School District of Philadelphia organizes $236.16 million of G.O. debt

By Sheri Kasprzak

New York, March 19 – The School District of Philadelphia is set to price $236,155,000 of series 2015 general obligation bonds, according to a preliminary official statement.

The deal includes $46.98 million of series 2015A bonds, $13.5 million of series 2015B refunding bonds, $45.12 million of series 2015C taxable bonds and $130,555,000 of series 2015D refunding bonds.

The bonds (A1/A+/A+) will be sold on a negotiated basis. PNC Capital Markets LLC is the lead manager for the 2015A and 2015C bonds. BofA Merrill Lynch is the lead manager for the 2015B and 2015D bonds. The co-managers for the 2015A and 2015C bonds are BofA Merrill Lynch, Janney Montgomery Scott LLC and Loop Capital Markets LLC. The co-managers for the 2015B and 2015D bonds are Janney, Loop and PNC.

The maturities have not been set.

Proceeds will be used to finance school capital projects and refund the district’s series 2005A-C G.O. bonds.

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