Cleveland Municipal School District preps $52.33 million sale of bonds

By Sheri Kasprzak

New York, Jan. 8 - The Cleveland Municipal School District of Ohio plans to sell $52.33 million of series 2013 general obligation school improvement refunding bonds, according to a preliminary official statement.

The bonds (Aa2/AA/AA) will be sold on a negotiated basis with J.P. Morgan Securities LLC as the senior manager. The co-managers are KeyBanc Capital Markets LLC, Loop Capital Markets LLC and RBC Capital Markets LLC.

The bonds are due 2013 to 2027.

Proceeds will be used to refund the district's series 2004 bonds, which were initially issued to finance school improvements.

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