Published on 3/14/2014 in the Prospect News Municipals Daily.
New Issue: Kern Community College, Calif., sells $54.4 million G.O. bonds
By Sheri Kasprzak
New York, March 14 - The Kern Community College District of California sold $54,405,000 of series 2014 general obligation refunding bonds, according to a pricing sheet.
The deal included $40,035,000 of series 2014A taxable bonds and $14.37 million of series 2014B tax-exempt bonds.
The 2014A bonds are due 2014 to 2021 with 0.281% to 3.193% coupons, all priced at par.
The 2014B bonds are due 2014 to 2021 with 2% to 5% coupons with 0.2% to 2.13% yields.
The bonds (/AA+/) were sold through RBC Capital Markets LLC as the senior manager.
Proceeds will be used to finance district-wide capital repairs, improvements and safety upgrades, as well as to refund debt.
| Issuer: | Kern Community College District
|
| Issue: | Series 2014 general obligation refunding bonds
|
| Amount: | $54,405,000
|
| Type: | Negotiated
|
| Underwriter: | RBC Capital Markets LLC (lead)
|
| Rating: | Standard & Poor's: AA+
|
| Pricing date: | March 13
|
| Settlement date: | March 27
|
|
|
| $40,035,000 series 2014A taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $790,000 | 2014 | Serial | 0.281% | 100
|
| $440,000 | 2014 | Serial | 0.39% | 100
|
| $870,000 | 2015 | Serial | 0.62% | 100
|
| $5.39 million | 2016 | Serial | 0.946% | 100
|
| $5,735,000 | 2017 | Serial | 1.40% | 100
|
| $6,075,000 | 2018 | Serial | 1.831% | 100
|
| $6.46 million | 2019 | Serial | 2.331% | 100
|
| $6,895,000 | 2020 | Serial | 2.893% | 100
|
| $7.38 million | 2021 | Serial | 3.193% | 100
|
|
|
| $14.37 million series 2014B tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $300,000 | 2014 | Serial | 2% | 100.169 | 0.20%
|
| $560,000 | 2016 | Serial | 4% | 109.391 | 0.36%
|
| $2,085,000 | 2017 | Serial | 5% | 115.467 | 0.64%
|
| $2.37 million | 2018 | Serial | 5% | 117.818 | 1.02%
|
| $2.67 million | 2019 | Serial | 5% | 119.602 | 1.35%
|
| $2.96 million | 2020 | Serial | 5% | 120.156 | 1.75%
|
| $3,425,000 | 2021 | Serial | 5% | 120.024 | 2.13%
|
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