Published on 7/21/2016 in the Prospect News Municipals Daily.
New Issue: Los Angeles Community College District sells $300 million general obligation bonds
By Cristal Cody
Eureka Springs, Ark., July 21 – The Los Angeles Community College District sold $300 million of election of 2008 series 2016-1 general obligation bonds, according to a term sheet and an official statement.
The bonds (Aa1/AA+) priced with 2% to 4% coupons and 0.49% to 2.32% yields across the maturities from 2017 through 2035. The deal also included a 3% term bond due Aug. 1, 2040 priced to yield 2.86%.
The bonds were sold on a negotiated basis with J.P. Morgan Securities LLC and Backstrom McCarley Berry & Co. LLC as the senior managers.
Proceeds will be used to finance upgrades to college campuses, including earthquake safety improvements.
| Issuer: | Los Angeles Community College District
|
| Issue: | General obligation bonds
|
| Amount: | $300 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Backstrom McCarley Berry & Co. LLC (leads); BofA Merrill Lynch, Loop Capital Markets LLC, Ramirez & Co. Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Pricing date: | July 13
|
| Settlement date: | July 27
|
|
|
| Series 2016-1 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $62.75 million | Feb. 1, 2017 | Serial | 2% | 100.769 | 0.49%
|
| $13.34 million | Aug. 1, 2017 | Serial | 2% | 101.47 | 0.54%
|
| $13.34 million | Aug. 1, 2018 | Serial | 3% | 104.749 | 9.62%
|
| $13.21 million | Aug. 1, 2019 | Serial | 3% | 106.748 | 0.73%
|
| $6.44 million | Aug. 1, 2020 | Serial | 4% | 112.522 | 0.82%
|
| $6.7 million | Aug. 1, 2021 | Serial | 4% | 114.997 | 0.93%
|
| $6,965,000 | Aug. 1, 2022 | Serial | 2% | 105.34 | 1.08%
|
| $7,105,000 | Aug. 1, 2023 | Serial | 3% | 111.926 | 1.22%
|
| $7.32 million | Aug. 1, 2024 | Serial | 4% | 120.394 | 1.31%
|
| $7,615,000 | Aug. 1, 2025 | Serial | 4% | 121.75 | 1.42%
|
| $9,915,000 | Aug. 1, 2026 | Serial | 4% | 123.054 | 1.51%
|
| $8,235,000 | Aug. 1, 2027 | Serial | 4% | 121.295 | 1.68%
|
| $8,565,000 | Aug. 1, 2028 | Serial | 4% | 119.666 | 1.84%
|
| $8,905,000 | Aug. 1, 2029 | Serial | 4% | 118.561 | 1.95%
|
| $9.26 million | Aug. 1, 2030 | Serial | 2.125% | 96.512 | 2.42%
|
| $9.46 million | Aug. 1, 2031 | Serial | 4% | 116.975 | 2.11%
|
| $9,835,000 | Aug. 1, 2032 | Serial | 4% | 116.289 | 2.18%
|
| $10.23 million | Aug. 1, 2033 | Serial | 4% | 115.802 | 2.23%
|
| $10.64 | Aug. 1, 2034 | Serial | 4% | 115.317 | 2.28%
|
| $11,065,000 | Aug. 1, 2035 | Serial | 4% | 114.931 | 2.32%
|
| $61,105,000 | Aug. 1, 2040 | Term | 3% | 101.211 | 2.86%
|
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