By Sheri Kasprzak
New York, Feb. 12 - Plymouth-Canton Community Schools in Michigan priced $122.04 million in general obligation unlimited tax school bonds.
The bonds (Aaa/AAA) priced Thursday in a serial structure from 2009 to 2029 with a term bond due 2031.
The coupons came in a range between 3% and 5.25%, according to an official statement released Tuesday. The term bonds, due 2031, have a 4.5% coupon, priced at 98.018.
The FSA-insured bonds were sold on a negotiated basis through lead manager Wachovia Bank. J.P. Morgan Securities Inc., Fifth Third Securities and Bear, Stearns & Co. were the co-managers.
Proceeds will be used to remodel, equip and furnish elementary, middle and high schools in the district, as well as to refund the district's series 1998 school building site and refunding bonds.
| Issuer: | Plymouth-Canton Community Schools
|
| Issue: | General obligation unlimited school tax bonds
|
| Type: | Negotiated
|
| Amount: | $122.035 million
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Lead manager: | Wachovia Bank (lead)
|
| Co-managers: | J.P. Morgan Securities Inc., Fifth Third Securities, Bear, Stearns & Co.
|
| Pricing date: | Feb. 7
|
|
|
| Maturity | Type | Coupon | Price
|
| 2009 | Serial | 4% | 102.29
|
| 2010 | Serial | 3% | 101.327
|
| 2011 | Serial | 5% | 107.492
|
| 2012 | Serial | 5% | 109.108
|
| 2013 | Serial | 5% | 110.277
|
| 2014 | Serial | 3.25% | 101.397
|
| 2015 | Serial | 5% | 111.865
|
| 2016 | Serial | 5% | 112.169
|
| 2017 | Serial | 4.5% | 108.441
|
| 2018 | Serial | 5.25% | 114.41
|
| 2019 | Serial | 5% | 111.205
|
| 2020 | Serial | 5% | 110.134
|
| 2021 | Serial | 5% | 109.338
|
| 2022 | Serial | 5% | 108.549
|
| 2023 | Serial | 4.375% | 100.854
|
| 2024 | Serial | 4.5% | 101.299
|
| 2025 | Serial | 4.75% | 103.338
|
| 2026 | Serial | 4.75% | 102.84
|
| 2027 | Serial | 4.75% | 102.345
|
| 2028 | Serial | 4.75% | 101.853
|
| 2029 | Serial | 4.75% | 101.527
|
| 2031 | Term | 4.5% | 98.018
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
