Published on 2/6/2014 in the Prospect News Municipals Daily.
New Issue: Cleveland Heights City School, Ohio, sells $137.7 million G.O. bonds
By Sheri Kasprzak
New York, Feb. 6 - The Cleveland Heights City School District of Ohio sold $137,695,000 of series 2014 general obligation bonds, according to a pricing sheet.
The bonds (Aa2/AA/) were sold through lead manager Stifel, Nicolaus & Co. Inc.
The deal included $128.7 million of current interest bonds and $8,995,000 of capital appreciation bonds.
The current interest bonds are due 2014 to 2034 with term bonds due in 2036, 2039, 2047 and 2051. The serial coupons range from 1.5% to 5.25% with 0.17% to 4.14% yields. The 2036 bonds have a 5.25% coupon priced at 109.168 to yield 4.05%, and the 2039 bonds have a 5% coupon priced at 104.509 to yield 4.4%. The 2047 bonds have a 4.5% coupon priced at 94.209 to yield 4.85%. The 2051 bonds have a 5% coupon priced at par.
The capital appreciation bonds are due 2019 to 2025 with 0% coupons and yields from 1.85% to 3.88%.
Proceeds will be used to finance capital improvements to school facilities and to construct new school buildings.
| Issuer: | Cleveland Heights City School District
|
| Issue: | Series 2014 general obligation bonds
|
| Amount: | $137,695,000
|
| Type: | Negotiated
|
| Underwriter: | Stifel, Nicolaus & Co. Inc. (lead)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | Feb. 6
|
| Settlement date: | March 4
|
|
|
| $128.7 million current interest bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $100,000 | 2014 | Serial | 1.5% | 100.985 | 0.17%
|
| $10,000 | 2015 | Serial | 1.5% | 102.03 | 0.33%
|
| $35,000 | 2016 | Serial | 1.5% | 102.829 | 0.46%
|
| $565,000 | 2017 | Serial | 1.5% | 103.024 | 0.68%
|
| $575,000 | 2018 | Serial | 1.5% | 102.122 | 1.04%
|
| $1,835,000 | 2026 | Serial | 5.25% | 115.85 | 3.25%
|
| $1.93 million | 2027 | Serial | 5.25% | 114.903 | 3.36%
|
| $2.19 million | 2028 | Serial | 5.25% | 114.134 | 3.45%
|
| $2,305,000 | 2029 | Serial | 5.25% | 113.457 | 3.53%
|
| $2,425,000 | 2030 | Serial | 5.25% | 112.868 | 3.60%
|
| $2.8 million | 2031 | Serial | 5.25% | 112.116 | 3.69%
|
| $2,945,000 | 2032 | Serial | 5.25% | 111.618 | 3.75%
|
| $3.1 million | 2033 | Serial | 5.25% | 110.958 | 3.83%
|
| $3.43 million | 2034 | Serial | 4.5% | 102.735 | 4.14%
|
| $7.36 million | 2036 | Term | 5.25% | 109.168 | 4.05%
|
| $13,335,000 | 2039 | Term | 5% | 104.509 | 4.40%
|
| $49,445,000 | 2047 | Term | 4.5% | 94.209 | 4.85%
|
| $34,315,000 | 2051 | Term | 5% | 100 | 5.00%
|
|
|
| $8,995,000 capital appreciation bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.05 million | 2019 | Serial | 0% | 89.966 | 1.85%
|
| $1,055,000 | 2020 | Serial | 0% | 85.143 | 2.40%
|
| $1,055,000 | 2021 | Serial | 0% | 80.264 | 2.86%
|
| $1.2 million | 2022 | Serial | 0% | 75.311 | 3.27%
|
| $1.2 million | 2023 | Serial | 0% | 71.046 | 3.54%
|
| $1.6 million | 2024 | Serial | 0% | 67.235 | 3.73%
|
| $1,835,000 | 2025 | Serial | 0% | 63.685 | 3.88%
|
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