Published on 8/6/2014 in the Prospect News Municipals Daily.
New Issue: Charleston Educational Excellence, S.C., sells $111.54 million bonds
By Sheri Kasprzak
New York, Aug. 6 – The Charleston Educational Excellence Financing Corp. sold $111,535,000 of series 2014 installment purchase revenue refunding bonds for the Charleston County School District, according to a pricing sheet.
The bonds (Aa2/AA/) were sold through Wells Fargo Securities LLC.
The bonds are due 2019 to 2031 with 5% coupons.
Proceeds will be used to finance the costs of acquiring, constructing, equipping and furnishing school facilities to be sold by the issuer to the Charleston County School District, as well as to refund the corporation’s series 2006 revenue bonds.
| Issuer: | Charleston Educational Excellence Financing Corp.
|
| Issue: | Series 2014 installment purchase revenue refunding bonds
|
| Amount: | $111,535,000
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC (lead), Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Pricing date: | Aug. 6
|
| Settlement date: | Sept. 9
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $6,255,000 | 2019 | Serial | 5% | 118.084
|
| $6,575,000 | 2020 | Serial | 5% | 119.42
|
| $6.92 million | 2021 | Serial | 5% | 120.167
|
| $7.27 million | 2022 | Serial | 5% | 120.797
|
| $7,645,000 | 2023 | Serial | 5% | 121.126
|
| $8.04 million | 2024 | Serial | 5% | 121.428
|
| $8,455,000 | 2025 | Serial | 5% | 120.332
|
| $8,895,000 | 2026 | Serial | 5% | 118.954
|
| $9.35 million | 2027 | Serial | 5% | 118.175
|
| $5 million | 2028 | Serial | 3% | 117.498
|
| $4.81 million | 2028 | Serial | 5% | 97.167
|
| $10,235,000 | 2029 | Serial | 5% | 116.73
|
| $10,765,000 | 2030 | Serial | 5% | 116.159
|
| $11.32 million | 2031 | Serial | 5% | 115.59
|
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