Published on 3/2/2016 in the Prospect News Municipals Daily.
New Issue: Los Angeles USD, Calif., prices $1.22 billion general obligation bonds
By Sheri Kasprzak
New York, March 2 – The Los Angeles Unified School District of California priced $1,226,355,000 of series 2016 general obligation bonds, according to a pricing sheet. The deal was upsized from $1,225,000,000.
The deal included $648,955,000 of election of 2008 series 2016A G.O. bonds and $577.4 million of series 2016A G.O. refunding bonds.
The election of 2008 bonds are due 2017 to 2036 with a term bond due in 2040. The serial coupons range from 3% to 5%. The 2040 bonds have a 4% coupon priced at 105.94 and a 5% coupon priced at 116.908.
The refunding bonds are due 2016 to 2030 with 3% to 5% coupons.
The bonds (Aa2//AAA) were sold through senior managers Citigroup Global Markets Inc. and Wells Fargo Securities LLC.
Proceeds will be used to finance school construction projects and refund existing debt.
| Issuer: | Los Angeles Unified School District
|
| Issue: | Series 2016 general obligation bonds
|
| Amount: | $1,226,355,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Wells Fargo Securities LLC (lead), J.P. Morgan Securities LLC, Alamo Capital Inc., Fidelity Capital Markets Inc., Hutchinson Shockey Erley & Co. and Loop Capital Markets LLC (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AAA
|
| Pricing date: | March 1
|
| Settlement date: | April 1
|
|
|
| $648,955,000 election of 2008 series 2016A general obligation bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $15,445,000 | 2017 | Serial | 5% | 105.679
|
| $16,215,000 | 2018 | Serial | 5% | 109.558
|
| $17,025,000 | 2019 | Serial | 5% | 113.229
|
| $17,875,000 | 2020 | Serial | 3% | 108.279
|
| $18,415,000 | 2021 | Serial | 4% | 114.503
|
| $19.15 million | 2022 | Serial | 4% | 115.868
|
| $19,915,000 | 2023 | Serial | 4% | 116.713
|
| $20,715,000 | 2024 | Serial | 5% | 118.51
|
| $21.75 million | 2025 | Serial | 5% | 118.01
|
| $22,835,000 | 2026 | Serial | 5% | 117.678
|
| $23.98 million | 2027 | Serial | 5% | 124.14
|
| $25,175,000 | 2028 | Serial | 5% | 116.799
|
| $26,435,000 | 2029 | Serial | 5% | 116.416
|
| $27,755,000 | 2030 | Serial | 5% | 116.09
|
| $29,145,000 | 2031 | Serial | 5% | 115.602
|
| $30.6 million | 2032 | Serial | 5% | 115.116
|
| $32.13 million | 2033 | Serial | 4% | 108.602
|
| $33.42 million | 2034 | Serial | 4% | 108.181
|
| $34,755,000 | 2035 | Serial | 4% | 107.762
|
| $36,145,000 | 2036 | Serial | 3.5% | 102.138
|
| $75 million | 2040 | Term | 4% | 105.94
|
| $85,075,000 | 2040 | Term | 5% | 116.908
|
|
|
| $577.4 million series 2016A general obligation refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $9.22 million | 2016 | Serial | 5% | 101.15
|
| $39,575,000 | 2017 | Serial | 5% | 105.679
|
| $23,975,000 | 2018 | Serial | 5% | 109.558
|
| $101.22 million | 2019 | Serial | 5% | 113.229
|
| $95,945,000 | 2020 | Serial | 3% | 108.279
|
| $40 million | 2020 | Serial | 5% | 116.559
|
| $29,235,000 | 2021 | Serial | 5% | 119.574
|
| $30.41 million | 2022 | Serial | 5% | 121.834
|
| $39,635,000 | 2023 | Serial | 5% | 123.536
|
| $41,755,000 | 2024 | Serial | 5% | 125.006
|
| $43,825,000 | 2025 | Serial | 5% | 126.442
|
| $26.75 million | 2026 | Serial | 5% | 125.189
|
| $7.77 million | 2027 | Serial | 5% | 124.14
|
| $8,965,000 | 2028 | Serial | 5% | 123.196
|
| $29.35 million | 2029 | Serial | 5% | 122.54
|
| $9.77 million | 2030 | Serial | 5% | 121.889
|
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