Published on 8/5/2016 in the Prospect News Municipals Daily.
New Issue: Los Angeles Community College sells $300 million series 2016-1 GO bonds
By Sheri Kasprzak
New York, Aug. 5 – The Los Angeles Community College District of California priced $300 million of series 2016-1 general obligation bonds, according to a pricing sheet.
The bonds (Aa1/AA+) were sold through J.P. Morgan Securities LLC and Backstrom McCarley Berry & Co. LLC.
The bonds are due 2017 to 2035 with a term bond due in 2040. The serial coupons range from 2% to 4% and yields from 0.54% to 2.32%. The 2040 bonds have a 3% coupon priced at 101.211 to yield 2.86%.
Proceeds will be used to finance improvements and upgrades to college campuses, including earthquake safety improvements.
| Issuer: | Los Angeles Community College District
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| Issue: | Series 2016-1 general obligation bonds
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| Amount: | $300 million
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| Type: | Negotiated
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| Underwriters: | J.P. Morgan Securities LLC and Backstrom McCarley Berry & Co. LLC (lead), BofA Merrill Lynch, Loop Capital Markets LLC, Ramirez & Co. Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
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| Ratings: | Moody’s: Aa1
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| S&P: AA+
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| Pricing date: | July 14
|
| Settlement date: | July 27
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $13.34 million | 2017 | Serial | 2% | 101.47 | 0.54%
|
| $62.75 million | 2017 | Serial | 2% | 100.769 | 0.49%
|
| $13.34 million | 2018 | Serial | 3% | 104.749 | 0.62%
|
| $13.21 million | 2019 | Serial | 3% | 106.748 | 0.73%
|
| $6.44 million | 2020 | Serial | 4% | 112.522 | 0.82%
|
| $6.7 million | 2021 | Serial | 4% | 114.997 | 0.93%
|
| $6,965,000 | 2022 | Serial | 2% | 105.34 | 1.08%
|
| $7,105,000 | 2023 | Serial | 3% | 111.926 | 1.22%
|
| $7.32 million | 2024 | Serial | 4% | 120.394 | 1.31%
|
| $7,615,000 | 2025 | Serial | 4% | 121.75 | 1.42%
|
| $7,915,000 | 2026 | Serial | 4% | 123.054 | 1.51%
|
| $8,235,000 | 2027 | Serial | 4% | 121.295 | 1.68%
|
| $8,565,000 | 2028 | Serial | 4% | 119.666 | 1.84%
|
| $8,905,000 | 2029 | Serial | 4% | 118.561 | 1.95%
|
| $9.26 million | 2030 | Serial | 2.125% | 96.512 | 2.42%
|
| $9.46 million | 2031 | Serial | 4% | 116.975 | 2.11%
|
| $9,835,000 | 2032 | Serial | 4% | 116.289 | 2.18%
|
| $10.23 million | 2033 | Serial | 4% | 115.802 | 2.23%
|
| $10.64 million | 2034 | Serial | 4% | 115.317 | 2.28%
|
| $11,065,000 | 2035 | Serial | 4% | 114.931 | 2.32%
|
| $61,105,000 | 2040 | Term | 3% | 101.211 | 2.86%
|
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