New Issue: Spring Lake Public Schools, Mich., sells downsized $47.28 million bonds

By Sheri Kasprzak

New York, June 4 - The Spring Lake Public Schools of Michigan priced $47,275,000 of series 2014 school building and site general obligation bonds, according to a pricing sheet. The deal was reduced from $54.26 million.

The bonds (/AA-/) were sold through Stifel, Nicolaus & Co. Inc.

The bonds are due 2017 to 2021 with term bonds due in 2035 and 2043. The serial coupons range from 3% to 5% and yields from 0.85% to 2.08%. The 2035 bonds have a 3.75% coupon priced at 98.571 to yield 3.85% and the 2043 bonds have a 4% coupon priced at 98.981 to yield 4.06%.

Proceeds will be used to construct additions to two elementary schools and a middle school, as well as to purchase school buses and make other capital improvements to schools within the district.

Issuer:	Spring Lake Public Schools
Issue:	Series 2014 school building and site general obligation bonds
Amount:	$47,275,000
Type:	Negotiated
Underwriter:	Stifel, Nicolaus & Co. Inc. (lead)
Rating:	Standard & Poor's: AA-
Pricing date:	June 4
Settlement date:	June 26
Amount	Maturity	Type	Coupon	Price	Yield
$2.71 million	2017	Serial	3%	107.079	0.85%
$7,905,000	2018	Serial	3%	107.137	1.10%
$3.05 million	2018	Serial	5%	116.001	1.21%
$8,235,000	2019	Serial	5%	116.557	1.45%
$3,525,000	2019	Serial	5%	117.524	1.57%
$8,615,000	2020	Serial	5%	117.864	1.77%
$4.03 million	2020	Serial	5%	118.648	1.87%
$8,985,000	2021	Serial	5%	118.543	2.08%
$140,000	2035	Term	3.75%	98.571	3.85%
$80,000	2043	Term	4%	98.981	4.06%

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