New Issue: Los Angeles school district prices $950 million G.O.s to yield 0.58%-5.35%

By Sheri Kasprzak

New York, Feb. 9 - The Los Angeles Unified School District priced $950 million in series 2009 general obligation bonds on Wednesday, according to an official statement released Monday.

The sale included $250 million in series 2009D bonds, $550 million in series 2009I bonds and $150 million in series 2009F bonds.

The bonds (Aa3/AA-/) were sold on a negotiated basis with Barclays Capital Inc. and Morgan Stanley & Co. Inc as lead managers. The co-managers were De La Rosa & Co., Stone & Youngberg and Backstrom McCarley Berry & Co. LLC.

The 2009D bonds are due 2009 to 2027 with coupons from 2.5% to 5.25% with yields from 0.58% to 5.12%. The 2029 term bond has a 5.2% coupon, priced at par. The 2034 term bond has a 5.3% coupon to yield 5.35% and the 2034 term bond has a 5% coupon to yield 5.35%.

The 2009I bonds are due 2009 to 2027 with coupons from 2.5% to 5.25% and yields from 0.58% to 5.12%. The 2029 term bond has a 5% coupon to yield 5.2%. The 2034 term bond has a 5% coupon to yield 5.35%.

The 2009F bonds are due 2009 to 2027 with coupons from 2.5% to 5.25% and yields from 0.58% to 5.12%. The 2029 term bond has a 5% coupon to yield 5.2%. The 2034 term bond has a 5% coupon to yield 5.35%.

Proceeds from the sale will be used to improve local school buildings and facilities.

Issuer:	Los Angeles Unified School District
Issue:	Series 2009 general obligation bonds
Amount:	$950 million
Type:	Negotiated
Underwriters:	Barclays Capital Inc. and Morgan Stanley & Co. Inc. (lead); De La Rosa & Co., Stone & Youngberg and Backstrom McCarley Berry & Co. LLC (co-managers)
Ratings:	Moody's: Aa3
	Standard & Poor's: AA-
Pricing date:	Feb. 4
Settlement date:	Feb. 19
Series 2009D bonds
Maturity	Type	Coupon	Yield
2009	Serial	2.5%	0.58%
2010	Serial	2.5%	0.63%
2010	Serial	2.5%	1.40%
2011	Serial	3%	2.03%
2012	Serial	3%	2.25%
2013	Serial	2.5%	2.42%
2014	Serial	5%	2.69%
2015	Serial	3.25%	2.90%
2016	Serial	3.125%	3.10%
2017	Serial	4%	3.34%
2018	Serial	5%	3.58%
2019	Serial	5%	3.84%
2020	Serial	5%	4.11%
2021	Serial	5%	4.39%
2022	Serial	4.5%	4.54%
2022	Serial	5%	4.54%
2023	Serial	4.7%	4.71%
2023	Serial	5.25%	4.71%
2024	Serial	5.25%	4.85%
2025	Serial	5.25%	4.96%
2026	Serial	5%	5.05%
2027	Serial	5%	5.12%
2029	Term	5.2%	5.20%
2034	Term	5.3%	5.35%
2034	Term	5%	5.35%
Series 2009I bonds
Maturity	Type	Coupon	Yield
2009	Serial	2.5%	0.58%
2010	Serial	2.5%	0.62%
2010	Serial	2.5%	1.40%
2011	Serial	3%	2.03%
2012	Serial	3%	2.25%
2013	Serial	2.5%	2.42%
2014	Serial	5%	2.69%
2015	Serial	3.25%	2.90%
2016	Serial	3.125%	3.10%
2017	Serial	4%	3.34%
2018	Serial	5%	3.58%
2019	Serial	5%	3.84%
2020	Serial	5%	4.11%
2021	Serial	5%	4.39%
2022	Serial	4.5%	4.54%
2022	Serial	5%	4.54%
2023	Serial	4.7%	4.71%
2023	Serial	5.25%	4.71%
2024	Serial	5.25%	4.85%
2025	Serial	5.25%	4.96%
2026	Serial	5%	5.05%
2027	Serial	5%	5.12%
2029	Term	5 %	5.20%
2034	Term	5%	5.35%
Serial 2009F bonds
Maturity	Type	Coupon	Yield
2009	Serial	2.5%	0.58%
2010	Serial	2.5%	0.63%
2010	Serial	4%	1.40%
2011	Serial	3%	2.03%
2012	Serial	5%	2.25%
2013	Serial	2.5%	2.42%
2014	Serial	5%	2.69%
2015	Serial	5%	2.90%
2016	Serial	4%	3.10%
2017	Serial	4%	3.34%
2018	Serial	3.6%	3.58%
2019	Serial	5%	3.84%
2020	Serial	4.125%	4.11%
2021	Serial	5%	4.39%
2022	Serial	5%	4.54%
2023	Serial	5.25%	4.71%
2024	Serial	5.25%	4.85%
2025	Serial	5.25%	4.96%
2026	Serial	5%	5.05%
2027	Serial	5%	5.12%
2029	Term	5%	5.20%
2034	Term	5%	5.35%

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