New Issue: Chippewa Valley Schools, Mich., prices $63.92 million refunding bonds

By Sheri Kasprzak

New York, Jan. 7 – The Chippewa Valley Schools of Michigan sold $63,915,000 of series 2016A unlimited tax general obligation refunding bonds, according to a pricing sheet.

The bonds (Aa1) were sold through Stifel, Nicolaus & Co. Inc. and Fifth Third Securities Inc.

The bonds are due 2017 to 2035 with 2% to 5% coupons and yields from 0.87% to 2.98%.

Proceeds will be used to refund the school system’s series 2010 school building and site bonds.

Issuer:	Chippewa Valley Schools
Issue:	Series 2016A unlimited tax general obligation refunding bonds
Amount:	$63,915,000
Type:	Negotiated
Underwriters:	Stifel, Nicolaus & Co. Inc. and Fifth Third Securities Inc.
Rating:	Moody’s: Aa1
Pricing date:	Jan. 6
Settlement date:	Jan. 27
Amount	Maturity	Type	Coupon	Price	Yield
$215,000	2017	Serial	4%	103.916	0.87%
$3.38 million	2018	Serial	5%	108.684	1.10%
$3,445,000	2019	Serial	5%	111.91	1.26%
$3,465,000	2020	Serial	5%	114.794	1.41%
$3.51 million	2021	Serial	2%	102.213	1.56%
$3.45 million	2022	Serial	5%	119.322	1.73%
$3.49 million	2023	Serial	5%	120.93	1.90%
$3.54 million	2024	Serial	2.75%	105.059	2.08%
$3,485,000	2025	Serial	5%	123.246	2.21%
$3,505,000	2026	Serial	5%	122.404	2.41%
$3.53 million	2027	Serial	5%	121.627	2.49%
$3.55 million	2028	Serial	5%	120.952	2.56%
$3,565,000	2029	Serial	5%	120.282	2.63%
$3,585,000	2030	Serial	5%	119.71	2.69%
$3,605,000	2031	Serial	5%	119.237	2.74%
$3,625,000	2032	Serial	5%	118.766	2.79%
$3.64 million	2033	Serial	5%	118.016	2.87%
$3,655,000	2034	Serial	5%	117.458	2.93%
$3,675,000	2035	Serial	5%	116.995	2.98%

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