Published on 5/6/2015 in the Prospect News Municipals Daily.
New Issue: Los Angeles Community College sells $312.42 million G.O. refunding debt
By Sheri Kasprzak
New York, May 6 – The Los Angeles Community College District sold $312.42 million of series 2015C general obligation refunding bonds, according to a term sheet.
The bonds (Aa1/AA+/) will be sold on a negotiated basis with Goldman, Sachs & Co. as the senior manager.
The bonds are due 2015 to 2026 with 0.5% to 5% coupons and yields from 0.09% to 2.62%.
Proceeds will be used to refund the district’s election of 2001 series 2005A G.O. bonds.
| Issuer: | Los Angeles Community College District
|
| Issue: | Series 2015C general obligation refunding bonds
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| Amount: | $312.42 million
|
| Type: | Negotiated
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| Underwriters: | Goldman, Sachs & Co. (senior), Stifel, Nicolaus & Co. (co-senior managers), Backstrom McCarley Berry & Co., Piper Jaffray & Co. and RBC Capital Markets LLC (co-managers)
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| Ratings: | Moody’s: Aa1
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| Standard & Poor’s: AA+
|
| Pricing date: | May 6
|
| Settlement date: | June 3
|
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6,515,000 | 2015 | Serial | 0.50% | 100.066 | 0.09%
|
| $15.95 million | 2016 | Serial | 5% | 105.37 | 0.36%
|
| $17.87 million | 2017 | Serial | 5% | 109.16 | 0.72%
|
| $19,935,000 | 2018 | Serial | 5% | 112.215 | 1.06%
|
| $22,135,000 | 2019 | Serial | 5% | 114.981 | 1.29%
|
| $24,475,000 | 2020 | Serial | 5% | 117.317 | 1.50%
|
| $3 million | 2021 | Serial | 4% | 113.397 | 1.70%
|
| $23,975,000 | 2021 | Serial | 5% | 119.223 | 1.70%
|
| $29,605,000 | 2022 | Serial | 5% | 120.661 | 1.90%
|
| $32.43 million | 2023 | Serial | 5% | 121.392 | 2.13%
|
| $35.45 million | 2024 | Serial | 5% | 122.092 | 2.31%
|
| $38.66 million | 2025 | Serial | 5% | 122.912 | 2.44%
|
| $42.42 million | 2026 | Serial | 5% | 122.607 | 2.62%
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