Published on 1/15/2014 in the Prospect News Municipals Daily.
New Issue: Livonia Public Schools, Mich., sells $65.03 million G.O. refunding debt
By Sheri Kasprzak
New York, Jan. 15 - The Livonia Public Schools School District of Michigan sold $65,025,000 of series 2014 unlimited tax general obligation refunding bonds, according to a pricing sheet.
The bonds (/A/) were sold through J.P. Morgan Securities LLC.
The bonds are due 2015 to 2025 with 2% to 5% coupons and 0.59% to 4.15% yields.
Proceeds will be used to refund the district's series 2004A-B unlimited tax G.O. bonds.
| Issuer: | Livonia Public Schools School District, Mich.
|
| Issue: | Series 2014 unlimited tax general obligation refunding bonds
|
| Amount: | $65,025,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Stifel, Nicolaus & Co. Inc. and Fifth Third Securities Inc. (co-managers)
|
| Rating: | Standard & Poor's: A
|
| Pricing date: | Jan. 10
|
| Settlement date: | Feb. 13
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $5,035,000 | 2015 | Serial | 2% | 0.59%
|
| $5.88 million | 2016 | Serial | 4% | 0.90%
|
| $6.12 million | 2017 | Serial | 4% | 1.33%
|
| $6,435,000 | 2018 | Serial | 5% | 1.77%
|
| $6,755,000 | 2019 | Serial | 5% | 2.26%
|
| $7,095,000 | 2020 | Serial | 5% | 2.75%
|
| $7,405,000 | 2021 | Serial | 5% | 3.11%
|
| $7.81 million | 2022 | Serial | 5% | 3.46%
|
| $4,185,000 | 2023 | Serial | 5% | 3.73%
|
| $4,125,000 | 2024 | Serial | 4% | 4.09%
|
| $4.18 million | 2025 | Serial | 4% | 4.15%
|
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