By Sheri Kasprzak
New York, Dec. 16 - The South Dakota Conservancy District sold $92.38 million of series 2010 state revolving fund program bonds, said a term sheet.
The sale included $38.695 million of series 2010A Build America Bonds and $53.685 million of series 2010B bonds.
J.P. Morgan Securities LLC and Piper Jaffray & Co. were the senior managers with Wells Fargo Securities LLC as the co-manager.
The 2010A bonds are due 2019 to 2025 with a term bond due in 2030. The coupons range from 4.084% to 5.284%, all priced at par. The 2030 bonds have a 5.646% coupon priced at par.
The 2010B bonds are due 2011 to 2020 with a term bond due in 2029. The serial coupons range from 2% to 5%. The 2029 bonds have a 5.125% coupon priced at 103.637.
Proceeds will be used to refund the district's outstanding $54.33 million of series 2010 bond anticipation notes and $42.26 million of series 1998 and 2008 bonds.
| Issuer: | South Dakota Conservancy District
|
| Issue: | Series 2010 state revolving fund program bonds
|
| Amount: | $92.38 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Piper Jaffray & Co. (lead), Wells Fargo Securities LLC (co-managers)
|
| Pricing date: | Dec. 14
|
| Settlement date: | Dec. 28
|
|
|
| $38.695 million series 2010A
|
| Amount | Maturity | Type | Coupon | Price
|
| $805,000 | 2019 | Serial | 4.084% | 100
|
| $840,000 | 2020 | Serial | 4.284% | 100
|
| $5 million | 2021 | Serial | 4.384% | 100
|
| $5 million | 2022 | Serial | 4.684% | 100
|
| $5 million | 2023 | Serial | 4.884% | 100
|
| $5 million | 2024 | Serial | 5.034% | 100
|
| $5 million | 2025 | Serial | 5.284% | 100
|
| $12.05 million | 2030 | Term | 5.646% | 100
|
|
|
| $53.685 million series 2010B
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.535 million | 2011 | Serial | 2% | 100.944
|
| $575,000 | 2012 | Serial | 3% | 103.552
|
| $3.405 million | 2012 | Serial | 5% | 106.711
|
| $700,000 | 2013 | Serial | 3% | 104.84
|
| $3.47 million | 2013 | Serial | 5% | 109.936
|
| $275,000 | 2014 | Serial | 3% | 105.153
|
| $4.08 million | 2014 | Serial | 5% | 112.117
|
| $1.2 million | 2015 | Serial | 3.5% | 107.275
|
| $3.37 million | 2015 | Serial | 5% | 113.85
|
| $950,000 | 2016 | Serial | 3% | 104.616
|
| $2 million | 2016 | Serial | 4.5% | 112.485
|
| $1.835 million | 2016 | Serial | 5% | 115.108
|
| $800,000 | 2017 | Serial | 3% | 102.59
|
| $4.185 million | 2017 | Serial | 5% | 114.645
|
| $2.35 million | 2018 | Serial | 3% | 100.947
|
| $2.88 million | 2018 | Serial | 5% | 114.508
|
| $1.7 million | 2019 | Serial | 3% | 98.58
|
| $1.46 million | 2019 | Serial | 5% | 113.505
|
| $1.55 million | 2020 | Serial | 3.2% | 98.131
|
| $1.35 million | 2020 | Serial | 5% | 112.737
|
| $13.015 million | 2029 | Term | 5.125% | 103.637
|
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