Published on 4/7/2015 in the Prospect News Municipals Daily.
New Issue: Palm Beach County School, Fla., sells $221.64 million of certificates
By Sheri Kasprzak
New York, April 7 – The Palm Beach County School Board of Florida sold $221.64 million of series 2015D certificates of participation, according to a pricing sheet.
The bonds (Aa3//AA-) were sold through J.P. Morgan Securities LLC.
The bonds are due 2018 to 2032 with 5% coupons and 1.14% to 3.22% yields.
Proceeds will be used to prepay a portion of series 2011A COPs and to refund series 2007B COPs.
| Issuer: | Palm Beach County School Board
|
| Issue: | Series 2015D certificates of participation
|
| Amount: | $221.64 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), BofA Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Fitch: AA-
|
| Pricing date: | March 26
|
| Settlement date: | April 30
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $18,915,000 | 2018 | Serial | 5% | 112.289 | 1.14%
|
| $5,275,000 | 2019 | Serial | 5% | 114.587 | 1.45%
|
| $5,535,000 | 2020 | Serial | 5% | 116.732 | 1.66%
|
| $5,815,000 | 2021 | Serial | 5% | 118.321 | 1.88%
|
| $6,105,000 | 2022 | Serial | 5% | 119.412 | 2.10%
|
| $6.41 million | 2023 | Serial | 5% | 120.353 | 2.28%
|
| $6,735,000 | 2024 | Serial | 5% | 120.901 | 2.46%
|
| $7.78 million | 2025 | Serial | 5% | 121.474 | 2.60%
|
| $26,815,000 | 2026 | Serial | 5% | 120.375 | 2.71%
|
| $28.16 million | 2027 | Serial | 5% | 118.994 | 2.85%
|
| $21,675,000 | 2028 | Serial | 5% | 117.631 | 2.99%
|
| $22.76 million | 2029 | Serial | 5% | 117.053 | 3.05%
|
| $23,895,000 | 2030 | Serial | 5% | 116.383 | 3.12%
|
| $25.82 million | 2031 | Serial | 5% | 115.812 | 3.18%
|
| $9,945,000 | 2032 | Serial | 5% | 115.433 | 3.22%
|
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