Published on 12/11/2014 in the Prospect News Municipals Daily.
New Issue: Los Angeles Community College District sells upsized $1.89 billion of G.O. debt
By Sheri Kasprzak
New York, Dec. 11 – The Los Angeles Community College District sold $1,893,075,000 of series 2015 general obligation bonds, according to a pricing sheet. The deal was upsized from $1,395,000,000
The deal included $1,495,575,000 of series 2015A tax-exempt bonds, $47,075,000 of series 2015B taxable refunding bonds, $300 million of election of 2008 series 2015G tax-exempt bonds and $50 million of election 2008 series 2015H taxable bonds.
The 2015A bonds are due 2015 to 2033 with 2% to 5% coupons and 0.1% to 3.19% yields.
The 2015B bonds are due 2015 to 2024 with coupons from 0.297% to 3.129%, all priced at par.
The 2015G bonds are due 2015 to 2034 with a term bond due in 2039. The serial coupons range from 2% to 5% with yields from 0.06% to 3.24%. The 2039 bonds have a 3.5% coupon priced at 99.25 to yield 3.546% and a 4% coupon priced at 104.695 to yield 3.42%.
The 2015H bonds are due in 2015 and have a 0.297% coupon priced at par.
The bonds (Aa1/AA+/) were sold on a negotiated basis with Morgan Stanley & Co. LLC as the senior manager for the tax-exempt bonds and Ramirez & Co. Inc. as the sole underwriter for the taxable bonds.
Proceeds will be used to finance classroom improvements at community colleges, as well as refund the district’s series 2004A-B G.O. bonds.
| Issuer: | Los Angeles Community College District
|
| Issue: | Series 2015 general obligation bonds
|
| Amount: | $1,893,075,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead for tax-exempt bonds), Siebert Brandford Shank & Co. LLC (co-senior manager for tax-exempt bonds), Ramirez & Co. Inc. (sole underwriter for taxable bonds), Backstrom McCarley Berry & Co. LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Piper Jaffray & Co., Ramirez & Co. Inc., RBC Capital Markets LLC and Stifel, Nicolaus & Co. Inc. (co-managers for tax-exempt bonds)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Pricing date: | Dec. 11
|
| Settlement date: | Jan. 8
|
|
|
| $1,495,575,000 series 2015A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $33.49 million | 2015 | Serial | 2% | 101.07 | 0.10%
|
| $2,785,000 | 2016 | Serial | 3% | 104.289 | 0.25%
|
| $12,635,000 | 2017 | Serial | 5% | 111.34 | 0.54%
|
| $17.23 million | 2018 | Serial | 5% | 114.613 | 0.83%
|
| $34,245,000 | 2019 | Serial | 5% | 117.263 | 1.11%
|
| $36,895,000 | 2020 | Serial | 5% | 119.322 | 1.38%
|
| $39,285,000 | 2021 | Serial | 5% | 121.034 | 1.61%
|
| $43.47 million | 2022 | Serial | 5% | 122.295 | 1.83%
|
| $47,915,000 | 2023 | Serial | 5% | 123.769 | 1.97%
|
| $52,875,000 | 2024 | Serial | 5% | 125.204 | 2.08%
|
| $59,305,000 | 2025 | Serial | 5% | 123.543 | 2.25%
|
| $56.87 million | 2026 | Serial | 5% | 122.29 | 2.38%
|
| $108,045,000 | 2027 | Serial | 5% | 121.432 | 2.47%
|
| $114,245,000 | 2028 | Serial | 5% | 120.769 | 2.54%
|
| $118.6 million | 2029 | Serial | 5% | 120.017 | 2.62%
|
| $169.63 million | 2030 | Serial | 5% | 119.55 | 2.67%
|
| $182.35 million | 2031 | Serial | 5% | 119.084 | 2.72%
|
| $198.19 million | 2032 | Serial | 4% | 107.055 | 3.14%
|
| $167,515,000 | 2033 | Serial | 4% | 106.629 | 3.19%
|
|
|
| $47,075,000 series 2015B taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,075,000 | 2015 | Serial | 0.297% | 100 | 0.297%
|
| $4,345,000 | 2016 | Serial | 0.846% | 100 | 0.846%
|
| $4,385,000 | 2017 | Serial | 1.313% | 100 | 1.313%
|
| $4.44 million | 2018 | Serial | 1.758% | 100 | 1.758%
|
| $4,525,000 | 2019 | Serial | 2.058% | 100 | 2.058%
|
| $4,615,000 | 2020 | Serial | 2.359% | 100 | 2.359%
|
| $4,725,000 | 2021 | Serial | 2.609% | 100 | 2.609%
|
| $4.85 million | 2022 | Serial | 2.809% | 100 | 2.809%
|
| $4,985,000 | 2023 | Serial | 3.009% | 100 | 3.009%
|
| $5.13 million | 2024 | Serial | 3.129% | 100 | 3.129%
|
|
|
| $300 million election of 2008 series 2014G bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $70 million | 2015 | Serial | 5% | 102.784 | 0.06%
|
| $5.84 million | 2016 | Serial | 2% | 102.729 | 0.25%
|
| $5,955,000 | 2017 | Serial | 3% | 106.255 | 0.54%
|
| $3.19 million | 2018 | Serial | 2% | 104.1 | 0.83%
|
| $2,945,000 | 2018 | Serial | 5% | 114.613 | 0.83%
|
| $1,735,000 | 2019 | Serial | 3% | 108.387 | 1.11%
|
| $4.61 million | 2019 | Serial | 5% | 117.263 | 1.11%
|
| $2,805,000 | 2020 | Serial | 3% | 108.646 | 1.38%
|
| $3.82 million | 2020 | Serial | 5% | 119.322 | 1.38%
|
| $6,905,000 | 2021 | Serial | 4% | 114.829 | 1.61%
|
| $2.54 million | 2022 | Serial | 4% | 115.262 | 1.83%
|
| $4.64 million | 2022 | Serial | 5% | 122.295 | 1.83%
|
| $330,000 | 2023 | Serial | 2% | 100.234 | 1.97%
|
| $7.18 million | 2023 | Serial | 5% | 123.769 | 1.97%
|
| $7.88 million | 2024 | Serial | 4% | 116.572 | 2.08%
|
| $8,195,000 | 2025 | Serial | 5% | 123.543 | 2.25%
|
| $8,605,000 | 2026 | Serial | 5% | 122.29 | 2.38%
|
| $9,035,000 | 2027 | Serial | 5% | 121.432 | 2.47%
|
| $9,485,000 | 2028 | Serial | 5% | 120.769 | 2.54%
|
| $9.96 million | 2029 | Serial | 4% | 108.519 | 2.97%
|
| $10.36 million | 2030 | Serial | 4% | 107.913 | 3.04%
|
| $10.77 million | 2031 | Serial | 4% | 107.483 | 3.09%
|
| $11,205,000 | 2032 | Serial | 4% | 107.055 | 3.14%
|
| $11.65 million | 2033 | Serial | 4% | 106.629 | 3.19%
|
| $12,115,000 | 2034 | Serial | 4% | 106.205 | 3.24%
|
| $1.04 million | 2039 | Term | 3.5% | 99.25 | 3.546%
|
| $67,205,000 | 2039 | Term | 4% | 104.695 | 3.42%
|
|
|
| $50 million election of 2008 series 2014H taxable bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| 2015 | Term | 0.297% | 100 | 0.297%
|
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