Published on 6/12/2014 in the Prospect News Municipals Daily.
New Issue: Los Angeles Unified School District prices $1.62 billion of G.O. bonds
By Sheri Kasprzak
New York, June 12 – The Los Angeles Unified School District sold $1,622,000,000 of series 2014 general obligation refunding bonds, said a pricing sheet.
The deal included $196.85 million of series 2014A bonds, $323,335,000 of series 2014B bonds, $948,355,000 of series 2014C bonds and $153.46 million of series 2014D bonds.
The 2014A bonds are due 2015 to 2022 with 1% to 5% coupons.
The 2014B bonds are due 2017 to 2026 with 5% coupons.
The 2014C bonds are due 2015 to 2031 with coupons from 1% to 5%.
The 2014D bonds are due 2018 to 2030 with 5% coupons.
The bonds (/AA-/) were sold through J.P. Morgan Securities LLC.
Proceeds will be used to advance or current refund existing debt held by the district.
Issuer: | Los Angeles Unified School District
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Issue: | Series 2014 general obligation refunding bonds
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Amount: | $1,622,000,000
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Type: | Negotiated
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Underwriters: | J.P. Morgan Securities LLC (lead); BofA Merrill Lynch; Goldman, Sachs & Co.; Fidelity Capital Markets Inc.; Siebert Brandford Shank & Co. LLC; and Backstrom McCarley Berry & Co. LLC (co-managers)
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Rating: | Standard & Poor’s: AA-
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Pricing date: | June 12
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Settlement date: | June 26
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$196.85 million series 2014A bonds
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Amount | Maturity | Type | Coupon | Price
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$18.52 million | 2015 | Serial | 1% | 100.891
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$35,915,000 | 2016 | Serial | 3% | 105.5
|
$32,475,000 | 2017 | Serial | 5% | 112.833
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$33,655,000 | 2018 | Serial | 5% | 115.357
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$17,705,000 | 2019 | Serial | 5% | 117.107
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$18.59 million | 2020 | Serial | 5% | 118.537
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$19.51 million | 2021 | Serial | 5% | 119.252
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$20.48 million | 2022 | Serial | 5% | 119.657
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$323,335,000 series 2014B bonds
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Amount | Maturity | Type | Coupon | Price
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$40,055,000 | 2017 | Serial | 5% | 112.833
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$108,635,000 | 2018 | Serial | 5% | 115.357
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$23.62 million | 2019 | Serial | 5% | 117.107
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$24.79 million | 2020 | Serial | 5% | 118.537
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$26.02 million | 2021 | Serial | 5% | 119.252
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$27.32 million | 2022 | Serial | 5% | 119.657
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$28,695,000 | 2023 | Serial | 5% | 119.974
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$30,185,000 | 2024 | Serial | 5% | 120.549
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$6,835,000 | 2025 | Serial | 5% | 119.191
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$7.18 million | 2026 | Serial | 5% | 118.232
|
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$948,355,000 series 2014C refunding bonds
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Amount | Maturity | Type | Coupon | Price
|
$1,555,000 | 2015 | Serial | 1% | 100.891
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$12,965,000 | 2016 | Serial | 3% | 105.5
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$6.56 million | 2017 | Serial | 2% | 103.9
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$18,365,000 | 2017 | Serial | 5% | 112.833
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$675,000 | 2018 | Serial | 2% | 103.604
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$8.79 million | 2018 | Serial | 3% | 107.522
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$24.84 million | 2018 | Serial | 5% | 115.357
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$580,000 | 2019 | Serial | 2% | 102.65
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$2,635,000 | 2019 | Serial | 3% | 107.469
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$49.89 million | 2019 | Serial | 5% | 117.107
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$2,295,000 | 2020 | Serial | 2% | 101.478
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$1,615,000 | 2020 | Serial | 4% | 112.851
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$50.85 million | 2020 | Serial | 5% | 118.537
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$495,000 | 2021 | Serial | 3% | 106.244
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$52.92 million | 2021 | Serial | 5% | 119.252
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$1,185,000 | 2022 | Serial | 3% | 105.096
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$60.54 million | 2022 | Serial | 5% | 119.657
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$1,835,000 | 2023 | Serial | 3% | 103.93
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$80,165,000 | 2023 | Serial | 5% | 119.974
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$1,665,000 | 2024 | Serial | 3% | 103.06
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$84.46 million | 2024 | Serial | 5% | 120.549
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$595,000 | 2025 | Serial | 3% | 100.95
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$89,895,000 | 2025 | Serial | 5% | 119.191
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$1,945,000 | 2026 | Serial | 3% | 99.102
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$84.04 million | 2026 | Serial | 5% | 118.232
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$16.67 million | 2027 | Serial | 3.125% | 98.264
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$53,635,000 | 2027 | Serial | 5% | 117.283
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$75,515,000 | 2028 | Serial | 5% | 116.717
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$56,595,000 | 2029 | Serial | 5% | 115.875
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$80,395,000 | 2030 | Serial | 5% | 115.875
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$24.19 million | 2031 | Serial | 4% | 103.593
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$153.46 million series 2014D bonds
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Amount | Maturity | Type | Coupon | Price
|
$9.84 million | 2018 | Serial | 5% | 115.357
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$13,515,000 | 2019 | Serial | 5% | 117.107
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$15.01 million | 2020 | Serial | 5% | 118.537
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$19.62 million | 2021 | Serial | 5% | 119.252
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$15.02 million | 2022 | Serial | 5% | 119.657
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$14,945,000 | 2023 | Serial | 5% | 119.974
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$15.61 million | 2024 | Serial | 5% | 120.549
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$15.96 million | 2025 | Serial | 5% | 119.191
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$25,035,000 | 2026 | Serial | 5% | 118.232
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$3,755,000 | 2027 | Serial | 5% | 117.283
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$2.2 million | 2028 | Serial | 5% | 116.717
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$1.45 million | 2029 | Serial | 5% | 115.875
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$1.5 million | 2030 | Serial | 5% | 115.225
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