By Cristal Cody
Springdale, Ark., July 1 - West Contra Costa Unified School District in California priced $120 million general obligation bonds with a 5.46% true interest cost on Tuesday, said a source familiar with the sale.
The series B bonds (A2/A-/A-), approved in a 2005 election, priced with 5% to 6% coupons to yield 3% to 5.5% for the serial maturities from 2010 through 2028.
The 2035 term bond priced with a 5.625% coupon to yield 4.85%.
Morgan Stanley was the winning bidder in the competitive sale.
Proceeds will be used to finance school construction and renovation projects approved by voters.
| Issuer: | West Contra Costa Unified School District (California)
|
| Issue: | Series B general obligation bonds
|
| Amount: | $120 million
|
| Type: | Competitive
|
| True interest cost: | 5.46%
|
| Coupons: | 5%-6% serials; 5.625% term
|
| Yields: | 3%-5.5% serials; 4.85% term
|
| Maturities: | 2010-2028 serials; term due 2035
|
| Underwriter: | Morgan Stanley
|
| Ratings: | Moody's: A2
|
| Standards & Poor's: A-
|
| Fitch: A-
|
| Pricing date: | July 1
|
| Settlement date: | July 15
|
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