By Sheri Kasprzak
New York, Feb. 18 - The Los Angeles Unified School District priced $1,745,995,000 in series 2010 general obligation bonds (Aa3/AA-/) on Thursday, according to pricing sheets.
The bonds were sold with Citigroup Global Markets Inc. as the joint bookrunner for the series 2010RY bonds, the lead for the 2010KRY bonds and sole manager for the series 2010-I and 2010-A bonds.
Barclays Capital Inc. and Goldman Sachs & Co. were joint bookrunners for the series 2010RY bonds, along with Morgan Stanley & Co., which was also a joint bookrunner for the 2010KRY bonds.
RBC Capital Markets Corp., Stone & Youngberg and Rice Financial Products Co. were the co-managers for the series 2010KRY bonds. De La Rosa & Co. and Ramirez & Co. Inc. were the co-managers for the 2010A bonds.
The sale included $1,250,585,000 in series 2010RY Build America Bonds, $416.62 million in series 2010KRY bonds, $74.995 million in series 2010A refunding bonds and $3.795 million in series 2010I refunding bonds.
The 2010RY bonds are due 2034 with a 6.758% coupon, priced at par. The 2010A bonds are due 2010 to 2015 with 2% to 5% coupons, and the 2010I bonds are due 2013 with a 2.75% coupon, priced at 100.536. The full details of the 2010KRY bonds were not immediately available, but the bonds are due 2018 to 2026 with term bonds due 2010, 2028 and 2034. Coupons range from 1.5% to 5.25%.
Proceeds will be used to construct new schools, to repair and renovate existing schools, to improve technology systems, to purchase library books and to refund debt.
| Issuer: | Los Angeles Unified School District
|
| Issue: | Series 2010 general obligation bonds
|
| Amount: | $1,745,995,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc., Barclays Capital Inc., Goldman Sachs & Co., Morgan Stanley & Co. (leads), RBC Capital Markets, Stone & Youngberg, Rice Financial Products, De La Rosa & Co. and Ramirez & Co. Inc. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | Feb. 18
|
| Settlement date: | March 4
|
|
|
| Series 2010RY
|
| Maturity | Type | Coupon | Price
|
| 2034 | Term | 6.758% | 100
|
|
|
| Series 2010KRY
|
| Maturity | Type | Coupon
|
| 2010 | Term | 1.5%
|
| 2018 | Serial | 5%
|
| 2019 | Serial | 5%
|
| 2020 | Serial | 4%
|
| 2021 | Serial | 4%
|
| 2022 | Serial | 5%
|
| 2023 | Serial | 5.25%
|
| 2024 | Serial | 5.25%
|
| 2025 | Serial | 5.25%
|
| 2026 | Serial | 5.25%
|
| 2028 | Term | 5.25%
|
| 2034 | Term | 5.25%
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2010 | Serial | 2% | 100.551
|
| 2011 | Serial | 2% | 101.844
|
| 2012 | Serial | 3% | 104.584
|
| 2013 | Serial | 3% | 105.245
|
| 2013 | Serial | 4% | 108.484
|
| 2014 | Serial | 3% | 105.055
|
| 2015 | Serial | 4% | 108.733
|
| 2015 | Serial | 5% | 113.724
|
|
|
| Series 2010I
|
| Maturity | Type | Coupon | Price
|
| 2013 | Term | 2.75% | 100.536
|
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