Published on 5/16/2013 in the Prospect News Municipals Daily.
New Issue: Dorchester County School District, S.C., prices $96.21 million of 2013 refunding bonds
By Sheri Kasprzak
New York, May 16 - The Dorchester County School District No. 2 of South Carolina sold $96,205,000 of series 2013 growth installment purchase revenue refunding bonds, according to a pricing sheet.
The bonds (Aa3/AA-/) were sold through Citigroup Global Markets Inc. and Piper Jaffray & Co.
The deal included $10.88 million of series 2013A taxable bonds and $85,325,000 of series 2013B tax-exempt bonds.
The 2013A bonds are due 2013 to 2017 with 0.55% to 1.528% coupons, all priced at par.
The 2013B bonds are due 2018 to 2028 with 3% to 5% coupons and yields from 1.28% to 3.35%.
Proceeds will be used to refund debt.
| Issuer: | Dorchester County School District No. 2, S.C.
|
| Issue: | Series 2013 growth installment purchase revenue refunding bonds
|
| Amount: | $96,205,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Piper Jaffray & Co. (lead), Edward D. Jones & Co. LP (co-manager)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | May 16
|
| Settlement date: | June 13
|
|
|
| $10.88 million series 2013A taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $500,000 | 2013 | Serial | 0.55% | 100
|
| $1,395,000 | 2014 | Serial | 0.70% | 100
|
| $2,595,000 | 2015 | Serial | 0.841% | 100
|
| $2.99 million | 2016 | Serial | 1.192% | 100
|
| $3.4 million | 2017 | Serial | 1.528% | 100
|
|
|
| $85,325,000 series 2013B tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5.44 million | 2018 | Serial | 5% | 119.579 | 1.28%
|
| $6,745,000 | 2019 | Serial | 5% | 120.944 | 1.58%
|
| $7,125,000 | 2020 | Serial | 5% | 121.484 | 1.90%
|
| $2,525,000 | 2021 | Serial | 4% | 114.166 | 2.16%
|
| $5 million | 2021 | Serial | 5% | 121.866 | 2.16%
|
| $7.92 million | 2022 | Serial | 5% | 122.374 | 2.35%
|
| $8,375,000 | 2023 | Serial | 5% | 123.208 | 2.47%
|
| $8.87 million | 2024 | Serial | 4% | 109.584 | 2.93%
|
| $9,305,000 | 2025 | Serial | 4% | 108.456 | 3.05%
|
| $9.76 million | 2026 | Serial | 4% | 107.527 | 3.15%
|
| $3 million | 2027 | Serial | 3% | 97.132 | 3.25%
|
| $7.25 million | 2027 | Serial | 5% | 118.245 | 2.96%
|
| $4.01 million | 2028 | Serial | 3.25% | 98.799 | 3.35%
|
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