Published on 6/17/2014 in the Prospect News Municipals Daily.
New Issue: Palm Beach County School, Fla., brings $168.06 million of certificates
By Sheri Kasprzak
New York, June 17 – The Palm Beach County School Board of Florida sold $168.06 million of series 2014B certificates of participation, according to a pricing sheet.
The COPs (//AA-) were sold through Morgan Stanley & Co. LLC.
The certificates are due 2015 to 2025 with 3% to 5% coupons.
Proceeds will be used to repay a portion of the board’s series 2011B certificates.
| Issuer: | Palm Beach County School Board
|
| Issue: | Series 2014B certificates of participation
|
| Amount: | $168.06 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Rating: | Fitch: AA-
|
| Pricing date: | June 17
|
| Settlement date: | June 27
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,145,000 | 2015 | Serial | 3% | 103.092
|
| $5 million | 2016 | Serial | 3% | 105.438
|
| $6.54 million | 2016 | Serial | 4% | 107.522
|
| $2,225,000 | 2017 | Serial | 3% | 106.678
|
| $12,485,000 | 2017 | Serial | 5% | 112.778
|
| $350,000 | 2018 | Serial | 4% | 111.026
|
| $14,875,000 | 2018 | Serial | 5% | 115.007
|
| $5 million | 2019 | Serial | 4% | 111.799
|
| $10.74 million | 2019 | Serial | 5% | 116.675
|
| $5 million | 2020 | Serial | 4% | 111.663
|
| $11.32 million | 2020 | Serial | 5% | 117.381
|
| $5 million | 2021 | Serial | 4% | 111.136
|
| $12.1 million | 2021 | Serial | 5% | 117.65
|
| $17,825,000 | 2022 | Serial | 5% | 117.894
|
| $18,625,000 | 2023 | Serial | 5% | 117.816
|
| $19.48 million | 2024 | Serial | 5% | 117.877
|
| $20.35 million | 2025 | Serial | 5% | 117.718
|
|
|
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