Published on 1/15/2014 in the Prospect News Municipals Daily.
New Issue: Dearborn School District, Mich., prices $70.96 million of school bonds
By Sheri Kasprzak
New York, Jan. 15 - The Dearborn School District of Michigan sold $70,955,000 of series 2014 school building and site bonds, according to a pricing sheet.
The deal included $68,475,000 of series 2014A Michigan school bond qualification and loan program bonds and $2.48 million of series 2014B G.O. bonds.
The 2014A bonds are due 2016 to 2034 with 2% to 5% coupons.
The 2014B bonds are due 2016 to 2023 with 3% to 3.25% coupons.
The bonds were sold through Stifel, Nicolaus & Co.
Proceeds will be used to construct, equip, furnish and renovate school buildings within the district, as well as to purchase sites for new construction.
| Issuer: | Dearborn School District
|
| Issue: | Series 2014 school building and site bonds
|
| Amount: | $70,955,000
|
| Type: | Negotiated
|
| Underwriters: | Stifel, Nicolaus & Co. (lead), Comerica Securities Inc. and Fifth Third Securities Inc. (co-managers)
|
| Pricing date: | Jan. 15
|
| Settlement date: | Feb. 13
|
|
|
| $68,475,000 series 2014A Michigan school bond qualification and loan program bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $650,000 | 2016 | Serial | 2% | 102.988
|
| $1.5 million | 2017 | Serial | 2% | 103.414
|
| $1.9 million | 2018 | Serial | 3% | 107.25
|
| $2,075,000 | 2019 | Serial | 4% | 111.857
|
| $2,425,000 | 2020 | Serial | 4% | 111.016
|
| $2.8 million | 2021 | Serial | 5% | 115.909
|
| $3,075,000 | 2022 | Serial | 5% | 115.172
|
| $3,375,000 | 2023 | Serial | 5% | 114.007
|
| $3.6 million | 2024 | Serial | 5% | 113.14
|
| $3,775,000 | 2025 | Serial | 5% | 111.561
|
| $3,975,000 | 2026 | Serial | 5% | 110.095
|
| $4,175,000 | 2027 | Serial | 5% | 108.735
|
| $4,375,000 | 2028 | Serial | 5% | 107.645
|
| $4.6 million | 2029 | Serial | 4% | 98.315
|
| $4,775,000 | 2030 | Serial | 5% | 105.994
|
| $5 million | 2031 | Serial | 5% | 105.261
|
| $5,225,000 | 2032 | Serial | 5% | 104.695
|
| $5,475,000 | 2033 | Serial | 5% | 104.213
|
| $5.7 million | 2034 | Serial | 5% | 103.734
|
|
|
| $2.48 million series 2014B G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $260,000 | 2016 | Serial | 3% | 104.62
|
| $270,000 | 2017 | Serial | 3% | 105.759
|
| $280,000 | 2018 | Serial | 3% | 106.189
|
| $300,000 | 2019 | Serial | 3% | 105.334
|
| $320,000 | 2020 | Serial | 3% | 103.443
|
| $340,000 | 2021 | Serial | 3% | 100.839
|
| $350,000 | 2022 | Serial | 3% | 98.633
|
| $360,000 | 2023 | Serial | 3.25% | 97.964
|
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