Published on 5/14/2015 in the Prospect News Municipals Daily.
New Issue: Tustin USD, Calif., prices $92.46 million special tax refunding bonds
By Sheri Kasprzak
New York, May 14 – The Tustin Unified School District of California sold $92,455,000 of series 2015 special tax refunding bonds, according to a pricing sheet.
The bonds were sold through Piper Jaffray & Co.
The deal included $82.82 million of series 2015A tax-exempt bonds and $9,635,000 of series 2015B taxable bonds.
The 2015A bonds are due 2015 and 2021 to 2035 with a 2038 term bond. The serial coupons range from 2% to 5% with 0.6% to 4.11%. The 2038 bond has a 5% coupon priced at 109.742 to yield 3.84%.
The 2015B bonds are due 2021 to 2026 with 2% to 5% with yields from 1.5% to 3.35%.
Proceeds will be used to refund existing special tax bonds.
| Issuer: | Tustin Unified School District, Calif.
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| Issue: | Series 2015 special tax refunding bonds
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| Amount: | $92,455,000
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| Type: | Negotiated
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| Underwriter: | Piper Jaffray & Co.
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| Pricing date: | May 14
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| Settlement date: | June 3
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| $82.82 million series 2015A tax-exempt bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.82 million | 2015 | Serial | 2% | 100.34 | 0.60%
|
| $200,000 | 2021 | Serial | 3% | 103.988 | 2.31%
|
| $2.39 million | 2022 | Serial | 5% | 1116.54 | 2.49%
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| $2.71 million | 2023 | Serial | 5% | 117.136 | 2.67%
|
| $3.01 million | 2024 | Serial | 5% | 117.094 | 2.88%
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| $3.27 million | 2025 | Serial | 5% | 117.522 | 3.00%
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| $3,585,000 | 2026 | Serial | 5% | 116.086 | 3.15%
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| $3,915,000 | 2027 | Serial | 5% | 114.952 | 3.27%
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| $4,265,000 | 2028 | Serial | 5% | 113.645 | 3.41%
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| $4.64 million | 2029 | Serial | 5% | 112.723 | 3.51%
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| $5,035,000 | 2030 | Serial | 5% | 111.9 | 3.60%
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| $5.45 million | 2031 | Serial | 5% | 111.266 | 3.67%
|
| $5.89 million | 2032 | Serial | 5% | 111.628 | 3.63%
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| $4,945,000 | 2033 | Serial | 5% | 111.266 | 3.67%
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| $5.34 million | 2034 | Serial | 4% | 98.804 | 4.09%
|
| $5.7 million | 2035 | Serial | 4% | 98.493 | 4.11%
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| $19,655,000 | 2038 | Term | 5% | 109.742 | 3.84%
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| $9,635,000 series 2015B taxable refunding bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,255,000 | 2016 | Serial | 2% | 100.613 | 1.50%
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| $1,365,000 | 2017 | Serial | 2.5% | 101.09 | 2.00%
|
| $1,515,000 | 2018 | Serial | 2.5% | 100.62 | 2.30%
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| $1.69 million | 2019 | Serial | 3% | 100.992 | 2.75%
|
| $1,885,000 | 2020 | Serial | 5% | 109.634 | 3.00%
|
| $1,925,000 | 2021 | Serial | 3.35% | 100 | 3.35%
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