Published on 1/23/2015 in the Prospect News Municipals Daily.
New Issue: Forest Hills Public Schools, Mich., sells $59.63 million bonds
By Sheri Kasprzak
New York, Jan. 23 – The Forest Hills Public Schools of Michigan sold $59,625,000 of series 2015 unlimited tax general obligation refunding bonds, according to a pricing sheet.
The bonds (Aa2) were sold through Fifth Third Securities Inc.
The bonds are due 2016 to 2021 with 4% to 5% coupons and 0.7% to 2% yields.
Proceeds will be used to refund existing G.O. bonds.
| Issuer: | Forest Hills Public Schools
|
| Issue: | Series 2015 unlimited tax general obligation refunding bonds
|
| Amount: | $59,625,000
|
| Type: | Negotiated
|
| Underwriters: | Fifth Third Securities Inc. (lead), the Huntington Investment Co. and Stifel, Nicolaus & Co. Inc. (co-managers)
|
| Rating: | Moody’s: Aa2
|
| Pricing date: | Jan. 22
|
| Settlement date: | Feb. 5
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $11 million | 2016 | Serial | 4% | 104.062 | 0.70%
|
| $10 million | 2017 | Serial | 4% | 106.693 | 0.97%
|
| $9.8 million | 2018 | Serial | 5% | 111.932 | 1.23%
|
| $9,675,000 | 2019 | Serial | 5% | 114.408 | 1.48%
|
| $9,575,000 | 2020 | Serial | 5% | 116.307 | 1.73%
|
| $9,575,000 | 2021 | Serial | 5% | 117.51 | 2.00%
|
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