Published on 4/9/2015 in the Prospect News Municipals Daily.
New Issue: Fremont Union High School District, Calif., prices $100 million G.O.s
By Sheri Kasprzak
New York, April 9 – The Fremont Union High School District of California priced $100 million of series 2015 general obligation bonds, according to a pricing sheet.
The bonds (Aa1/AAA/) were sold through senior managers Morgan Stanley & Co. LLC and George K. Baum & Co.
The bonds are due 2017 and 2026 to 2035 with term bonds due in 2040 and 2044. The serial coupons range from 3% to 5% with 0.61% to 3.28% yields. The 2040 bonds have a 4% coupon priced at 103.926 to yield 3.5% and the 2044 bonds have a 4% coupon priced at 103.605 to yield 3.54%.
Proceeds will be used to finance construction and modernization projects for the district.
| Issuer: | Fremont Union High School District, Calif.
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| Issue: | Series 2015 general obligation bonds
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| Amount: | $100 million
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| Type: | Negotiated
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| Underwriters: | Morgan Stanley & Co. LLC and George K. Baum & Co. (lead)
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| Ratings: | Moody’s: Aa1
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| Standard & Poor’s: AAA
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| Pricing date: | April 8
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| Settlement date: | April 22
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8 million | 2017 | Serial | 3% | 105.39 | 0.61%
|
| $10 million | 2017 | Serial | 4% | 107.646 | 0.61%
|
| $570,000 | 2026 | Serial | 5% | 123.656 | 2.17%
|
| $835,000 | 2027 | Serial | 5% | 122.432 | 2.30%
|
| $1,095,000 | 2028 | Serial | 5% | 121.038 | 2.45%
|
| $1.38 million | 2029 | Serial | 5% | 120.302 | 2.53%
|
| $1,675,000 | 2030 | Serial | 4% | 108.631 | 2.93%
|
| $1,955,000 | 2031 | Serial | 5% | 118.846 | 2.69%
|
| $2.26 million | 2032 | Serial | 4% | 106.455 | 3.19%
|
| $1,195,000 | 2033 | Serial | 3.125% | 97.878 | 3.28%
|
| $1,355,000 | 2033 | Serial | 5% | 118.036 | 2.78%
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| $3.11 million | 2034 | Serial | 4% | 105.795 | 3.27%
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| $3.41 million | 2035 | Serial | 4.5% | 111.035 | 3.12%
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| $25,855,000 | 2040 | Term | 4% | 103.926 | 3.50%
|
| $37,305,000 | 2044 | Term | 4% | 103.605 | 3.54%
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