Published on 5/22/2013 in the Prospect News Municipals Daily.
New Issue: Cupertino Union School, Calif., brings $57.81 million of G.O. refunding bonds
By Sheri Kasprzak
New York, May 22 - The Cupertino Union School District of California sold $57,805,000 of series 2013 general obligation refunding bonds, according to a pricing sheet.
The deal included $35,485,000 of series 2013A bonds and $22.32 million of series 2013B taxable bonds.
The 2013A bonds are due 2022 to 2027 with 5% coupons.
The 2013B bonds are due 2013 to 2024 with coupons from 2% to 4%.
Proceeds will be used to advance refund on a crossover basis the district's election of 2001 series B bonds, advance refund the district's election of 2001 series C bonds and current refund the district's series 2005 G.O. revenue bonds.
| Issuer: | Cupertino Union School District, Calif.
|
| Issue: | Series 2013 general obligation refunding bonds
|
| Amount: | $57,805,000
|
| Type: | Negotiated
|
| Underwriter: | Piper Jaffray & Co. (lead)
|
| Rating: | Moody's: Aa1
|
| Pricing date: | May 22
|
| Settlement date: | June 13
|
|
|
| $35,485,000 series 2013A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,115,000 | 2022 | Serial | 5% | 125.591
|
| $2.45 million | 2023 | Serial | 5% | 126.031
|
| $6.42 million | 2024 | Serial | 5% | 123.87
|
| $6.94 million | 2025 | Serial | 5% | 122.153
|
| $7,515,000 | 2026 | Serial | 5% | 121.057
|
| $10,045,000 | 2027 | Serial | 5% | 120.268
|
|
|
| $22.32 million series 2013B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $385,000 | 2013 | Serial | 2% | 100.239
|
| $795,000 | 2014 | Serial | 2% | 101.979
|
| $1,105,000 | 2015 | Serial | 2% | 103.547
|
| $1,425,000 | 2016 | Serial | 3% | 107.827
|
| $1.84 million | 2017 | Serial | 3% | 109.482
|
| $2.17 million | 2018 | Serial | 4% | 115.734
|
| $2.57 million | 2019 | Serial | 4% | 117.023
|
| $2.99 million | 2020 | Serial | 4% | 117.442
|
| $5,275,000 | 2021 | Serial | 4% | 117.151
|
| $1,005,000 | 2022 | Serial | 4% | 117.255
|
| $1,345,000 | 2023 | Serial | 4% | 116.96
|
| $1,415,000 | 2024 | Serial | 4% | 114.411
|
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