Published on 6/11/2013 in the Prospect News Municipals Daily.
New Issue: Alabama Public School and College prices $172.71 million improvement bonds
By Sheri Kasprzak
New York, June 11 - The Alabama Public School and College Authority sold $172.71 million of series 2013 capital improvement pool bonds, according to a pricing sheet.
The deal included $119,085,000 of series 2013A bonds and $53,625,000 of series 2013B bonds.
The 2013A bonds are due 2014 to 2033 with 3% to 5% coupons and 0.44% to 4.18% yields.
The 2013B bonds are due 2014 to 2028 with a term bond due in 2033. The serial coupons range from 4% to 5% and yields range from 0.44% to 3.76%. The 2033 bonds have a 4% coupon priced at 97.579 to yield 4.18%.
The bonds (Aa1/AA/AA+) were sold competitively but the issuer did not immediately respond to requests for the winning bidder.
Proceeds will be used to renovate existing school facilities and construct new facilities.
| Issuer: | Alabama Public School and College Authority
|
| Issue: | Series 2013 capital improvement pool bonds
|
| Amount: | $172.71 million
|
| Type: | Competitive
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Fitch: AA+
|
| Pricing date: | June 11
|
| Settlement date: | June 24
|
|
|
| $119,085,000 series 2013A bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| 2014 | Serial | 5% | 104.254 | 0.44%
|
| 2015 | Serial | 5% | 108.456 | 0.60%
|
| 2016 | Serial | 5% | 111.853 | 0.90%
|
| 2017 | Serial | 5% | 114.649 | 1.18%
|
| 2018 | Serial | 5% | 116.332 | 1.55%
|
| 2019 | Serial | 5% | 117.323 | 1.90%
|
| 2020 | Serial | 5% | 118.06 | 2.18%
|
| 2021 | Serial | 5% | 117.893 | 2.50%
|
| 2022 | Serial | 5% | 118.151 | 2.70%
|
| 2023 | Serial | 3% | 100.77 | 2.91%
|
| 2024 | Serial | 3.25% | 101.016 | 3.13%
|
| 2025 | Serial | 3.375% | 100.124 | 3.36%
|
| 2026 | Serial | 3.625% | 100.371 | 3.58%
|
| 2027 | Serial | 3.75% | 99.89 | 3.76%
|
| 2028 | Serial | 4% | 101.144 | 3.86%
|
| 2029 | Serial | 4% | 100.487 | 3.94%
|
| 2030 | Serial | 4% | 100 | 4.00%
|
| 2031 | Serial | 4% | 99.238 | 4.06%
|
| 2032 | Serial | 4% | 98.43 | 4.12%
|
| 2033 | Serial | 4% | 97.579 | 4.18%
|
|
|
| $53,625,000 series 2013B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $740,000 | 2014 | Serial | 4% | 103.321 | 0.44%
|
| $685,000 | 2015 | Serial | 4% | 106.534 | 0.60%
|
| $690,000 | 2016 | Serial | 4% | 108.962 | 0.90%
|
| $700,000 | 2017 | Serial | 4% | 110.814 | 1.18%
|
| $760,000 | 2018 | Serial | 5% | 116.332 | 1.55%
|
| $770,000 | 2019 | Serial | 5% | 117.323 | 1.90%
|
| $780,000 | 2020 | Serial | 5% | 118.06 | 2.18%
|
| $800,000 | 2021 | Serial | 5% | 117.893 | 2.50%
|
| $815,000 | 2022 | Serial | 5% | 118.151 | 2.70%
|
| $835,000 | 2023 | Serial | 5% | 118.108 | 2.89%
|
| $860,000 | 2024 | Serial | 5% | 116.791 | 3.03%
|
| $4.17 million | 2025 | Serial | 5% | 115.583 | 3.16%
|
| $4.38 million | 2026 | Serial | 5% | 114.482 | 3.28%
|
| $4.6 million | 2027 | Serial | 5% | 113.573 | 3.38%
|
| $4.83 million | 2028 | Serial | 4% | 101.972 | 3.76%
|
| $27.21 million | 2033 | Term | 4% | 97.579 | 4.18%
|
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