Published on 6/12/2014 in the Prospect News Municipals Daily.
New Issue: Los Angeles Unified School District prices $1.62 billion of G.O. bonds
By Sheri Kasprzak
New York, June 12 – The Los Angeles Unified School District sold $1,622,000,000 of series 2014 general obligation refunding bonds, said a pricing sheet.
The deal included $196.85 million of series 2014A bonds, $323,335,000 of series 2014B bonds, $948,355,000 of series 2014C bonds and $153.46 million of series 2014D bonds.
The 2014A bonds are due 2015 to 2022 with 1% to 5% coupons.
The 2014B bonds are due 2017 to 2026 with 5% coupons.
The 2014C bonds are due 2015 to 2031 with coupons from 1% to 5%.
The 2014D bonds are due 2018 to 2030 with 5% coupons.
The bonds (/AA-/) were sold through J.P. Morgan Securities LLC.
Proceeds will be used to advance or current refund existing debt held by the district.
| Issuer: | Los Angeles Unified School District
|
| Issue: | Series 2014 general obligation refunding bonds
|
| Amount: | $1,622,000,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead); BofA Merrill Lynch; Goldman, Sachs & Co.; Fidelity Capital Markets Inc.; Siebert Brandford Shank & Co. LLC; and Backstrom McCarley Berry & Co. LLC (co-managers)
|
| Rating: | Standard & Poor’s: AA-
|
| Pricing date: | June 12
|
| Settlement date: | June 26
|
|
|
| $196.85 million series 2014A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $18.52 million | 2015 | Serial | 1% | 100.891
|
| $35,915,000 | 2016 | Serial | 3% | 105.5
|
| $32,475,000 | 2017 | Serial | 5% | 112.833
|
| $33,655,000 | 2018 | Serial | 5% | 115.357
|
| $17,705,000 | 2019 | Serial | 5% | 117.107
|
| $18.59 million | 2020 | Serial | 5% | 118.537
|
| $19.51 million | 2021 | Serial | 5% | 119.252
|
| $20.48 million | 2022 | Serial | 5% | 119.657
|
|
|
| $323,335,000 series 2014B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $40,055,000 | 2017 | Serial | 5% | 112.833
|
| $108,635,000 | 2018 | Serial | 5% | 115.357
|
| $23.62 million | 2019 | Serial | 5% | 117.107
|
| $24.79 million | 2020 | Serial | 5% | 118.537
|
| $26.02 million | 2021 | Serial | 5% | 119.252
|
| $27.32 million | 2022 | Serial | 5% | 119.657
|
| $28,695,000 | 2023 | Serial | 5% | 119.974
|
| $30,185,000 | 2024 | Serial | 5% | 120.549
|
| $6,835,000 | 2025 | Serial | 5% | 119.191
|
| $7.18 million | 2026 | Serial | 5% | 118.232
|
|
|
| $948,355,000 series 2014C refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,555,000 | 2015 | Serial | 1% | 100.891
|
| $12,965,000 | 2016 | Serial | 3% | 105.5
|
| $6.56 million | 2017 | Serial | 2% | 103.9
|
| $18,365,000 | 2017 | Serial | 5% | 112.833
|
| $675,000 | 2018 | Serial | 2% | 103.604
|
| $8.79 million | 2018 | Serial | 3% | 107.522
|
| $24.84 million | 2018 | Serial | 5% | 115.357
|
| $580,000 | 2019 | Serial | 2% | 102.65
|
| $2,635,000 | 2019 | Serial | 3% | 107.469
|
| $49.89 million | 2019 | Serial | 5% | 117.107
|
| $2,295,000 | 2020 | Serial | 2% | 101.478
|
| $1,615,000 | 2020 | Serial | 4% | 112.851
|
| $50.85 million | 2020 | Serial | 5% | 118.537
|
| $495,000 | 2021 | Serial | 3% | 106.244
|
| $52.92 million | 2021 | Serial | 5% | 119.252
|
| $1,185,000 | 2022 | Serial | 3% | 105.096
|
| $60.54 million | 2022 | Serial | 5% | 119.657
|
| $1,835,000 | 2023 | Serial | 3% | 103.93
|
| $80,165,000 | 2023 | Serial | 5% | 119.974
|
| $1,665,000 | 2024 | Serial | 3% | 103.06
|
| $84.46 million | 2024 | Serial | 5% | 120.549
|
| $595,000 | 2025 | Serial | 3% | 100.95
|
| $89,895,000 | 2025 | Serial | 5% | 119.191
|
| $1,945,000 | 2026 | Serial | 3% | 99.102
|
| $84.04 million | 2026 | Serial | 5% | 118.232
|
| $16.67 million | 2027 | Serial | 3.125% | 98.264
|
| $53,635,000 | 2027 | Serial | 5% | 117.283
|
| $75,515,000 | 2028 | Serial | 5% | 116.717
|
| $56,595,000 | 2029 | Serial | 5% | 115.875
|
| $80,395,000 | 2030 | Serial | 5% | 115.875
|
| $24.19 million | 2031 | Serial | 4% | 103.593
|
|
|
| $153.46 million series 2014D bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $9.84 million | 2018 | Serial | 5% | 115.357
|
| $13,515,000 | 2019 | Serial | 5% | 117.107
|
| $15.01 million | 2020 | Serial | 5% | 118.537
|
| $19.62 million | 2021 | Serial | 5% | 119.252
|
| $15.02 million | 2022 | Serial | 5% | 119.657
|
| $14,945,000 | 2023 | Serial | 5% | 119.974
|
| $15.61 million | 2024 | Serial | 5% | 120.549
|
| $15.96 million | 2025 | Serial | 5% | 119.191
|
| $25,035,000 | 2026 | Serial | 5% | 118.232
|
| $3,755,000 | 2027 | Serial | 5% | 117.283
|
| $2.2 million | 2028 | Serial | 5% | 116.717
|
| $1.45 million | 2029 | Serial | 5% | 115.875
|
| $1.5 million | 2030 | Serial | 5% | 115.225
|
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