By Sheri Kasprzak
New York, March 25 - The Los Angeles Community College District sold a total of $425 million in general obligation bonds, according to an official statement released Wednesday.
The sale included $350 million in series 2009A bonds (Aa2/AA/) and $75 million in series 2009B bonds (Aa2/AA/).
The 2009A bonds are due 2021 to 2029 with a term bond due 2033. The serials have coupons from 4.5% to 5.5% and yields from 4.61% to 5.4%. The 2033 bonds have a 6% coupon to yield 5.55%.
The 2009B bonds are due Aug. 1, 2029 and have a 7.53% coupon, priced at par.
The 2009A bonds were sold through senior manager Citigroup Global Markets Inc. The co-managers were Morgan Stanley & Co. Inc.; Backstrom McCarley Berry & Co. LLC; Banc of America Securities LLC; De La Rosa & Co.; Goldman, Sachs & Co.; Ramirez & Co. Inc.; and Siebert Brandford Shank & Co.
The 2009B bonds were sold through senior manager Goldman, Sachs & Co. The co-managers included De La Rosa & Co., Backstrom McCarley Berry, Banc of America Securities LLC, Citigroup, Morgan Stanley, Ramirez & Co. and Siebert Brandford Shank.
Proceeds from the 2009A bonds will be used to refund the district's outstanding series 2009A bond anticipation notes. The 2009B bonds will be used to make improvements to the district's various colleges.
| Issuer: | Los Angeles Community College District
|
| Issue: | Series 2009 general obligation bonds
|
| Amount: | $425 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead for 2009A); Goldman, Sachs & Co. (lead for 2009B); | Morgan Stanley & Co. Inc.; Backstrom McCarley Berry & Co. LLC; Banc of America Securities LLC; De La Rosa & Co.; Ramirez & Co. Inc.; and Siebert Brandford Shank & Co. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | March 19
|
| Settlement date: | April 1
|
|
|
| Series 2009A
|
| Maturity | Type | Coupon | Yield
|
| 2021 | Serial | 4.5% | 4.61%
|
| 2022 | Serial | 5.5% | 4.75%
|
| 2022 | Serial | 4.5% | 4.75%
|
| 2023 | Serial | 5.5% | 4.88%
|
| 2024 | Serial | 5.5% | 5.00%
|
| 2025 | Serial | 5.5% | 5.10%
|
| 2026 | Serial | 5.5% | 5.16%
|
| 2027 | Serial | 5% | 5.23%
|
| 2027 | Serial | 5.5% | 5.23%
|
| 2028 | Serial | 5% | 5.32%
|
| 2028 | Serial | 5.5% | 5.32%
|
| 2029 | Serial | 5.25% | 5.40%
|
| 2029 | Serial | 5.5% | 5.40%
|
| 2033 | Term | 6% | 5.55%
|
|
|
| Series 2009B
|
| Maturity | Type | Coupon | Yield
|
| 2029 | Term | 7.53% | 7.53%
|
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