Published on 5/20/2015 in the Prospect News Municipals Daily.
New Issue: Chippewa Valley Schools, Mich., prices $233.85 million refunding bonds
By Sheri Kasprzak
New York, May 20 – The Chippewa Valley Schools of Michigan sold $233,845,000 of series 2015 general obligation refunding bonds, according to a pricing sheet.
The bonds were sold through Stifel, Nicolaus & Co. Inc. and Fifth Third Securities Inc.
The deal included $38.17 million of series 2015A unlimited tax G.O. refunding bonds and $195,675,000 of series 2015B taxable G.O. refunding bonds.
The 2015A bonds are due 2023 to 2027 with 3.125% to 5% coupons and 2.52% to 3.34% yields.
The 2015B bonds are due 2016 to 2022 with 0.68% to 2.98% coupons, all priced at par.
Proceeds will be used to refund the school district’s series 2005 refunding bonds and series 2010 school building and site bonds.
| Issuer: | Chippewa Valley Schools
|
| Issue: | Series 2015 general obligation refunding bonds
|
| Amount: | $233,845,000
|
| Type: | Negotiated
|
| Underwriters: | Stifel, Nicolaus & Co. Inc. and Fifth Third Securities Inc.
|
| Pricing date: | May 14
|
| Settlement date: | June 16
|
|
|
| $38.17 million series 2015A unlimited tax G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5.43 million | 2023 | Serial | 5% | 117.611 | 2.52%
|
| $9.48 million | 2024 | Serial | 5% | 117.781 | 2.73%
|
| $9,555,000 | 2025 | Serial | 5% | 117.729 | 2.92%
|
| $9.73 million | 2026 | Serial | 5% | 116.33 | 3.07%
|
| $3,975,000 | 2027 | Serial | 3.125% | 97.904 | 3.34%
|
|
|
| $195,675,000 series 2015B taxable G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.25 million | 2016 | Serial | 0.68% | 100 | 0.68%
|
| $33.75 million | 2017 | Serial | 1.18% | 100 | 1.18%
|
| $34.6 million | 2018 | Serial | 1.64% | 100 | 1.64%
|
| $30,125,000 | 2019 | Serial | 2.10% | 100 | 2.10%
|
| $31.4 million | 2020 | Serial | 2.35% | 100 | 2.35%
|
| $30,175,000 | 2021 | Serial | 2.73% | 100 | 2.73%
|
| $34,375,000 | 2022 | Serial | 2.98% | 100 | 2.98%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
