Published on 4/12/2013 in the Prospect News Municipals Daily.
New Issue: Pajaro Valley USD, Calif., sells $80 million G.O. bonds
By Sheri Kasprzak
New York, April 12 - The Pajaro Valley Unified School District of California came to market with $80 million of election of 2012 series 2013 general obligation bonds, upsized from $70 million, according to a pricing sheet.
The deal included $68.54 million of series 2013A tax-exempt bonds and $11.46 million of series 2013B taxable bonds.
The 2013A bonds are due 2014 to 2016 with term bonds due in 2028, 2033, 2038, 2043 and 2047. The serial coupons range from 3% to 4%. The 2028 bonds have a 3.25% coupon priced at 97.292, and the 2033 bonds have a 5% coupon priced at 114.119. The 2038 bonds have a 5% coupon priced at 111.908, and the 2043 bonds have a 5% coupon priced at 111.093. The 2047 bonds have a 4.25% coupon priced at 100.242.
The 2013B bonds are due 2014 to 2023 with term bonds due in 2028, 2033 and 2037. The serial coupons range from 0.63% to 3.244%, all priced at par. The 2028 bonds have a 4.294% coupon, the 2033 bonds have a 5.021% coupon and the 2037 bonds have a 5.121% coupon, all priced at par.
The bonds (Aa2) were sold through Piper Jaffray & Co.
Proceeds will be used to finance the construction and improvement of district facilities, as well as to refund the district's outstanding series 2005 G.O. refunding bonds.
| Issuer: | Pajaro Valley Unified School District
|
| Issue: | Election of 2012 series 2013 general obligation bonds
|
| Amount: | $80 million
|
| Type: | Negotiated
|
| Underwriter: | Piper Jaffray & Co. (lead)
|
| Rating: | Moody's: Aa2
|
| Pricing date: | April 11
|
| Settlement date: | April 30
|
|
|
| $68.54 million series 2013A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.33 million | 2014 | Serial | 3% | 103.373
|
| $875,000 | 2015 | Serial | 3% | 105.616
|
| $1,015,000 | 2016 | Serial | 4% | 110.696
|
| $85,000 | 2028 | Term | 3.25% | 97.292
|
| $2.55 million | 2033 | Term | 5% | 114.119
|
| $8.74 million | 2038 | Term | 5% | 111.908
|
| $23.41 million | 2043 | Term | 5% | 111.093
|
| $28,535,000 | 2047 | Term | 4.25% | 100.242
|
|
|
| $11.46 million series 2013B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $15,000 | 2014 | Serial | 0.63% | 100
|
| $40,000 | 2015 | Serial | 0.83% | 100
|
| $60,000 | 2016 | Serial | 1.2% | 100
|
| $85,000 | 2017 | Serial | 1.628% | 100
|
| $110,000 | 2018 | Serial | 1.928% | 100
|
| $140,000 | 2019 | Serial | 2.288% | 100
|
| $170,000 | 2020 | Serial | 2.488% | 100
|
| $200,000 | 2021 | Serial | 2.844% | 100
|
| $235,000 | 2022 | Serial | 3.094% | 100
|
| $270,000 | 2023 | Serial | 3.244% | 100
|
| $2,045,000 | 2028 | Term | 4.294% | 100
|
| $3,605,000 | 2033 | Term | 5.021% | 100
|
| $4,485,000 | 2037 | Term | 5.121% | 100
|
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