Published on 12/15/2014 in the Prospect News Municipals Daily.
New Issue: L’Anse Creuse Public Schools, Mich., prices $118.69 million G.O. bonds
By Sheri Kasprzak
New York, Dec. 15 – The L’Anse Creuse Public Schools of Michigan priced $118,685,000 of series 2015 unlimited tax general obligation refunding bonds, according to a pricing sheet. The deal was upsized from $67.22 million.
The bonds were sold through J.P. Morgan Securities LLC.
The bonds are due 2016 to 2035 with a term bond due in 2040. The serial coupons range from 2% to 5% with 0.63% to 3.36% yields. The 2040 bonds have a 3.75% coupon priced at 96.045 to yield 4%.
Proceeds will be used to refund the school’s series 2004 refunding and 2005 school building and refunding bonds.
| Issuer: | L’Anse Creuse Public Schools
|
| Issue: | Series 2015 unlimited tax general obligation refunding bonds
|
| Amount: | $118,685,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Fifth Third Securities LLC and Stifel, Nicolaus & Co. Inc. (co-managers)
|
| Pricing date: | Dec. 12
|
| Settlement date: | Feb. 5
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5 million | 2016 | Serial | 2% | 101.687 | 0.63%
|
| $5,545,000 | 2017 | Serial | 4% | 106.762 | 0.94%
|
| $3,675,000 | 2018 | Serial | 5% | 111.763 | 1.28%
|
| $5.81 million | 2019 | Serial | 5% | 114.054 | 1.56%
|
| $5.97 million | 2020 | Serial | 5% | 115.656 | 1.85%
|
| $4.07 million | 2021 | Serial | 5% | 117.062 | 2.07%
|
| $4,265,000 | 2022 | Serial | 5% | 117.542 | 2.35%
|
| $4,435,000 | 2023 | Serial | 5% | 118.752 | 2.47%
|
| $4.6 million | 2024 | Serial | 5% | 119.504 | 2.61%
|
| $4,695,000 | 2025 | Serial | 5% | 119.955 | 2.75%
|
| $4,885,000 | 2026 | Serial | 5% | 118.776 | 2.87%
|
| $5,045,000 | 2027 | Serial | 5% | 118.192 | 2.93%
|
| $5.23 million | 2028 | Serial | 5% | 117.418 | 3.01%
|
| $5,395,000 | 2029 | Serial | 5% | 116.937 | 3.06%
|
| $5.56 million | 2030 | Serial | 5% | 116.459 | 3.11%
|
| $5,725,000 | 2031 | Serial | 5% | 115.983 | 3.16%
|
| $5.89 million | 2032 | Serial | 5% | 115.51 | 3.21%
|
| $6,055,000 | 2033 | Serial | 5% | 115.039 | 3.26%
|
| $6.22 million | 2034 | Serial | 5% | 114.57 | 3.31%
|
| $6.34 million | 2035 | Serial | 5% | 114.103 | 3.36%
|
| $14,275,000 | 2040 | Term | 3.75% | 96.045 | 4.00%
|
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