Published on 5/1/2014 in the Prospect News Municipals Daily.
New Issue: Life School of Dallas, Texas, prices $92.16 million of revenue bonds
By Sheri Kasprzak
New York, May 1 - The Life School of Dallas sold $92.16 million of series 2014 revenue bonds, according to a pricing sheet.
The deal included $85,645,000 of series 2014A education revenue bonds through the Arlington Higher Education Finance Corp. and $6,515,000 of series 2014Q taxable qualified school construction bonds through the Waxahachie Education Finance Corp.
The 2014A bonds are due 2015 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 2% to 5% with 0.3% to 3.6% yields. The 2039 bonds have a 5% coupon priced at 110.376 to yield 3.77%. The 2044 bonds have a 4% coupon priced at 97.76 to yield 4.13%.
The 2014Q bonds are due Aug. 15, 2033 and have a 4.556% coupon priced at par.
The bonds (/BBB-/) were sold through RBC Capital Markets LLC.
Proceeds will be used to acquire land for the construction of a high school near Life School's Red Oak Secondary Campus and an educational building for classrooms and offices near its Red Oak Primary School Campus.
| Issuer: | Life School of Dallas
|
| Issue: | Series 2014 revenue bonds
|
| Amount: | $92.16 million
|
| Type: | Negotiated
|
| Underwriter: | RBC Capital Markets LLC
|
| Rating: | Standard & Poor's: BBB-
|
| Pricing date: | May 1
|
| Settlement date: | May 13
|
|
|
| $85,645,000 series 2014A education revenue bonds through Arlington Higher Education Finance Corp.
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $330,000 | 2015 | Serial | 2% | 102.128 | 0.30%
|
| $835,000 | 2016 | Serial | 2% | 103.245 | 0.55%
|
| $1.38 million | 2017 | Serial | 4% | 110.058 | 0.86%
|
| $1.44 million | 2018 | Serial | 4% | 111.625 | 1.19%
|
| $1,495,000 | 2019 | Serial | 5% | 117.29 | 1.56%
|
| $1.57 million | 2020 | Serial | 5% | 118.459 | 1.86%
|
| $1.65 million | 2021 | Serial | 5% | 119.27 | 2.12%
|
| $1.73 million | 2022 | Serial | 5% | 119.86 | 2.34%
|
| $1,815,000 | 2023 | Serial | 5% | 120.355 | 2.52%
|
| $1.91 million | 2024 | Serial | 5% | 120.878 | 2.66%
|
| $2,005,000 | 2025 | Serial | 5% | 119.489 | 2.80%
|
| $2,105,000 | 2026 | Serial | 5% | 118.509 | 2.90%
|
| $2.21 million | 2027 | Serial | 5% | 117.442 | 3.01%
|
| $2.32 million | 2028 | Serial | 5% | 116.387 | 3.12%
|
| $2,435,000 | 2029 | Serial | 5% | 115.154 | 3.25%
|
| $2,555,000 | 2030 | Serial | 5% | 114.403 | 3.33%
|
| $2,685,000 | 2031 | Serial | 5% | 113.657 | 3.41%
|
| $2.82 million | 2032 | Serial | 5% | 112.918 | 3.49%
|
| $2.96 million | 2033 | Serial | 5% | 112.367 | 3.55%
|
| $3,515,000 | 2034 | Serial | 5% | 111.911 | 3.60%
|
| $20,385,000 | 2039 | Term | 5% | 110.376 | 3.77%
|
| $25,495,000 | 2044 | Term | 4% | 97.76 | 4.13%
|
|
|
| $6,515,000 series 2014Q taxable qualified school construction bonds through Waxahachie Education Finance Corp.
|
| Maturity | Type | Coupon | Price | Yield
|
| Aug. 15, 2033 | Term | 4.556% | 100 | 4.556%
|
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