By Sheri Kasprzak
New York, Feb. 29 - The Alabama Public School and College Authority sold $162,035,000 of series 2012 refunding bonds, according to a term sheet.
The deal included $80.27 million of series 2012A pool refunding bonds and $81,815,000 of series 2012B capital improvement, economic development and training refunding bonds.
The 2012A bonds are due 2013 to 2024 with 3% to 5% coupons. The 2012B bonds are due 2015 to 2029 with coupons from 2.5% to 5%.
The bonds (Aa1/AA/AA+) were sold competitively. Goldman, Sachs & Co. won the 2012A bonds, and Bank of America Merrill Lynch was the winner for the 2012B bonds.
Proceeds will be used to refund the authority's series 2002A-B, 2003 pool bonds and 2003 non-pool bonds.
| Issuer: | Alabama Public School and College Authority
|
| Issue: | Series 2012 refunding bonds
|
| Amount: | $162,035,000
|
| Type: | Competitive
|
| Underwriters: | Goldman, Sachs & Co. (winner for 2012A); Bank of America Merrill Lynch (winner for 2012B)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Fitch: AA+
|
| Pricing date: | Feb. 29
|
| Settlement date: | March 14
|
|
|
| $80.27 million series 2012A pool refunding bonds
|
| Maturity | Type | Coupon
|
| 2013 | Serial | 5%
|
| 2014 | Serial | 4%
|
| 2015 | Serial | 4%
|
| 2016 | Serial | 4%
|
| 2017 | Serial | 5%
|
| 2018 | Serial | 5%
|
| 2019 | Serial | 5%
|
| 2020 | Serial | 5%
|
| 2021 | Serial | 5%
|
| 2022 | Serial | 5%
|
| 2023 | Serial | 5%
|
| 2024 | Serial | 3%
|
|
|
| $81,815,000 series 2012B capital improvement, economic development and training refunding bonds
|
| Maturity | Type | Coupon | Price
|
| 2015 | Serial | 4% | 110.066
|
| 2016 | Serial | 4% | 112.794
|
| 2017 | Serial | 5% | 119.698
|
| 2018 | Serial | 5% | 121.486
|
| 2019 | Serial | 5% | 122.986
|
| 2020 | Serial | 5% | 123.809
|
| 2021 | Serial | 5% | 124.599
|
| 2022 | Serial | 5% | 125.54
|
| 2023 | Serial | 3% | 105.743
|
| 2024 | Serial | 2.5% | 99.384
|
| 2025 | Serial | 2.5% | 98.254
|
| 2026 | Serial | 2.75% | 99.769
|
| 2027 | Serial | 2.75% | 98.667
|
| 2028 | Serial | 3% | 100
|
| 2029 | Serial | 3% | 99.34
|
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