Published on 1/20/2016 in the Prospect News Municipals Daily.
New Issue: Anchor Bay School, Mich., sells $71.91 million G.O. refunding bonds
By Sheri Kasprzak
New York, Jan. 20 – The Anchor Bay School District of Michigan sold $71.91 million of series 2016 unlimited tax general obligation refunding bonds, according to a pricing sheet.
The deal included $8,465,000 of series 2016A tax-exempt bonds and $63,445,000 of series 2016B taxable bonds.
The 2016A bonds are due 2021 to 2025 with 5% coupons and yields from 1.46% to 2.19%.
The 2016B bonds are due 2018 to 2021 with 1.67% to 2.32% coupons, all priced at par.
The bonds (AA-) were sold through senior managers Fifth Third Securities Inc. and Stifel, Nicolaus & Co. Inc.
Proceeds will be used to refund existing debt.
| Issuer: | Anchor Bay School District
|
| Issue: | Series 2016 unlimited tax general obligation refunding bonds
|
| Amount: | $71.91 million
|
| Type: | Negotiated
|
| Underwriters: | Fifth Third Securities Inc. and Stifel, Nicolaus & Co. Inc.
|
| Rating: | Standard & Poor’s: AA-
|
| Pricing date: | Jan. 14
|
| Settlement date: | Feb. 16
|
|
|
| $8,465,000 series 2016A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.1 million | 2021 | Serial | 5% | 117.689 | 1.46%
|
| $1.18 million | 2021 | Serial | 5% | 119.016 | 1.51%
|
| $625,000 | 2022 | Serial | 5% | 120.835 | 1.70%
|
| $605,000 | 2023 | Serial | 5% | 121.238 | 1.84%
|
| $1,235,000 | 2023 | Serial | 5% | 122.128 | 1.90%
|
| $1,205,000 | 2024 | Serial | 5% | 122.433 | 2.02%
|
| $1,275,000 | 2024 | Serial | 5% | 123.056 | 2.09%
|
| $1.24 million | 2025 | Serial | 5% | 123.314 | 2.19%
|
|
|
| $63,445,000 series 2016B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.25 million | 2018 | Serial | 1.67% | 100 | 1.67%
|
| $10.75 million | 2019 | Serial | 1.81% | 100 | 1.81%
|
| $1.65 million | 2019 | Serial | 1.96% | 100 | 1.96%
|
| $24.35 million | 2020 | Serial | 2.12% | 100 | 2.12%
|
| $2.25 million | 2020 | Serial | 2.17% | 100 | 2.17%
|
| $23,195,000 | 2021 | Serial | 2.32% | 100 | 2.32%
|
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