Published on 11/20/2015 in the Prospect News Green Finance Daily.
New Issue: San Diego Unified School District offers $450 million of G.O. bonds
By Sheri Kasprzak
New York, Nov. 20 – The San Diego Unified School District of California priced $450 million of series 2016 general obligation bonds, according to a pricing sheet.
The deal included $350 million of series 2016F bonds and $100 million of series 2016G green bonds.
The 2016F bonds are due 2026 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 4% to 5%. The 2040 bonds have a 5% coupon priced at 114.015. The 2045 bonds have a 4% coupon priced at 102.06 and a 5% coupon priced at 113.491.
The 2016G bonds are due 2026 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 3% to 4%. The 2040 bonds have a 5% coupon priced at 114.015 and the 2045 bonds have a 4% coupon priced at 102.06.
The bonds (Aa2//AAA) were sold through Citigroup Global Markets Inc. and Goldman, Sachs & Co.
Proceeds will be used to repair and rehabilitate school facilities and finance environmentally sound projects in the district.
| Issuer: | San Diego Unified School District
|
| Issue: | Series 2016 general obligation bonds
|
| Amount: | $450 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Goldman, Sachs & Co. (lead), J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AAA
|
| Pricing date: | Nov. 18
|
| Settlement date: | Jan. 5, 2016
|
|
|
| $350 million series 2016F bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,185,000 | 2026 | Serial | 5% | 122.707
|
| $2,165,000 | 2027 | Serial | 5% | 121.284
|
| $3,245,000 | 2028 | Serial | 5% | 120.066
|
| $4.42 million | 2029 | Serial | 5% | 119.047
|
| $5.85 million | 2030 | Serial | 5% | 118.312
|
| $7,135,000 | 2031 | Serial | 5% | 117.673
|
| $8.35 million | 2032 | Serial | 4% | 105.579
|
| $10,165,000 | 2033 | Serial | 4% | 105.162
|
| $12.03 million | 2034 | Serial | 4% | 104.665
|
| $13.92 million | 2035 | Serial | 4% | 104.253
|
| $95.55 million | 2040 | Term | 5% | 114.015
|
| $125,985,000 | 2045 | Term | 4% | 102.06
|
| $60 million | 2045 | Term | 5% | 113.491
|
|
|
| $100 million series 2016G green bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $545,000 | 2026 | Serial | 4% | 114.234
|
| $825,000 | 2027 | Serial | 4% | 112.421
|
| $1,125,000 | 2028 | Serial | 3% | 100
|
| $1.45 million | 2029 | Serial | 3% | 98.47
|
| $1.83 million | 2030 | Serial | 3.125% | 98.564
|
| $2.16 million | 2031 | Serial | 3.25% | 98.799
|
| $2.47 million | 2032 | Serial | 3.25% | 97.747
|
| $2,955,000 | 2033 | Serial | 3.375% | 98.375
|
| $3.46 million | 2034 | Serial | 4% | 104.665
|
| $3,985,000 | 2035 | Serial | 4% | 104.253
|
| $27.21 million | 2040 | Term | 5% | 114.015
|
| $51,985,000 | 2045 | Term | 4% | 102.06
|
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