By Cristal Cody
Springdale, Ark., May 6 - Riverside Unified School District in California priced $50 million general obligation bonds with a 4.966931% true interest cost on Tuesday, according to information released to Prospect News.
The series C 2001 election bonds (A1/A+/-) priced with 5% coupons to yield 2% to 4.68% on the serial maturities.
The bonds have serial maturities from 2009 through 2032 and term bonds in 2034 and 2038.
The 2034 term bond priced with a 4.75% coupon to yield 4.86%.
The 2038 term bond priced with a 5.25% coupon to yield 4.78%.
Citigroup Global Markets won the bidding in the competitive sale.
Proceeds will be used for district projects, including new elementary and middle schools, restroom renovations, a new library and permanent wing additions to replace portable classrooms.
| Issuer: | Riverside Unified School District in California
|
| Issue: | General obligation bonds
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| Amount: | $50 million
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| Type: | Competitive
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| True interest cost: | 4.966931%
|
| Coupons: | 5% for serials; 4.75% and 5.25% for terms
|
| Yields: | 2% to 4.68% for serials; 4.86% and 4.78% for terms
|
| Maturities: | 2009 to 2032 for serials; term bonds due 2034 and 2038
|
| Underwriter: | Citigroup Global Markets
|
| Ratings: | Moody's: A1
|
| S&P: A+
|
| Pricing date: | May 6
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