By Sheri Kasprzak
New York, June 12 - The Los Angeles Unified School District sold $600 million of series 2012-13 tax and revenue anticipation notes, said a pricing sheet.
The bonds (MIG 1) were sold competitively. Goldman, Sachs & Co. won $50 million of the bonds with a 0.12976% true interest cost and $50 million of notes with a 0.16012% TIC. Barclays Capital Inc. took $40 million of the notes with a 0.155556% TIC. Bank of America Merrill Lynch won $50 million of the offering with a 0.16380% TIC. Citigroup Global Markets Inc. took $25 million of the offering with a 0.16594% TIC and RBC Capital Markets LLC won $50 million of the offering with a 0.16619% TIC. J.P. Morgan Securities LLC won $335 million of the notes with a 0.16809% TIC.
All of the notes are due Feb. 28, 2013. The $50 million won by Bank of America Merrill Lynch has a 1.5% coupon priced at 100.882. The $335 million of notes won by J.P. Morgan has a 2.5% coupon priced at 101.539. The $25 million notes won by Citigroup have a 2% coupon, but were not reoffered. The other notes have a 1% coupon and were not reoffered.
Proceeds will be used to finance the general capital needs of the school district ahead of the collection of certain taxes and revenues.
Issuer: | Los Angeles Unified School District
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Issue: | Series 2012-13 tax and revenue anticipation notes
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Amount: | $600 million
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Type: | Competitive
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Ratings: | Moody's: MIG 1
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Pricing date: | June 12
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Settlement date: | July 2
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Amount | Maturity | Coupon | Price | Winner
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$50 million | Feb. 28, 2013 | 1.5% | 100.882 | Bank of America Merrill Lynch
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$100 million | Feb. 28, 2013 | 1% | NRO | Goldman, Sachs & Co.
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$40 million | Feb. 28, 2013 | 1% | NRO | Barclays Capital Inc.
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$50 million | Feb. 28, 2013 | 1% | NRO | RBC Capital Markets LLC
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$335 million | Feb. 28, 2013 | 2.5% | 101.539 | J.P. Morgan Securities LLC
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$25 million | Feb. 28, 2013 | 2% | NRO | Citigroup Global Markets Inc.
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