Published on 9/23/2014 in the Prospect News Municipals Daily.
New Issue: West Chester Area School, Pa., brings to market $57.6 million G.O. debt
By Sheri Kasprzak
New York, Sept. 23 – The West Chester Area School District of Pennsylvania sold $57,635,000 of series 2014AA general obligation bonds, according to a pricing sheet.
The bonds (Aaa) were sold competitively with BofA Merrill Lynch winning the bid at a 2.920566% true interest cost.
The bonds are due 2016 to 2030 with 2% to 5% coupons and 0.41% to 3.15% yields.
Proceeds will be used to advance refund the district’s series 2006 and 2006A G.O. bonds.
| Issuer: | West Chester Area School District, Pa.
|
| Issue: | Series 2014AA general obligation bonds
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| Amount: | $57,635,000
|
| Type: | Competitive
|
| Underwriter: | BofA Merrill Lynch (winner)
|
| True interest cost: | 2.920566%
|
| Rating: | Moody’s: Aaa
|
| Pricing date: | Sept. 23
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| Settlement date: | Oct. 27
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $355,000 | 2016 | Serial | 2% | 102.454 | 0.41%
|
| $270,000 | 2017 | Serial | 3% | 105.959 | 0.64%
|
| $270,000 | 2018 | Serial | 3% | 107.248 | 0.92%
|
| $280,000 | 2019 | Serial | 3% | 107.854 | 1.22%
|
| $290,000 | 2020 | Serial | 3% | 107.903 | 1.51%
|
| $295,000 | 2021 | Serial | 3% | 107.382 | 1.80%
|
| $305,000 | 2022 | Serial | 3% | 106.613 | 2.05%
|
| $315,000 | 2023 | Serial | 3% | 105.803 | 2.25%
|
| $325,000 | 2024 | Serial | 3% | 105.882 | 2.31%
|
| $5.7 million | 2025 | Serial | 5% | 124.001 | 2.31%
|
| $6,025,000 | 2026 | Serial | 3% | 104.509 | 2.49%
|
| $18,505,000 | 2027 | Serial | 5% | 122.194 | 2.49%
|
| $7.99 million | 2028 | Serial | 3% | 100 | 3.00%
|
| $8.23 million | 2029 | Serial | 3% | 99.066 | 3.08%
|
| $8.48 million | 2030 | Serial | 3.125% | 99.693 | 3.15%
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