Published on 10/2/2013 in the Prospect News Municipals Daily.
New Issue: Alabama Public School brings $103.99 million capital improvement bonds
By Sheri Kasprzak
New York, Oct. 2 - The Alabama Public School and College Authority sold $103,985,000 of series 2013 capital improvement bonds, according to a pricing sheet.
The bonds (Aa1/AA/AA+) were sold competitively. Morgan Stanley & Co. LLC took the series 2013C bonds at a 2.898021% true interest cost and Robert W. Baird & Co. took the 2013D bonds at a 3.679795% true interest cost, said Patricia Haigler, debt manager for the authority.
The offering includes $80 million of series 2013C bonds and $23,985,000 of series 2013D pool bonds.
The 2013C bonds are due 2018 to 2033 with 3% to 5% coupons and 1.48% to 4.1% yields. The 2013D bonds are due 2015 to 2033 with coupons from 3% to 4.125%.
Proceeds will be used to make capital improvements to certain schools damaged by tornadoes in 2011 and 2012, as well as to finance career and technical improvements for education facilities.
| Issuer: | Alabama Public School and College Authority
|
| Issue: | Series 2013 capital improvement bonds
|
| Amount: | $103,985,000
|
| Type: | Competitive
|
| Underwriters: | Morgan Stanley & Co. LLC (winner for 2013C), Robert W. Baird & Co. (winner for 2013D)
|
| True interest cost: | 2.898021% (for 2013C), 3.679795% (for 2013D)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Fitch: AA+
|
| Pricing date: | Oct. 2
|
| Settlement date: | Oct. 15
|
|
|
| $80 million series 2013C capital improvement bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8,675,000 | 2018 | Serial | 5% | 116.504 | 1.48%
|
| $9,115,000 | 2019 | Serial | 5% | 117.465 | 1.85%
|
| $9.57 million | 2020 | Serial | 5% | 118.479 | 2.10%
|
| $10,045,000 | 2021 | Serial | 5% | 118.558 | 2.40%
|
| $10.55 million | 2022 | Serial | 5% | 118.914 | 2.60%
|
| $11,075,000 | 2023 | Serial | 5% | 119.152 | 2.77%
|
| $1.78 million | 2024 | Serial | 3% | 99.354 | 3.07%
|
| $1.83 million | 2025 | Serial | 3% | 97.84 | 3.22%
|
| $1.89 million | 2026 | Serial | 3.25% | 98.649 | 3.38%
|
| $1,955,000 | 2027 | Serial | 3.375% | 98.416 | 3.52%
|
| $2,035,000 | 2028 | Serial | 3.5% | 98.286 | 3.65%
|
| $2,115,000 | 2029 | Serial | 4% | 101.796 | 3.78%
|
| $2.2 million | 2030 | Serial | 4% | 100.891 | 3.89%
|
| $2.29 million | 2031 | Serial | 4% | 100.239 | 3.97%
|
| $2,385,000 | 2032 | Serial | 4% | 99.471 | 4.04%
|
| $2.49 million | 2033 | Serial | 4% | 98.645 | 4.10%
|
|
|
| $23,985,000 series 2013D capital improvement pool bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $965,000 | 2015 | Serial | 3% | 104.762
|
| $990,000 | 2016 | Serial | 3% | 106.245
|
| $1.02 million | 2017 | Serial | 2% | 103.214
|
| $1.04 million | 2018 | Serial | 2% | 102.247
|
| $1,065,000 | 2019 | Serial | 2% | 100.775
|
| $1,085,000 | 2020 | Serial | 3% | 105.34
|
| $1,115,000 | 2021 | Serial | 3% | 103.698
|
| $1.15 million | 2022 | Serial | 3% | 102.352
|
| $1,185,000 | 2023 | Serial | 3% | 100.851
|
| $1.22 million | 2024 | Serial | 3.125% | 99.313
|
| $1.26 million | 2025 | Serial | 3.25% | 98.541
|
| $1.3 million | 2026 | Serial | 3.5% | 98.973
|
| $1,345,000 | 2027 | Serial | 3.625% | 98.654
|
| $2,845,000 | 2029 | Serial | 4% | 100
|
| $1,505,000 | 2030 | Serial | 4% | 98.786
|
| $1.57 million | 2031 | Serial | 4% | 98.116
|
| $1.63 million | 2032 | Serial | 4.125% | 99.025
|
| $1,695,000 | 2033 | Serial | 4.125% | 98.329
|
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