Published on 9/23/2014 in the Prospect News Municipals Daily.
New Issue: Brevard County School Board, Fla., prices $62.31 million refunding COPs
By Sheri Kasprzak
New York, Sept. 23 – The Brevard County School Board of Florida priced $62.31 million of series 2014 refunding certificates of participation, according to a pricing sheet.
The COPs (Aa3//AA-) were sold through senior managers Wells Fargo Securities LLC and Citigroup Global Markets Inc.
The certificates are due 2018 to 2022 and 2027 to 2030 with 3.25% to 5% coupons and yields from 1.03% to 3.4%.
Proceeds will be used to refund the board’s series 2006A certificates of participation.
| Issuer: | Brevard County School Board, Fla.
|
| Issue: | Series 2014 refunding certificates of participation
|
| Amount: | $62.31 million
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC and Citigroup Global Markets Inc. (lead), Raymond James/Morgan Keegan and Stifel, Nicolaus & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Fitch: AA-
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| Pricing date: | Sept. 19
|
| Settlement date: | Oct. 22
|
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $205,000 | 2018 | Serial | 4% | 110.73 | 1.03%
|
| $1,775,000 | 2019 | Serial | 5% | 116.537 | 1.35%
|
| $1,865,000 | 2020 | Serial | 5% | 117.531 | 1.75%
|
| $1.96 million | 2021 | Serial | 5% | 118.149 | 2.08%
|
| $900,000 | 2022 | Serial | 5% | 118.235 | 2.39%
|
| $12.93 million | 2027 | Serial | 5% | 116.524 | 3.02%
|
| $3,575,000 | 2028 | Serial | 3.25% | 98.365 | 3.40%
|
| $10 million | 2028 | Serial | 5% | 115.796 | 3.10%
|
| $14,195,000 | 2029 | Serial | 5% | 114.982 | 3.19%
|
| $14,905,000 | 2030 | Serial | 5% | 114.265 | 3.27%
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