Published on 4/9/2013 in the Prospect News Municipals Daily.
New Issue: Wake County, N.C., offers $176.42 million G.O. school loan bonds
By Sheri Kasprzak
New York, April 9 - Wake County, N.C., sold $176,415,000 of series 2013 general obligation school loan bonds, said a pricing sheet.
The offering included $51,165,000 of series 2013A G.O. school bonds and $125.25 million of series 2013B G.O. public improvement bonds.
The bonds (Aaa/AAA/AAA) were sold competitively. Citigroup Global Markets Inc. won the series 2013A bonds at a 2.32% true interest cost, and J.P. Morgan Securities LLC took the series 2013B bonds at a 2.33% TIC.
The 2013A bonds are due 2014 to 2032 with 2.25% to 5% coupons.
The 2013B bonds are due 2014 to 2032 with 3% to 5% coupons.
Proceeds will be used to finance the costs to acquire, construct, expand and renovate school facilities in the county.
| Issuer: | Wake County, N.C.
|
| Issue: | Series 2013 general obligation school loan bonds
|
| Amount: | $176,415,000
|
| Type: | Competitive
|
| Underwriters: | Citigroup Global Markets Inc. (winner for 2013A), J.P. Morgan Securities LLC (winner for 2013B)
|
| TIC: | 2.32% (for 2013A), 2.33% (for 2013B)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's AAA
|
| Fitch AAA
|
| Pricing date: | April 9
|
| Settlement date: | May 6
|
|
|
| $51,165,000 series 2013A G.O. school bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,565,000 | 2014 | Serial | 3% | 102.756
|
| $2.7 million | 2015 | Serial | 3% | 105.362
|
| $2.7 million | 2016 | Serial | 5% | 113.576
|
| $2.7 million | 2017 | Serial | 5% | 117.477
|
| $2.7 million | 2018 | Serial | 5% | 120.761
|
| $2.7 million | 2019 | Serial | 5% | 123.644
|
| $2.7 million | 2020 | Serial | 5% | 125.773
|
| $2.7 million | 2021 | Serial | 5% | 127.457
|
| $2.7 million | 2022 | Serial | 5% | 128.835
|
| $2.7 million | 2023 | Serial | 5% | 130.084
|
| $2.7 million | 2024 | Serial | 5% | 128.6
|
| $2.7 million | 2025 | Serial | 2.25% | 99.686
|
| $2.7 million | 2026 | Serial | 5% | 125.899
|
| $2.7 million | 2027 | Serial | 2.5% | 97.682
|
| $2.7 million | 2028 | Serial | 3% | 100.861
|
| $2.7 million | 2029 | Serial | 3% | 100
|
| $2.7 million | 2030 | Serial | 3% | 99.34
|
| $2.7 million | 2031 | Serial | 3% | 98.628
|
| $2.7 million | 2032 | Serial | 3% | 97.868
|
|
|
| $125.25 million series 2013B G.O. public improvement bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.45 million | 2014 | Serial | 3% | 102.749
|
| $6.6 million | 2015 | Serial | 4% | 107.352
|
| $6.6 million | 2016 | Serial | 5% | 113.596
|
| $6.6 million | 2017 | Serial | 5% | 117.379
|
| $6.6 million | 2018 | Serial | 5% | 120.641
|
| $6.6 million | 2019 | Serial | 5% | 123.502
|
| $6.6 million | 2020 | Serial | 5% | 125.61
|
| $6.6 million | 2021 | Serial | 5% | 127.275
|
| $6.6 million | 2022 | Serial | 5% | 128.633
|
| $6.6 million | 2023 | Serial | 4% | 119.415
|
| $6.6 million | 2024 | Serial | 4% | 118.216
|
| $6.6 million | 2025 | Serial | 4% | 116.737
|
| $6.6 million | 2026 | Serial | 4% | 115.763
|
| $6.6 million | 2027 | Serial | 4% | 114.319
|
| $6.6 million | 2028 | Serial | 4% | 113.463
|
| $6.6 million | 2029 | Serial | 4% | 112.802
|
| $6.6 million | 2030 | Serial | 4% | 112.24
|
| $6.6 million | 2031 | Serial | 4% | 111.773
|
| $6.6 million | 2032 | Serial | 4% | 111.309
|
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