By Sheri Kasprzak
New York, April 22 - The Los Angeles Unified School District brought $449.69 million in series 2010J taxable qualified school construction bonds (Aa2), according to a pricing sheet.
The offering included $159. 495 million in series 2010KY tax-exempt general obligation bonds, $190.195 million in election of 2005 series 2010J-1 bonds and $100 million in election of 2005 series 2010J-2 bonds.
The 2010KY bonds are due 2012 to 2018 with 1.1% to 5% coupons. The full pricing data was not immediately available Thursday.
The 2010J-1 bonds are due May 1, 2027, and have a 5.981% coupon, priced at par. The 2010J-2 bonds are due May 1, 2027, and have a 5.72% coupon, also priced at par.
Citigroup Global Markets Inc. and Morgan Stanley & Co. Inc. were the lead managers for the series 2010KY bonds and RBC Capital Markets Corp., Rice Financial Products Co. and Stone &Youngberg were the co-managers. Goldman, Sachs & Co. was the senior manager for the series 2010J bonds and De La Rosa & Co. and Ramirez & Co. Inc. were the co-managers for the J bonds.
The proceeds will be used to fund the construction of new schools throughout the district, as well as to renovate existing schools.
| Issuer: | Los Angeles Unified School District
|
| Issue: | Series 2010KY general obligation bonds and series 2010J taxable qualified school construction bonds
|
| Amount: | $449.69 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Morgan Stanley & Co. Inc. (lead for KY), RBC Capital Markets Corp., Rice Financial Products Co. and Stone & Youngberg (co-managers for KY), Goldman, Sachs & Co. (lead for J), De La Rosa & Co. and Ramirez & Co. Inc. (co-managers for J)
|
| Ratings: | Moody's: Aa2
|
| Pricing date: | April 22
|
| Settlement date: | May 6
|
|
|
| Series 2010KY
|
| Maturity | Type | Coupon
|
| 2012 | Serial | 1.1%
|
| 2012 | Serial | 4%
|
| 2013 | Serial | 1.5%
|
| 2013 | Serial | 4%
|
| 2014 | Serial | 2%
|
| 2014 | Serial | 5%
|
| 2015 | Serial | 2.35%
|
| 2015 | Serial | 5%
|
| 2016 | Serial | 2.75%
|
| 2016 | Serial | 5%
|
| 2017 | Serial | 3%
|
| 2017 | Serial | 5%
|
| 2018 | Serial | 3.25%
|
|
|
| Series 2010J-1
|
| Maturity | Type | Coupon | Price
|
| May 1, 2027 | Term | 5.981% | 100
|
|
|
| Series 2010J-2
|
| Maturity | Type | Coupon | Price
|
| May 1, 2027 | Term | 5.72% | 100
|
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