Published on 4/26/2013 in the Prospect News Municipals Daily.
New Issue: Lancaster Educational, S.C., sells $60.36 million of bonds
By Sheri Kasprzak
New York, April 26 - The Lancaster Educational Assistance Program Inc. of South Carolina sold $60,355,000 of series 2013 installment purchase revenue refunding bonds for the Lancaster County School District, according to a pricing sheet.
The deal included $23.81 million of series 2013A taxable bonds and $36,545,000 of series 2013B tax-exempt bonds.
The 2013A bonds are due 2013 to 2020 with 0.60% to 2.463% coupons, all priced at par. The 2013B bonds are due 2021 to 2028 with 3% to 5% coupons.
The bonds (A1/A/) were sold through BofA Merrill Lynch and Piper Jaffray & Co.
Proceeds will be used to refund existing installment purchase revenue bonds for a debt service savings.
| Issuer: | Lancaster Educational Assistance Program Inc./Lancaster County School District
|
| Issue: | Series 2013 installment purchase revenue refunding bonds
|
| Amount: | $60,355,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Piper Jaffray & Co. (lead), Raymond James/Morgan Keegan (co-manager)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Pricing date: | April 25
|
| Settlement date: | May 17
|
|
|
| $23.81 million series 2013A taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,325,000 | 2013 | Serial | 0.60% | 100
|
| $2,245,000 | 2014 | Serial | 0.728% | 100
|
| $2,215,000 | 2015 | Serial | 0.928% | 100
|
| $2.22 million | 2016 | Serial | 1.187% | 100
|
| $2,245,000 | 2017 | Serial | 1.687% | 100
|
| $2,265,000 | 2018 | Serial | 1.937% | 100
|
| $5,215,000 | 2019 | Serial | 2.263% | 100
|
| $6.08 million | 2020 | Serial | 2.463% | 100
|
|
|
| $36,545,000 series 2013B tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.58 million | 2021 | Serial | 5% | 122.21
|
| $5,855,000 | 2022 | Serial | 5% | 122.334
|
| $6.15 million | 2023 | Serial | 5% | 122.619
|
| $6.46 million | 2024 | Serial | 5% | 120.768
|
| $6.78 million | 2025 | Serial | 5% | 119.553
|
| $1.85 million | 2026 | Serial | 3% | 97.815
|
| $1,905,000 | 2027 | Serial | 3.125% | 97.651
|
| $1,965,000 | 2028 | Serial | 3.25% | 97.963
|
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