Published on 4/16/2015 in the Prospect News Municipals Daily.
New Issue: Moreno Valley USD, Calif., brings to market $103 million of G.O. bonds
By Sheri Kasprzak
New York, April 16 – The Moreno Valley Unified School District of California sold $103 million of series 2015A general obligation bonds, said a pricing sheet.
The bonds (Aa3/A+/) were sold through Piper Jaffray & Co.
The bonds are due 2016 to 2037 with term bonds due in 2040 and 2044. The serial coupons range from 2% to 5% with 0.38% to 3.52% yields. The 2040 bonds have a 4% coupon priced at 103.226 to yield 3.62%, and the 2044 bonds have a 5% coupon priced at 114.59 to yield 3.31%.
Proceeds will be used to construct, equip, acquire and improve school facilities.
| Issuer: | Moreno Valley Unified School District
|
| Issue: | Election of 2014 series 2015A general obligation bonds
|
| Amount: | $103 million
|
| Type: | Negotiated
|
| Underwriter: | Piper Jaffray & Co.
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: A+
|
| Pricing date: | April 16
|
| Settlement date: | April 29
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6.02 million | 2016 | Serial | 3% | 103.278 | 0.38%
|
| $6.2 million | 2017 | Serial | 3% | 105.114 | 0.71%
|
| $1.6 million | 2018 | Serial | 4% | 109.618 | 0.99%
|
| $885,000 | 2019 | Serial | 2% | 102.972 | 1.28%
|
| $235,000 | 2019 | Serial | 5% | 115.357 | 1.28%
|
| $1.35 million | 2020 | Serial | 5% | 117.788 | 1.47%
|
| $945,000 | 2021 | Serial | 5% | 120.028 | 1.62%
|
| $1,185,000 | 2022 | Serial | 5% | 121.519 | 1.82%
|
| $1,445,000 | 2023 | Serial | 5% | 122.979 | 1.97%
|
| $640,000 | 2024 | Serial | 5% | 123.8 | 2.15%
|
| $845,000 | 2025 | Serial | 5% | 125.056 | 2.25%
|
| $1,065,000 | 2026 | Serial | 5% | 122.997 | 2.45%
|
| $1.31 million | 2027 | Serial | 5% | 121.379 | 2.61%
|
| $1.57 million | 2028 | Serial | 5% | 119.983 | 2.75%
|
| $1.85 million | 2029 | Serial | 4% | 108.216 | 3.06%
|
| $2,135,000 | 2030 | Serial | 4% | 106.943 | 3.2%
|
| $2.44 million | 2031 | Serial | 4% | 106.402 | 3.26%
|
| $2,765,000 | 2032 | Serial | 4% | 105.687 | 3.34%
|
| $3,115,000 | 2033 | Serial | 4% | 105.154 | 3.4%
|
| $3,485,000 | 2034 | Serial | 4% | 104.8 | 3.44%
|
| $3.88 million | 2035 | Serial | 4% | 104.536 | 3.47%
|
| $4,305,000 | 2036 | Serial | 4% | 104.273 | 3.5%
|
| $4,755,000 | 2037 | Serial | 4% | 104.097 | 3.52%
|
| $17,255,000 | 2040 | Term | 4% | 103.226 | 3.62%
|
| $31.72 million | 2044 | Term | 5% | 114.59 | 3.31%
|
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