Published on 2/4/2016 in the Prospect News Municipals Daily.
New Issue: Livonia Public Schools, Mich., brings $76.18 million of school bonds
By Sheri Kasprzak
New York, Feb. 4 – The Livonia Public Schools School District of Michigan sold $76.18 million of series 2016-II school building and site general obligation bonds, according to a pricing sheet. The deal was downsized from $87.05 million.
The bonds are due 2017 to 2036 with term bonds due in 2040 and 2045. The serial coupons range from 3% to 5% with yields from 0.89% to 3.3%. The 2040 bonds have a 5% coupon priced at 112.846 to yield 3.49%, and the 2045 bonds have a 5% coupon priced at 112.116 to yield 3.57%.
Proceeds will be used to acquire, construct, equip and improve school facilities and purchase sites for future school buildings.
| Issuer: | Livonia Public Schools School District
|
| Issue: | Series 2016-II school building and site general obligation bonds
|
| Amount: | $76.18 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Stifel, Nicolaus & Co. Inc. and Fifth Third Securities Inc. (co-managers)
|
| Pricing date: | Feb. 4
|
| Settlement date: | Feb. 24
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1 million | 2017 | Serial | 3% | 102.483 | 0.89%
|
| $1.08 million | 2018 | Serial | 4% | 106.134 | 1.15%
|
| $1,175,000 | 2019 | Serial | 5% | 111.509 | 1.30%
|
| $1,275,000 | 2020 | Serial | 5% | 114.32 | 1.46%
|
| $1,375,000 | 2021 | Serial | 5% | 116.691 | 1.63%
|
| $1.45 million | 2022 | Serial | 5% | 118.458 | 1.83%
|
| $1.85 million | 2023 | Serial | 5% | 119.689 | 2.04%
|
| $1,975,000 | 2024 | Serial | 5% | 120.452 | 2.25%
|
| $2,075,000 | 2025 | Serial | 5% | 120.949 | 2.44%
|
| $2,175,000 | 2026 | Serial | 5% | 121.652 | 2.57%
|
| $2,275,000 | 2027 | Serial | 5% | 120.359 | 2.70%
|
| $2,375,000 | 2028 | Serial | 5% | 119.473 | 2.79%
|
| $2,475,000 | 2029 | Serial | 5% | 118.693 | 2.87%
|
| $2,575,000 | 2030 | Serial | 5% | 118.015 | 2.94%
|
| $2,675,000 | 2031 | Serial | 5% | 117.246 | 3.02%
|
| $2,775,000 | 2032 | Serial | 5% | 116.482 | 3.10%
|
| $2,875,000 | 2033 | Serial | 5% | 116.008 | 3.15%
|
| $2,975,000 | 2034 | Serial | 5% | 115.537 | 3.20%
|
| $3,075,000 | 2035 | Serial | 5% | 115.067 | 3.25%
|
| $3,175,000 | 2036 | Serial | 5% | 114.6 | 3.30%
|
| $13,725,000 | 2040 | Term | 5% | 112.846 | 3.49%
|
| $19,775,000 | 2045 | Term | 5% | 112.116 | 3.57%
|
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