Published on 7/23/2013 in the Prospect News Municipals Daily.
New Issue: Mt. San Antonio Community College, Texas, sells $591.2 million G.O. bonds
By Sheri Kasprzak
New York, July 23 - The Mt. San Antonio Community College District of Texas sold $591.2 million of series 2013 general obligation bonds, according to a pricing sheet.
The offering included $27.8 million of series 2013A tax-exempt G.O. bonds, $74.91 million of series 2013A tax-exempt G.O. refunding bonds, $73,035,000 of series 2013A capital appreciation bonds, $355.55 million of series 2013A convertible capital appreciation bonds, $11,715,000 of series 2013B taxable bonds and $48.19 million of series 2013B taxable refunding bonds.
The series 2013A tax-exempt G.O.s are due 2014 to 2017 with a term bond due in 2034. The serial coupons range from 2% to 4% with 0.23% to 1.39% yields. The 2034 bonds have a 5% coupon priced at 104.072 to yield 4.49%.
The 2013A tax-exempt G.O. refunding bonds are due 2014 to 2028 with 2% to 5% coupons and 0.28% to 4.16% yields.
The 2013A capital appreciation bonds are due 2019 to 2033 with 0% coupons and 3.11% to 6.11% yields.
The 2013A convertible capital appreciation bonds are due 2028 and 2043. The 2028 bonds have a 0% coupon priced at 58.983 to yield 5.5% and the 2043 bonds have a 0% coupon priced at 41.528 to yield 6.03%.
The 2013B taxable bonds are due 2014 to 2023 with coupons from 0.717% to 4.103%, all priced at par.
The 2013B taxable refunding bonds are due 2014 to 2023 with 0.717% to 4.103% coupons all priced at par.
The bonds (Aa2//) were sold through RBC Capital Markets LLC.
Proceeds will be used to refund existing G.O. debt.
| Issuer: | Mt. San Antonio Community College District
|
| Issue: | Series 2013 general obligation bonds
|
| Amount: | $591.2 million
|
| Type: | Negotiated
|
| Underwriter: | RBC Capital Markets LLC (lead)
|
| Rating: | Moody's: Aa2
|
| Pricing date: | July 17
|
| Settlement date: | Aug. 1
|
|
|
| $27.8 million series 2013A tax-exempt G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,725,000 | 2014 | Serial | 2% | 101.766 | 0.23%
|
| $1.51 million | 2015 | Serial | 2% | 102.799 | 0.59%
|
| $1.79 million | 2016 | Serial | 4% | 108.937 | 0.97%
|
| $255,000 | 2017 | Serial | 4% | 110.12 | 1.39%
|
| $22.52 million | 2034 | Term | 5% | 104.072 | 4.49%
|
|
|
| $74.91 million series 2013A tax-exempt G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1 million | 2014 | Serial | 2% | 101.859 | 0.28%
|
| $3 million | 2015 | Serial | 5% | 109.117 | 0.59%
|
| $3.5 million | 2016 | Serial | 5% | 112.211 | 0.97%
|
| $4.2 million | 2017 | Serial | 5% | 114.28 | 1.39%
|
| $4,945,000 | 2018 | Serial | 5% | 115.687 | 1.76%
|
| $5,195,000 | 2019 | Serial | 5% | 116.416 | 2.11%
|
| $5,455,000 | 2020 | Serial | 5% | 116.629 | 2.43%
|
| $5,725,000 | 2021 | Serial | 5% | 116.363 | 2.73%
|
| $6.01 million | 2022 | Serial | 5% | 115.71 | 3.01%
|
| $6.31 million | 2023 | Serial | 5% | 114.57 | 3.29%
|
| $6.63 million | 2024 | Serial | 5% | 112.197 | 3.55%
|
| $6.96 million | 2025 | Serial | 5% | 110.235 | 3.77%
|
| $7,305,000 | 2026 | Serial | 5% | 109.007 | 3.91%
|
| $7,675,000 | 2027 | Serial | 5% | 107.883 | 4.04%
|
| $1 million | 2028 | Serial | 5% | 106.857 | 4.16%
|
|
|
| $73,035,000 series 2013A capital appreciation bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $295,000 | 2019 | Serial | 0% | 83.096 | 3.11%
|
| $600,000 | 2020 | Serial | 0% | 78.544 | 3.48%
|
| $925,000 | 2021 | Serial | 0% | 73.822 | 3.83%
|
| $1,685,000 | 2022 | Serial | 0% | 68.913 | 4.18%
|
| $2.67 million | 2023 | Serial | 0% | 64.144 | 4.49%
|
| $9,555,000 | 2024 | Serial | 0% | 59.474 | 4.78%
|
| $11,005,000 | 2025 | Serial | 0% | 55.158 | 5.02%
|
| $7,425,000 | 2029 | Serial | 0% | 39.503 | 5.89%
|
| $8,795,000 | 2030 | Serial | 0% | 36.846 | 5.96%
|
| $10,195,000 | 2031 | Serial | 0% | 34.382 | 6.02%
|
| $11.65 million | 2032 | Serial | 0% | 32.046 | 6.08%
|
| $8,235,000 | 2033 | Serial | 0% | 30.008 | 6.11%
|
|
|
| $355.55 million series 2013A convertible capital appreciation bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $49.07 million | 2028 | Term | 0% | 58.983 | 5.50%
|
| $306.48 million 2043 | Term | 0% | 41.528 | 6.03%
|
|
|
| $11,715,000 series 2013B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,075,000 | 2014 | Serial | 0.717% | 100 | 0.717%
|
| $1,085,000 | 2015 | Serial | 0.917% | 100 | 0.917%
|
| $1,095,000 | 2016 | Serial | 1.467% | 100 | 1.467%
|
| $1.11 million | 2017 | Serial | 2.101% | 100 | 2.101%
|
| $1,135,000 | 2018 | Serial | 2.501% | 100 | 2.501%
|
| $1.16 million | 2019 | Serial | 3.04% | 100 | 3.04%
|
| $1,195,000 | 2020 | Serial | 3.39% | 100 | 3.39%
|
| $1.24 million | 2021 | Serial | 3.753% | 100 | 3.753%
|
| $1,285,000 | 2022 | Serial | 3.953% | 100 | 3.953%
|
| $1,335,000 | 2023 | Serial | 4.103% | 100 | 4.103%
|
|
|
| $48.19 million series 2013B taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,105,000 | 2014 | Serial | 0.717% | 100 | 0.717%
|
| $3.04 million | 2015 | Serial | 0.917% | 100 | 0.917%
|
| $3,055,000 | 2016 | Serial | 1.467% | 100 | 1.467%
|
| $3.98 million | 2017 | Serial | 2.101% | 100 | 2.101%
|
| $4,595,000 | 2018 | Serial | 2.501% | 100 | 2.501%
|
| $5.23 million | 2019 | Serial | 3.04% | 100 | 3.04%
|
| $5,925,000 | 2020 | Serial | 3.39% | 100 | 3.39%
|
| $6.7 million | 2021 | Serial | 3.753% | 100 | 3.753%
|
| $7.14 million | 2022 | Serial | 3.953% | 100 | 3.953%
|
| $7.42 million | 2023 | Serial | 4.103% | 100 | 4.103%
|
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