Published on 6/22/2012 in the Prospect News Municipals Daily.
New Issue: Akron, Ohio, sells $162.39 million of community learning centers bonds
By Sheri Kasprzak
New York, June 22 - The City of Akron, Ohio, priced $162,385,000 of series 2012 community learning centers income tax revenue refunding bonds, according to a pricing sheet.
The bonds (/AA+/) were sold through Baird & Co. and Stifel, Nicolaus & Co.
The offering included $155.36 million of series 2012A refunding bonds and $7,025,000 of series 2012B refunding bonds.
The 2012A bonds are due 2015 to 2033 with 3.5% to 5% coupons. The 2012B bonds are due 2014 to 2015 with 3% to 4% coupons.
Proceeds will be used to refund the city's series 2004 revenue bonds and its series 2010A-C build America bonds.
| Issuer: | City of Akron, Ohio
|
| Issue: | Series 2012 community learning centers income tax revenue refunding bonds
|
| Amount: | $162,385,000
|
| Type: | Negotiated
|
| Underwriters: | Baird & Co. and Stifel, Nicolaus & Co. (lead)
|
| Ratings: | Standard & Poor's: AA+
|
| Pricing date: | June 15
|
| Settlement date: | June 27
|
|
|
| $155.36 million series 2012A refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.6 million | 2015 | Serial | 4% | 110.083
|
| $5,635,000 | 2016 | Serial | 4% | 112.268
|
| $5.79 million | 2017 | Serial | 5% | 118.521
|
| $6,015,000 | 2018 | Serial | 5% | 119.810
|
| $6,265,000 | 2019 | Serial | 5% | 120.380
|
| $850,000 | 2020 | Serial | 4% | 112.710
|
| $5.68 million | 2020 | Serial | 5% | 120.321
|
| $650,000 | 2021 | Serial | 3.5% | 107.741
|
| $6,175,000 | 2021 | Serial | 5% | 120.228
|
| $7,135,000 | 2022 | Serial | 5% | 119.525
|
| $7,475,000 | 2023 | Serial | 5% | 118.285
|
| $7.84 million | 2024 | Serial | 5% | 116.872
|
| $8.23 million | 2025 | Serial | 5% | 115.757
|
| $8.74 million | 2026 | Serial | 5% | 114.928
|
| $9.07 million | 2027 | Serial | 5% | 113.925
|
| $9.52 million | 2028 | Serial | 5% | 113.113
|
| $10.06 million | 2029 | Serial | 5% | 112.485
|
| $10.57 million | 2030 | Serial | 5% | 112.129
|
| $11.11 million | 2031 | Serial | 5% | 111.685
|
| $11.68 million | 2032 | Serial | 5% | 111.155
|
| $12.27 million | 2033 | Serial | 5% | 110.804
|
|
|
| $7,025,000 series 2012B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.1 million | 2014 | Serial | 3% | 105.155
|
| $925,000 | 2015 | Serial | 4% | 110.083
|
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