Published on 8/6/2014 in the Prospect News Municipals Daily.
New Issue: Los Angeles Unified School District brings $135.83 million G.O. bonds
By Sheri Kasprzak
New York, Aug. 6 – The Los Angeles Unified School District of California priced $135.83 million of series 2014 general obligation bonds, said a pricing sheet.
The deal included $68.17 million of election of 2004 series 2014J G.O. bonds, $35,465,000 of election of 2005 series 2014K G.O. bonds, $7,045,000 of election of 2004 series 2014K taxable G.O. bonds and $25.15 million of election f 2005 series 2014L taxable G.O. bonds.
The 2014J bonds are due 2015 to 2017 with 1% to 5% coupons and 0.12% to 0.59% yields.
The 2014K G.O. bonds are due 2015 to 2020 with 0.50% to 5% coupons and yields from 0.13% to 1.39%.
The 2014K taxable bonds are due 2015 to 2017 with 0.274% to 1.104% coupons all priced at par.
The 2014L taxable bonds are due 2015 to 2017 with coupons from 0.274% to 1.104% all priced at par.
The bonds (/AA-/) were sold through Raymond James/Morgan Keegan.
Proceeds will be used to construct, improve and expand school facilities within the district, including improving earthquake and fire safety measures.
| Issuer: | Los Angeles Unified School District
|
| Issue: | Series 2014 general obligation bonds
|
| Amount: | $135.83 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead), Edward D. Jones & Co. LP, Academy Securities Inc. and Ramirez & Co. Inc. (co-managers)
|
| Rating: | Standard & Poor’s: AA-
|
| Pricing date: | Aug. 6
|
| Settlement date: | Aug. 19
|
|
|
| $68.17 million election of 2004 series 2014J G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $20.04 million | 2015 | Serial | 1% | 100.62 | 0.12%
|
| $11,775,000 | 2016 | Serial | 4% | 105.112 | 0.25%
|
| $11.78 million | 2016 | Serial | 4% | 106.784 | 0.35%
|
| $12.29 million | 2017 | Serial | 5% | 110.673 | 0.46%
|
| $12,285,000 | 2017 | Serial | 5% | 112.516 | 0.59%
|
|
|
| $35,465,000 election of 2005 series 2014K G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8,615,000 | 2015 | Serial | 0.50% | 100.32 | 0.13%
|
| $4.65 million | 2016 | Serial | 1% | 101.208 | 0.35%
|
| $3.86 million | 2016 | Serial | 4% | 105.112 | 0.25%
|
| $4,695,000 | 2017 | Serial | 1% | 101.077 | 0.62%
|
| $3.86 million | 2017 | Serial | 4% | 108.322 | 0.46%
|
| $725,000 | 2018 | Serial | 1% | 100.189 | 0.95%
|
| $1.75 million | 2018 | Serial | 5% | 113.994 | 0.78%
|
| $1,755,000 | 2018 | Serial | 4% | 111.713 | 0.91%
|
| $1,835,000 | 2019 | Serial | 4% | 112.943 | 1.25%
|
| $1.83 million | 2019 | Serial | 5% | 116.535 | 1.11%
|
| $1.89 million | 2020 | Serial | 4% | 113.45 | 1.39%
|
|
|
| $7,045,000 election of 2004 series 2014K taxable G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.12 million | 2015 | Serial | 0.274% | 100 | 0.274%
|
| $1.23 million | 2016 | Serial | 0.486% | 100 | 0.486%
|
| $1,225,000 | 2016 | Serial | 0.68% | 100 | 0.68%
|
| $1,235,000 | 2017 | Serial | 0.948% | 100 | 0.948%
|
| $1,235,000 | 2017 | Serial | 1.104% | 100 | 1.104%
|
|
|
| $25.15 million election of 2005 series 2014L taxable G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7,565,000 | 2015 | Serial | 0.274% | 100 | 0.274%
|
| $4.38 million | 2016 | Serial | 0.486% | 100 | 0.486%
|
| $4.38 million | 2016 | Serial | 0.68% | 100 | 0.68%
|
| $4,415,000 | 2017 | Serial | 0.948% | 100 | 0.948%
|
| $4.41 million | 2017 | Serial | 1.104% | 100 | 1.104%
|
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