By Sheri Kasprzak
New York, Aug. 12 - The Cuyahoga County Public Library in Ohio priced $75 million in series 2010 special obligation bonds, according to an official statement.
The bonds (Aa2/AA-/) were sold through Stifel, Nicolaus & Co. Inc. with KeyBanc Capital Markets Inc. and PNC Capital Markets LLC as the co-managers.
The offering included $20.045 million in series 2010A tax-exempt library fund library notes and $54.955 million in series 2010B Build America Bonds.
The 2010A bonds are due 2011 to 2019 with coupons from 2% to 4%. The 2010B bonds are due 2020 to 2022 with term bonds due 2025, 2030 and 2035. Serial coupons range from 4.75% to 5.2%, all priced at par. The 2025 bonds have a 5.55% coupon priced at par. The 2030 bonds have a 6.125% coupon priced at par. The 2035 bonds have a 6.25% coupon priced at par.
Proceeds will be used to construct, remodel, renovate, improve, equip and furnish library facilities within the county.
| Issuer: | Cuyahoga County Public Library
|
| Issue: | Series 2010 special obligation bonds
|
| Amount: | $75 million
|
| Type: | Negotiated
|
| Underwriters: | Stifel, Nicolaus & Co. Inc. (lead); KeyBanc Capital Markets Inc. and PNC Capital Markets LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Pricing date: | Aug. 11
|
| Settlement date: | Aug. 19
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2% | 101.683
|
| 2012 | Serial | 2% | 102.365
|
| 2013 | Serial | 2% | 102.274
|
| 2014 | Serial | 4% | 110.157
|
| 2015 | Serial | 4% | 109.977
|
| 2016 | Serial | 4% | 109.033
|
| 2017 | Serial | 2.5% | 98.488
|
| 2018 | Serial | 3.5% | 104.087
|
| 2019 | Serial | 3% | 99.355
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2020 | Serial | 4.75% | 100
|
| 2021 | Serial | 5% | 100
|
| 2022 | Serial | 5.2% | 100
|
| 2025 | Term | 5.55% | 100
|
| 2030 | Term | 6.125% | 100
|
| 2035 | Term | 6.25% | 100
|
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