Published on 6/23/2015 in the Prospect News Municipals Daily.
New Issue: Farmington Public School District, Mich., sells $81.05 million of G.O.s
By Sheri Kasprzak
New York, June 23 – The Farmington Public School District of Michigan sold $81.05 million of series 2015 school building and site general obligation bonds, according to a pricing sheet.
The bonds (Aa3/AA/) were sold through senior manager Stifel, Nicolaus & Co.
The bonds are due 2016 to 2035 with 3% to 5% coupons and yields from 0.60% to 3.80%.
Proceeds will be used to finance capital improvements to school facilities, purchase sites for school facilities and refund existing debt.
| Issuer: | Farmington Public School District
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| Issue: | Series 2015 school building and site general obligation bonds
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| Amount: | $81.05 million
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| Type: | Negotiated
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| Underwriters: | Stifel, Nicolaus & Co. (lead), Fifth Third Securities Inc. and William Blair & Co. LLC (co-managers)
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| Ratings: | Moody’s: Aa3
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| Standard & Poor’s: AA
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| Pricing date: | June 11
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| Settlement date: | June 25
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5.15 million | 2016 | Serial | 3% | 102.031 | 0.60%
|
| $5,175,000 | 2017 | Serial | 4% | 105.389 | 1.05%
|
| $5,155,000 | 2018 | Serial | 5% | 109.756 | 1.49%
|
| $2.85 million | 2019 | Serial | 5% | 111.928 | 1.78%
|
| $3,635,000 | 2020 | Serial | 5% | 113.55 | 2.05%
|
| $2,765,000 | 2021 | Serial | 5% | 114.461 | 2.34%
|
| $2,915,000 | 2022 | Serial | 5% | 115.306 | 2.55%
|
| $3.07 million | 2023 | Serial | 5% | 116.015 | 2.72%
|
| $3,215,000 | 2024 | Serial | 5% | 115.861 | 2.95%
|
| $3.38 million | 2025 | Serial | 5% | 116.017 | 3.10%
|
| $3.55 million | 2026 | Serial | 5% | 115.009 | 3.21%
|
| $3,725,000 | 2027 | Serial | 5% | 113.921 | 3.33%
|
| $3,905,000 | 2028 | Serial | 5% | 112.935 | 3.44%
|
| $4.09 million | 2029 | Serial | 5% | 112.402 | 3.50%
|
| $4,285,000 | 2030 | Serial | 5% | 111.695 | 3.58%
|
| $4.48 million | 2031 | Serial | 5% | 111.168 | 3.64%
|
| $4,675,000 | 2032 | Serial | 5% | 110.731 | 3.69%
|
| $4,845,000 | 2033 | Serial | 5% | 110.384 | 3.73%
|
| $5.04 million | 2034 | Serial | 5% | 110.037 | 3.77%
|
| $5,145,000 | 2035 | Serial | 5% | 109.778 | 3.80%
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