Published on 10/11/2013 in the Prospect News Municipals Daily.
New Issue: West Contra Costa Unified School, Calif., brings $125 million G.O. debt
By Sheri Kasprzak
New York, Oct. 11 - The West Contra Costa Unified School District of California sold $125 million of series 2013 general obligation bonds, according to a pricing sheet.
The deal included $85 million of election of 2012 series 2013A bonds and $40 million of election of 2010 series 2013B bonds.
The 2013A bonds are due 2014 to 2015 and 2021 to 2033 with term bonds due in 2039, 2042 and 2045. The serial coupons range from 4% to 5.25% with 0.3% to 4.67% yields. The 2039 bonds have a 5.5% coupon priced at 104.598 to yield 4.9% and the 2042 bonds have a 5% coupon priced at 97.608 to yield 5.16%. The 2045 bonds have a 5.125% coupon priced at 98.832 to yield 5.2%.
The 2013B bonds are due 2014 to 2017 and 2026 to 2033 with term bonds due in 2039, 2043 and 2045. The serial coupons range from 2% to 4.625% with 0.24% to 4.84% yields. The 2039 bonds have a 5.5% coupon priced at 104.598 to yield 4.9% and the 2043 bonds have a 5% coupon priced at 97.424 to yield 5.17%. The 2045 bonds have a 5.125% coupon priced at 98.832 to yield 5.2%.
The bonds (/A+/A+) were sold through Piper Jaffray & Co. and De La Rosa & Co.
Proceeds will be used to finance capital improvement projects, including earthquake safety precautions.
| Issuer: | West Contra Costa Unified School District, Calif.
|
| Issue: | Series 2013 general obligation bonds
|
| Amount: | $125 million
|
| Type: | Negotiated
|
| Underwriters: | Piper Jaffray & Co. and De La Rosa & Co.
|
| Ratings: | Standard & Poor's: A+
|
| Fitch: A+
|
| Pricing date: | Oct. 11
|
| Settlement date: | Oct. 31
|
|
|
| $85 million election of 2012 series 2013A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7.75 million | 2014 | Serial | 4% | 102.769 | 0.30%
|
| $6.25 million | 2015 | Serial | 4% | 106.307 | 0.38%
|
| $530,000 | 2021 | Serial | 5% | 116.134 | 2.68%
|
| $640,000 | 2022 | Serial | 5% | 115.536 | 2.97%
|
| $760,000 | 2023 | Serial | 5% | 114.608 | 3.24%
|
| $885,000 | 2024 | Serial | 5% | 112.207 | 3.51%
|
| $1,015,000 | 2025 | Serial | 5% | 110.467 | 3.71%
|
| $1.16 million | 2026 | Serial | 5% | 108.76 | 3.91%
|
| $1.31 million | 2027 | Serial | 5% | 107.167 | 4.10%
|
| $1.47 million | 2028 | Serial | 5% | 105.683 | 4.28%
|
| $1.64 million | 2029 | Serial | 5.25% | 107.247 | 4.33%
|
| $1.83 million | 2030 | Serial | 5.25% | 106.265 | 4.45%
|
| $2,025,000 | 2031 | Serial | 5.25% | 105.617 | 4.53%
|
| $2,235,000 | 2032 | Serial | 5.25% | 104.973 | 4.61%
|
| $2,455,000 | 2033 | Serial | 5.25% | 104.493 | 4.67%
|
| $20,365,000 | 2039 | Term | 5.5% | 104.598 | 4.90%
|
| $14,575,000 | 2042 | Term | 5% | 97.608 | 5.16%
|
| $18,105,000 | 2045 | Term | 5.125% | 98.832 | 5.20%
|
|
|
| $40 million election of 2010 series 2013B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.5 million | 2014 | Serial | 2% | 101.317 | 0.24%
|
| $4 million | 2015 | Serial | 4% | 106.307 | 0.38%
|
| $575,000 | 2016 | Serial | 4% | 108.429 | 0.89%
|
| $600,000 | 2017 | Serial | 4% | 109.849 | 1.30%
|
| $430,000 | 2026 | Serial | 3.75% | 97.224 | 4.03%
|
| $485,000 | 2027 | Serial | 4% | 98.229 | 4.17%
|
| $550,000 | 2028 | Serial | 4.125% | 98.097 | 4.30%
|
| $615,000 | 2029 | Serial | 4.25% | 97.968 | 4.43%
|
| $680,000 | 2030 | Serial | 4.375% | 97.385 | 4.60%
|
| $585,000 | 2031 | Serial | 4.5% | 97.839 | 4.68%
|
| $650,000 | 2032 | Serial | 4.6% | 97.78 | 4.78%
|
| $725,000 | 2033 | Serial | 4.625% | 97.278 | 4.84%
|
| $6,255,000 | 2039 | Term | 5.5% | 104.598 | 4.90%
|
| $10.35 million | 2043 | Term | 5% | 97.424 | 5.17%
|
| $10 million | 2045 | Term | 5.125% | 98.832 | 5.20%
|
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