By Sheri Kasprzak
New York, April 14 - The Alabama Public School and College Authority sold $181.42 million of series 2010 capital improvement refunding bonds, said term sheets.
The sale included $110.21 million of series 2010A bonds and $71.21 million of series 2010B bonds.
The 2010A bonds were sold on a negotiated basis with Moran Stanley & Co. Inc. as the senior manager. The co-managers are the Frazer Lanier Co. Inc., Joe Jolly & Co. Inc. and Securities Capital Corp.
The 2010A bonds are due 2015 to 2019 with 4% to 5% coupons.
The 2010B bonds were sold competitively with Morgan Stanley winning the bid. Those bonds are due 2013 and 2014 with 5% coupons for both maturities.
Proceeds will be used to refund the authority's series 2001C capital improvement bonds, as well as the series 1998 capital improvement bonds due 2018 and the 2009A refunding bonds due 2029.
| Issuer: | Alabama Public School and College Authority
|
| Issue: | Series 2010 capital improvement refunding bonds
|
| Amount: | $181.42 million
|
| Type: | Negotiated and Competitive
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead for 2010A and winner for 2010B); Frazer Lanier Co. Inc., Joe Jolly & Co. Inc. and Securities Capital Corp. (co-managers for 2010B)
|
| Pricing date: | April 14
|
| Settlement date: | April 22
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2015 | Serial | 4% | 107.285
|
| 2015 | Serial | 5% | 111.986
|
| 2016 | Serial | 5% | 111.824
|
| 2017 | Serial | 5% | 111.376
|
| 2018 | Serial | 5% | 111.302
|
| 2019 | Serial | 5% | 111.194
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2013 | Serial | 5% | 110.156
|
| 2014 | Serial | 5% | 111.545
|
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