New Issue: Hayward USD, Calif., offers $208.19 million general obligation bonds

By Sheri Kasprzak

New York, July 24 – The Hayward Unified School District of California sold $208,185,000 of general election of 2014 series 2015 general obligation bonds, said a pricing sheet.

The deal included $95 million of series 2015 G.O. bonds and $113,185,000 of series 2015 G.O. refunding bonds.

The G.O. bonds are due 2016 to 2035 with a term bond due in 2040. The serial coupons range from 3% to 5%, and the yields range from 0.53% to 4.074%. The 2040 bonds have a 4.25% coupon and priced at par.

The G.O. refunding bonds are due 2021 to 2033 with term bonds due in 2035, 2038 and 2040. The serial coupons range from 3.25% to 5%, and the yields range from 1.99% to 3.66%. The 2035 bonds have a 4% coupon and priced at 99 to yield 4.074%. The 2038 bonds have a 5% coupon and priced at 108.257 to yield 3.90%. The 2040 bonds have a 4% coupon that priced at 97.5 to yield 4.162% and a 4.25% coupon that priced at par.

The bonds (A3/A+/) were sold through Citigroup Global Markets Inc. and Mesirow Financial Inc.

Proceeds will be used to finance school facility improvements and to refund the series 2008 bonds that mature Aug. 1, 2021 through Aug. 1, 2033 and the series 2010A bonds due Aug. 1, 2035 through Aug. 1, 2040.

Issuer:	Hayward Unified School District
Issue:	General election of 2014 series 2015 general obligation bonds
Amount:	$208,185,000
Type:	Negotiated
Underwriters:	Citigroup Global Markets Inc. and Mesirow Financial Inc. (lead)
Ratings:	Moody’s: A3
	Standard & Poor’s: A+
Pricing date:	July 24
Settlement date:	Aug. 12
$95 million series 2015 general obligation bonds
Amount	Maturity	Type	Coupon	Price	Yield
$8.5 million	2016	Serial	3%	102.385	0.53%
$5,995,000	2017	Serial	4%	106.138	0.85%
$705,000	2022	Serial	5%	117.294	2.30%
$1.19 million	2023	Serial	5%	117.725	2.53%
$1,605,000	2024	Serial	5%	118.037	2.72%
$1.73 million	2025	Serial	5%	116.737	2.87%
$2.06 million	2026	Serial	5%	115.37	3.03%
$2.39 million	2027	Serial	5%	113.77	3.22%
$2.72 million	2028	Serial	5%	112.608	3.36%
$3,075,000	2029	Serial	5%	111.95	3.44%
$3,465,000	2030	Serial	5%	111.379	3.51%
$3.88 million	2031	Serial	5%	110.891	3.57%
$4.32 million	2032	Serial	5%	110.487	3.62%
$4,795,000	2033	Serial	5%	110.165	3.66%
$11,045,000	2035	Serial	4%	99	4.074%
$37,525,000	2040	Term	4.25%	100	4.25%
$113,185,000 series 2015 general obligation refunding bonds
Amount	Maturity	Type	Coupon	Price	Yield
$800,000	2021	Serial	5%	116.862	1.99%
$1.42 million	2022	Serial	5%	117.294	2.30%
$1.76 million	2023	Serial	5%	117.725	2.53%
$2.11 million	2024	Serial	5%	118.037	2.72%
$2.5 million	2025	Serial	5%	116.737	2.87%
$2,915,000	2026	Serial	5%	115.37	3.03%
$3.37 million	2027	Serial	3.25%	98.825	3.37%
$3,795,000	2028	Serial	5%	112.608	3.36%
$4,315,000	2029	Serial	5%	111.95	3.44%
$4.93 million	2030	Serial	5%	111.379	3.51%
$5.55 million	2031	Serial	5%	110.891	3.57%
$6,235,000	2032	Serial	5%	110.487	3.62%
$6.93 million	2033	Serial	5%	110.165	3.66%
$10.04 million	2035	Term	4%	99	4.074%
$36,995,000	2038	Term	5%	108.257	3.90%
$9.52 million	2040	Term	4%	97.5	4.162%
$10 million	2040	Term	4.25%	100	4.25%

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