Published on 2/13/2013 in the Prospect News Municipals Daily.
New Issue: Hilliard City School District, Ohio, prices $70.89 million of refunding bonds
By Sheri Kasprzak
New York, Feb. 13 - The Hilliard City School District of Ohio priced $70,885,000 of series 2013 school improvement refunding bonds, according to a pricing sheet.
The deal included $49.49 million of series 2013A bonds and $21,395,000 of series 2013B taxable bonds.
The 2013A bonds are due 2017 to 2027 with 0% to 5% coupons. The tranche includes $2.74 million of capital appreciation bonds due in 2021 priced at 81.326.
The 2013B bonds are due 2017 to 2027 with 0% to 5%. The tranche also features a capital appreciation bond due in 2021 priced at 78.176.
The bonds (Aa1) were sold through Stifel, Nicolaus & Co. Inc.
Proceeds will be used to refund the district's series 2005 and 2006 general obligation bonds for a net present value savings.
| Issuer: | Hilliard City School District
|
| Issue: | Series 2013 school improvement refunding bonds
|
| Amount: | $70,885,000
|
| Type: | Negotiated
|
| Underwriter: | Stifel, Nicolaus & Co. Inc.
|
| Ratings: | Moody's: Aa1
|
| Pricing date: | Feb. 13
|
| Settlement date: | March 19
|
|
|
| $49.49 million series 2013A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,165,000 | 2017 | Serial | 1.5% | 102.848
|
| $990,000 | 2017 | Serial | 5% | 118.927
|
| $900,000 | 2018 | Serial | 1.5% | 102.259
|
| $3.07 million | 2018 | Serial | 5% | 121.55
|
| $2,565,000 | 2019 | Serial | 2% | 104.346
|
| $1.57 million | 2019 | Serial | 5% | 123.521
|
| $3.68 million | 2020 | Serial | 2% | 103.18
|
| $585,000 | 2020 | Serial | 5% | 124.865
|
| $2.74 million | 2021 | Serial | 0% | 81.326
|
| $1.1 million | 2021 | Serial | 3% | 109.706
|
| $525,000 | 2021 | Serial | 5% | 125.752
|
| $4,425,000 | 2022 | Serial | 5% | 126.733
|
| $4.65 million | 2023 | Serial | 4% | 117.701
|
| $4,835,000 | 2024 | Serial | 4% | 115.732
|
| $5,025,000 | 2025 | Serial | 4% | 114.306
|
| $5,225,000 | 2026 | Serial | 4% | 113.3
|
| $5.44 million | 2027 | Serial | 4% | 112.701
|
|
|
| $21,395,000 series 2013B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $35,000 | 2017 | Serial | 1.2% | 100
|
| $260,000 | 2018 | Serial | 1.6% | 100
|
| $265,000 | 2019 | Serial | 1.9% | 100
|
| $270,000 | 2020 | Serial | 2.2% | 100
|
| $2,245,000 | 2021 | Serial | 0% | 78.176
|
| $700,000 | 2021 | Serial | 5% | 121.176
|
| $2.88 million | 2022 | Serial | 5% | 121.893
|
| $2,925,000 | 2023 | Serial | 5% | 122.602
|
| $2,975,000 | 2024 | Serial | 2.85% | 99.799
|
| $2,955,000 | 2025 | Serial | 3.05% | 99.788
|
| $2,945,000 | 2026 | Serial | 3.2% | 99.776
|
| $2.94 million | 2027 | Serial | 3.3% | 99.765
|
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