Published on 2/27/2015 in the Prospect News Municipals Daily.
New Issue: West Contra Costa USD, Calif., prices $135 million G.O. bonds
By Sheri Kasprzak
New York, Feb. 27 – The West Contra Costa Unified School District of California priced $135 million of series 2015 general obligation bonds, according to a pricing sheet.
The bonds were sold through senior managers Piper Jaffray & Co. and Stifel, Nicolaus & Co.
The bonds are due 2016 to 2035 with term bonds due in 2045 and 2054. The serial coupons range from 2% to 5% with 0.41% to 3.34% yields. The 2045 bonds have a 5% coupon priced at 112.963 to yield 3.5%, and the 2054 bonds have a 4% coupon priced at 98.435 to yield 4.08%.
Proceeds will be used to finance school safety projects, including earthquake upgrades, as well as to qualify for state matching grants and to fund other improvements and repairs to district facilities.
| Issuer: | West Contra Costa Unified School District
|
| Issue: | Series 2015 general obligation bonds
|
| Amount: | $135 million
|
| Type: | Negotiated
|
| Underwriters: | Piper Jaffray & Co. and Stifel, Nicolaus & Co. (lead), Backstrom McCarley Berry & Co. LLC (co-managers)
|
| Pricing date: | Feb. 27
|
| Settlement date: | March 12
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $485,000 | 2016 | Serial | 2% | 102.195 | 0.41%
|
| $2.5 million | 2016 | Serial | 3% | 103.575 | 0.41%
|
| $495,000 | 2017 | Serial | 3% | 105.31 | 0.75%
|
| $2.5 million | 2017 | Serial | 4% | 107.67 | 0.75%
|
| $510,000 | 2018 | Serial | 4% | 109.577 | 1.10%
|
| $2.5 million | 2018 | Serial | 5% | 112.891 | 1.10%
|
| $530,000 | 2019 | Serial | 4% | 1111.338 | 1.33%
|
| $2.5 million | 2019 | Serial | 5% | 115.584 | 1.33%
|
| $550,000 | 2020 | Serial | 4% | 112.888 | 1.50%
|
| $1 million | 2020 | Serial | 5% | 118.043 | 1.50%
|
| $570,000 | 2021 | Serial | 4% | 113.796 | 1.71%
|
| $595,000 | 2022 | Serial | 5% | 120.883 | 1.95%
|
| $625,000 | 2023 | Serial | 5% | 122.362 | 2.08%
|
| $655,000 | 2024 | Serial | 5% | 122.864 | 2.28%
|
| $690,000 | 2025 | Serial | 5% | 123.049 | 2.47%
|
| $725,000 | 2026 | Serial | 5% | 120.305 | 2.74%
|
| $760,000 | 2027 | Serial | 5% | 119.108 | 2.86%
|
| $800,000 | 2028 | Serial | 5% | 117.731 | 3.00%
|
| $840,000 | 2029 | Serial | 5% | 116.855 | 3.09%
|
| $880,000 | 2030 | Serial | 5% | 116.276 | 3.15%
|
| $925,000 | 2031 | Serial | 5% | 115.7 | 3.21%
|
| $970,000 | 2032 | Serial | 5% | 115.604 | 3.22%
|
| $1,825,000 | 2032 | Serial | 5% | 115.604 | 3.22%
|
| $1,915,000 | 2033 | Serial | 5% | 115.222 | 3.26%
|
| $2.01 million | 2034 | Serial | 5% | 114.842 | 3.30%
|
| $2.11 million | 2035 | Serial | 5% | 114.463 | 3.34%
|
| $15.64 million | 2045 | Term | 5% | 112.963 | 3.50%
|
| $38.24 million | 2054 | Term | 4% | 98.435 | 4.08%
|
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