Published on 3/23/2016 in the Prospect News Municipals Daily.
New Issue: Broward County School Board, Fla., prices $214.98 million COPs
By Sheri Kasprzak
New York, March 23 – The Broward County School Board of Florida sold $214,975,000 of series 2016 certificates of participation on Tuesday, according to a pricing sheet.
The COPs (Aa3/A+/A+) were sold through senior manager J.P. Morgan Securities LLC.
The deal included $196.15 million of series 2016A COPs and $18,825,000 of series 2016B COPs.
The 2016A certificates are due 2019 to 2033 with 3% to 5% coupons. The 2016B COPs are due 2025 to 2027 with 5% coupons.
Proceeds will be used to refund the board’s series 2008A and 2009A COPs.
| Issuer: | Broward County School Board
|
| Issue: | Series 2016 certificates of participation
|
| Amount: | $214,975,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: A+
|
| Fitch: A+
|
| Pricing date: | March 22
|
| Settlement date: | April 27
|
|
|
| $196.15 million series 2016A certificates of participation
|
| Amount | Maturity | Type | Coupon | Price
|
| $9,085,000 | 2019 | Serial | 5% | 112.145
|
| $9,545,000 | 2020 | Serial | 5% | 114.952
|
| $10,025,000 | 2021 | Serial | 5% | 117.154
|
| $10.52 million | 2022 | Serial | 5% | 119.079
|
| $11.05 million | 2023 | Serial | 5% | 120.408
|
| $11,605,000 | 2024 | Serial | 5% | 121.432
|
| $12,185,000 | 2025 | Serial | 5% | 122.129
|
| $12.79 million | 2026 | Serial | 5% | 122.642
|
| $13.43 million | 2027 | Serial | 5% | 121.237
|
| $14.1 million | 2028 | Serial | 5% | 120.246
|
| $14,805,000 | 2029 | Serial | 5% | 119.558
|
| $15.55 million | 2030 | Serial | 5% | 118.874
|
| $6,325,000 | 2031 | Serial | 3% | 98.199
|
| $10 million | 2031 | Serial | 5% | 118.389
|
| $17.14 million | 2032 | Serial | 5% | 117.617
|
| $17,995,000 | 2033 | Serial | 3.25% | 98.057
|
|
|
| $18,825,000 series 2016B certificates of participation
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.8 million | 2025 | Serial | 5% | 122.129
|
| $6,115,000 | 2026 | Serial | 5% | 122.642
|
| $6.91 million | 2027 | Serial | 5% | 121.237
|
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