By Sheri Kasprzak
New York, June 12 - The Los Angeles Unified School District sold $600 million of series 2012-13 tax and revenue anticipation notes, said a pricing sheet.
The bonds (MIG 1) were sold competitively. Goldman, Sachs & Co. won $50 million of the bonds with a 0.12976% true interest cost and $50 million of notes with a 0.16012% TIC. Barclays Capital Inc. took $40 million of the notes with a 0.155556% TIC. Bank of America Merrill Lynch won $50 million of the offering with a 0.16380% TIC. Citigroup Global Markets Inc. took $25 million of the offering with a 0.16594% TIC and RBC Capital Markets LLC won $50 million of the offering with a 0.16619% TIC. J.P. Morgan Securities LLC won $335 million of the notes with a 0.16809% TIC.
All of the notes are due Feb. 28, 2013. The $50 million won by Bank of America Merrill Lynch has a 1.5% coupon priced at 100.882. The $335 million of notes won by J.P. Morgan has a 2.5% coupon priced at 101.539. The $25 million notes won by Citigroup have a 2% coupon, but were not reoffered. The other notes have a 1% coupon and were not reoffered.
Proceeds will be used to finance the general capital needs of the school district ahead of the collection of certain taxes and revenues.
| Issuer: | Los Angeles Unified School District
|
| Issue: | Series 2012-13 tax and revenue anticipation notes
|
| Amount: | $600 million
|
| Type: | Competitive
|
| Ratings: | Moody's: MIG 1
|
| Pricing date: | June 12
|
| Settlement date: | July 2
|
|
|
| Amount | Maturity | Coupon | Price | Winner
|
| $50 million | Feb. 28, 2013 | 1.5% | 100.882 | Bank of America Merrill Lynch
|
| $100 million | Feb. 28, 2013 | 1% | NRO | Goldman, Sachs & Co.
|
| $40 million | Feb. 28, 2013 | 1% | NRO | Barclays Capital Inc.
|
| $50 million | Feb. 28, 2013 | 1% | NRO | RBC Capital Markets LLC
|
| $335 million | Feb. 28, 2013 | 2.5% | 101.539 | J.P. Morgan Securities LLC
|
| $25 million | Feb. 28, 2013 | 2% | NRO | Citigroup Global Markets Inc.
|
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