New Issue: Hartland Consolidated Schools, Mich., sells $62.54 million G.O. bonds

By Sheri Kasprzak

New York, Oct. 23 – The Hartland Consolidated Schools of Michigan sold $62.54 million of series 2015 general obligation refunding bonds, according to a pricing sheet.

The deal included $6.77 million of series 2015A unlimited tax G.O. refunding bonds and $55.77 million of series 2015B taxable unlimited tax G.O. refunding bonds.

The 2015A bonds are due 2016 to 2022 with 2% to 4% coupons and 0.53% to 2.11% yields. The 2015B bonds are due 2017 to 2021 with 1.015% to 2.478% coupons all priced at par.

Proceeds will be used to refund the school district’s series 2004 G.O. bonds.

Issuer:	Hartland Consolidated Schools
Issue:	Series 2015 general obligation refunding bonds
Amount:	$62.54 million
Type:	Negotiated
Underwriters:	Stifel, Nicolaus & Co. and Fifth Third Securities Inc. (lead)
Rating:	Moody’s: Aa1
Pricing date:	Oct. 15
Settlement date:	Nov. 10
$6.77 million series 2015A unlimited tax G.O. refunding bonds
Amount	Maturity	Type	Coupon	Price	Yield
$405,000	2016	Serial	4%	101.643	0.53%
$1,065,000	2017	Serial	4%	104.607	0.85%
$1,075,000	2018	Serial	2%	102.142	1.12%
$1.1 million	2019	Serial	2%	102.062	1.39%
$1,075,000	2020	Serial	2%	101.46	1.66%
$1.05 million	2021	Serial	2%	100.725	1.86%
$1 million	2022	Serial	2%	99.337	2.11%
$55.77 million series 2015B taxable unlimited tax G.O. refunding bonds
Amount	Maturity	Type	Coupon	Price
$10.32 million	2017	Serial	1.015%	100
$10.7 million	2018	Serial	1.386%	100
$11,075,000	2019	Serial	1.83%	100
$11,575,000	2020	Serial	2.15%	100
$12.1 million	2021	Serial	2.478%	100

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