coupon, priced at par.
Proceeds will be used for capital improvement projects.
| Issuer: | Stockton Unified School District, California
|
| Issue: | Series 2008A general obligation bonds
|
| Amount: | $65 million
|
| Type: | Competitive
|
| Underwriter: | Morgan Stanley
|
| True interest cost: | 4.538494%
|
| Pricing date: | May 6
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 5% | 2.00%
|
| 2010 | Serial | 4% | 2.40%
|
| 2011 | Serial | 4% | 2.73%
|
| 2012 | Serial | 4% | 2.85%
|
| 2013 | Serial | 4% | 3.00%
|
| 2014 | Serial | 4% | 3.15%
|
| 2015 | Serial | 4% | 3.30%
|
| 2016 | Serial | 4% | 3.50%
|
| 2017 | Serial | 4% | 3.65%
|
| 2018 | Serial | 4% | 3.80%
|
| 2019 | Serial | 4% | 4.00%
|
| 2020 | Serial | 4.1% | 4.10%
|
| 2021 | Serial | 4.2% | 4.20%
|
| 2022 | Serial | 4.25% | 4.28%
|
| 2023 | Serial | 5% | 4.25%
|
| 2024 | Serial | 5% | 4.30%
|
| 2025 | Serial | 5% | 4.35%
|
| 2026 | Serial | 5% | 4.35%
|
| 2027 | Serial | 4.5% | 4.60%
|
| 2028 | Serial | 4.5% | 4.55%
|
| 2029 | Serial | 4.7% | 4.70%
|
| 2032 | Serial | 4.75% | 4.75%
|
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