Lancaster Educational, S.C., preps $60.83 million refunding bond sale

By Sheri Kasprzak

New York, April 17 - The Lancaster Educational Assistance Program Inc. of South Carolina is set to price $60,825,000 of series 2013 installment purchase revenue refunding bonds for the Lancaster County School District, according to a preliminary official statement.

The sale includes $23,825,000 of series 2013A taxable bonds and $37 million of series 2013B tax-exempt bonds.

The bonds (A1/A/) will be sold through senior managers BofA Merrill Lynch and Piper Jaffray & Co. with Raymond James/Morgan Keegan as the co-manager.

The 2013A bonds are due 2013 to 2020, and the 2013B bonds are due 2021 to 2028.

Proceeds will be used to refund existing installment purchase revenue bonds for a debt service savings.

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