Published on 5/14/2012 in the Prospect News Municipals Daily.
New Issue: Los Angeles Unified School District sells $160.19 million of COPs
By Sheri Kasprzak
New York, May 14 - The Los Angeles Unified School District of California priced $160.19 million of series 2012 headquarters building project refunding certificates of participation, according to an official statement.
The deal included $87,845,000 of series 2012A COPs and $72,345,000 of series 2012B COPs.
The 2012A bonds are due 2012 to 2032 with 2% to 5% coupons and yields from 0.34% to 4.32%. The 2012B COPs are due 2012 to 2031 with 2% to 5% coupons and yields from 0.34% to 4.09%.
The certificates (A1/A+/) were sold through RBC Capital Markets LLC and Piper Jaffray & Co. The co-managers were Backstrom McCarley Berry & Co. LLC.
Proceeds will be used to refund the district's series 2008A-B certificates.
| Issuer: | Los Angeles Unified School District
|
| Issue: | Series 2012 headquarters building project refunding certificates of participation
|
| Amount: | $160.19 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC and Piper Jaffray & Co. (lead), Backstrom McCarley Berry & Co. LLC (co-manager)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Pricing date: | May 3
|
| Settlement date: | June 12
|
|
|
| $87,845,000 series 2012A COPs
|
| Amount | Maturity | Type | Coupon | Yield | Price
|
| $1.17 million | 2012 | Serial | 2% | 0.34% | 100.501
|
| $6.04 million | 2013 | Serial | 2% | 0.67% | 101.721
|
| $6,095,000 | 2014 | Serial | 4% | 0.97% | 106.882
|
| $6.27 million | 2015 | Serial | 4% | 1.29% | 108.733
|
| $6.46 million | 2016 | Serial | 5% | 1.60% | 114.080
|
| $6,705,000 | 2017 | Serial | 5% | 1.94% | 115.346
|
| $6,965,000 | 2018 | Serial | 5% | 2.24% | 116.136
|
| $7.24 million | 2019 | Serial | 5% | 2.50% | 116.589
|
| $7,525,000 | 2020 | Serial | 5% | 2.79% | 116.274
|
| $7.82 million | 2021 | Serial | 5% | 3.01% | 116.037
|
| $8.13 million | 2022 | Serial | 5% | 3.20% | 115.687
|
| $7,795,000 | 2023 | Serial | 5% | 3.41% | 113.710
|
| $1,255,000 | 2024 | Serial | 4.25% | 3.65% | 105.109
|
| $1,095,000 | 2025 | Serial | 4.25% | 3.81% | 103.715
|
| $1,125,000 | 2026 | Serial | 3.75% | 3.97% | 97.612
|
| $1.16 million | 2027 | Serial | 4% | 4.06% | 99.316
|
| $1.19 million | 2028 | Serial | 4% | 4.12% | 98.580
|
| $1.23 million | 2029 | Serial | 4.125% | 4.20% | 99.079
|
| $1.27 million | 2030 | Serial | 4.125% | 4.23% | 98.666
|
| $1,305,000 | 2031 | Serial | 4.25% | 4.32% | 99.084
|
|
|
| $72,345,000 series 2012B COPs
|
| Amount | Maturity | Type | Coupon | Yield | Price
|
| $630,000 | 2012 | Serial | 2% | 0.34% | 100.501
|
| $170,000 | 2013 | Serial | 2% | 0.68% | 101.708
|
| $305,000 | 2014 | Serial | 3% | 0.98% | 104.587
|
| $315,000 | 2015 | Serial | 3% | 1.31% | 105.444
|
| $325,000 | 2016 | Serial | 3% | 1.63% | 105.669
|
| $335,000 | 2017 | Serial | 4% | 1.94% | 110.330
|
| $345,000 | 2018 | Serial | 2.125% | 2.24% | 99.326
|
| $355,000 | 2019 | Serial | 2.375% | 2.50% | 99.168
|
| $360,000 | 2020 | Serial | 2.625% | 2.80% | 98.709
|
| $375,000 | 2021 | Serial | 3% | 3.03% | 99.755
|
| $385,000 | 2022 | Serial | 3.125% | 3.20% | 99.343
|
| $400,000 | 2023 | Serial | 3.25% | 3.41% | 98.506
|
| $6.75 million | 2024 | Serial | 5% | 3.54% | 112.507
|
| $7,525,000 | 2025 | Serial | 5% | 3.66% | 111.410
|
| $7,905,000 | 2026 | Serial | 5% | 3.77% | 110.415
|
| $8.3 million | 2027 | Serial | 5% | 3.86% | 109.609
|
| $8,715,000 | 2028 | Serial | 5% | 3.94% | 108.899
|
| $9,155,000 | 2029 | Serial | 5% | 4.00% | 108.370
|
| $9,605,000 | 2030 | Serial | 5% | 4.04% | 108.019
|
| $10.09 million | 2031 | Serial | 5% | 4.09% | 107.582
|
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