Published on 3/24/2016 in the Prospect News Municipals Daily.
New Issue: Orange County School Board, Fla., brings $182.36 million certificates
By Sheri Kasprzak
New York, March 24 – The Orange County School Board of Florida sold $182,355,000 of series 2016C certificates of participation, said a pricing sheet.
The certificates (Aa2/AA) were sold through senior manager J.P. Morgan Securities LLC and Citigroup Global Markets Inc.
The COPs are due 2020 to 2034 with 3.375% to 5% coupons and yields from 1.22% to 3.47%.
Proceeds will be used to advance refund the board’s series 2008D and 2009A certificates of participation.
| Issuer: | Orange County School Board
|
| Issue: | Series 2016C certificates of participation
|
| Amount: | $182,355,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Citigroup Global Markets Inc. (lead), BofA Merrill Lynch, Jefferies & Co., Loop Capital Markets LLC, Raymond James/Morgan Keegan and Wells Fargo Securities LLC
|
| Rating: | Moody’s: Aa2
|
| Fitch: AA
|
| Pricing date: | March 16
|
| Settlement date: | April 20
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $210,000 | 2020 | Serial | 5% | 115.716 | 1.22%
|
| $225,000 | 2021 | Serial | 5% | 118.037 | 1.44%
|
| $250,000 | 2022 | Serial | 5% | 119.906 | 1.65%
|
| $335,000 | 2023 | Serial | 5% | 121.133 | 1.88%
|
| $365,000 | 2024 | Serial | 5% | 122.103 | 2.08%
|
| $405,000 | 2025 | Serial | 5% | 122.913 | 2.25%
|
| $490,000 | 2026 | Serial | 5% | 123.661 | 2.39%
|
| $510,000 | 2027 | Serial | 5% | 122.435 | 2.51%
|
| $345,000 | 2028 | Serial | 5% | 121.424 | 2.61%
|
| $385,000 | 2029 | Serial | 5% | 120.423 | 2.71%
|
| $425,000 | 2030 | Serial | 5% | 119.629 | 2.79%
|
| $475,000 | 2031 | Serial | 5% | 118.744 | 2.88%
|
| $515,000 | 2032 | Serial | 5% | 117.866 | 2.97%
|
| $86,545,000 | 2033 | Serial | 5% | 116.9 | 3.07%
|
| $15 million | 2034 | Seral | 3.375% | 98.718 | 3.47%
|
| $75,875,000 | 2034 | Serial | 5% | 116.516 | 3.11%
|
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