Published on 6/25/2012 in the Prospect News Municipals Daily.
New Issue: West Ottawa Public School, Mich., prices $62.9 million of G.O. bonds
By Sheri Kasprzak
New York, June 25 - The West Ottawa Public Schools of Michigan sold $62,895,000 of series 2012 general obligation refunding bonds, according to a pricing sheet.
The bonds (Aa2) were sold through Fifth Third Securities Inc. with Edward D. Jones & Co. LP and PNC Capital Markets LLC.
The deal included $43.87 million of series 2012A school loan qualified bonds and $19,025,000 of series 2012B non-school bonds loan qualified bonds.
The 2012A bonds are due 2013 to 2017 and 2021 to 2032 with 2% to 5% coupons. The 2012B bonds are due 2013 to 2020 with 3% to 5% coupons.
Proceeds will be used to refund existing G.O. bonds.
| Issuer: | West Ottawa Public Schools, Mich.
|
| Issue: | Series 2012 general obligation refunding bonds
|
| Amount: | $62,895,000
|
| Type: | Negotiated
|
| Underwriters: | Fifth Third Securities Inc. (lead), Edward D. Jones & Co. LP and PNC Capital Markets LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Pricing date: | June 20
|
| Settlement date: | Aug. 3
|
|
|
| $43.87 million series 2012A school loan qualified bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.18 million | 2013 | Serial | 3% | 101.877
|
| $2.27 million | 2014 | Serial | 3% | 103.856
|
| $615,000 | 2015 | Serial | 3% | 105.344
|
| $455,000 | 2016 | Serial | 3% | 106.494
|
| $245,000 | 2017 | Serial | 2% | 102.095
|
| $2.05 million | 2021 | Serial | 5% | 118.488
|
| $3.29 million | 2022 | Serial | 5% | 117.293
|
| $4,235,000 | 2023 | Serial | 5% | 115.861
|
| $4.27 million | 2024 | Serial | 5% | 114.698
|
| $4.31 million | 2025 | Serial | 5% | 113.793
|
| $4,345,000 | 2026 | Serial | 5% | 113.060
|
| $2.4 million | 2027 | Serial | 3.5% | 97.738
|
| $2,415,000 | 2028 | Serial | 3.625% | 97.936
|
| $2,435,000 | 2029 | Serial | 3.75% | 98.163
|
| $2.45 million | 2030 | Serial | 3.75% | 96.84
|
| $2.45 million | 2031 | Serial | 5% | 110.023
|
| $2,455,000 | 2032 | Serial | 5% | 109.552
|
|
|
| $19,025,000 series 2012B non-school bonds loan qualified bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,905,000 | 2013 | Serial | 3% | 101.779
|
| $2.58 million | 2014 | Serial | 3% | 103.625
|
| $2.55 million | 2015 | Serial | 3% | 104.788
|
| $2.47 million | 2016 | Serial | 4% | 109.297
|
| $2,405,000 | 2017 | Serial | 4% | 109.863
|
| $2,355,000 | 2018 | Serial | 5% | 109.660
|
| $2.04 million | 2019 | Serial | 5% | 115.558
|
| $1.72 million | 2020 | Serial | 3% | 101.940
|
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