Published on 2/6/2012 in the Prospect News Municipals Daily.
New Issue: Gwinnett County School District, Ga., sells $277.71 million G.O. bonds
By Sheri Kasprzak
New York, Feb. 6 - The Gwinnett County School District of Georgia priced $277,705,000 of series 2012 general obligation bonds, according to a pricing sheet.
The bonds (Aaa/AAA/) were sold through Merchant National Bank & Trust.
The offering included $242.84 million of series 2012A sales tax revenue bonds, $10,865,000 of series 2012B-1 refunding bonds and $24 million of series 2012B-2 taxable refunding bonds.
The 2012A bonds are due 2014 to 2017 with 1% to 4.5% coupons. The 2012B-1 bonds are due 2014 to 2015 with 2% to 5% coupons. The 2012B-2 bonds are due 2014 to 2015 with 0.64% to 0.85% coupons, both priced at par.
Proceeds will be used to construct a new middle school and make additions to several existing schools, as well as to refund the district's series 2002 bonds for an anticipated net present value savings of 4% of refunded principal and no extension of maturity.
| Issuer: | Gwinnett County School District
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $277,705,000
|
| Type: | Negotiated
|
| Underwriter: | Merchant National Bank & Trust
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | Jan. 26
|
| Settlement date: | Feb. 22
|
|
|
| $242.84 million series 2012A sales tax revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.3 million | 2014 | Serial | 3% | 106.47
|
| $43.7 million | 2014 | Serial | 4% | 109.058
|
| $55 million | 2015 | Serial | 4% | 111.813
|
| $1 million | 2016 | Serial | 1% | 100.766
|
| $69 million | 2016 | Serial | 4% | 114.302
|
| $67.84 million | 2017 | Serial | 4.5% | 119.041
|
|
|
| $10,865,000 series 2012B-1 refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $150,000 | 2014 | Serial | 2% | 103.091
|
| $5 million | 2014 | Serial | 3% | 105.023
|
| $5,715,000 | 2015 | Serial | 5% | 112.873
|
|
|
| $24 million series 2012B-2 taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $11,685,000 | 2014 | Serial | 0.64% | 100
|
| $12,315,000 | 2015 | Serial | 0.85% | 100
|
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