Published on 4/15/2016 in the Prospect News Municipals Daily.
New Issue: Victor Valley Community College, Calif., prices $101.57 million G.O.s
By Sheri Kasprzak
New York, April 15 – The Victor Valley Community College District of California sold $101,565,000 of series 2016 general obligation refunding bonds, said a term sheet.
The offering included $50.84 million of series 2016A tax-exempt refunding bonds, $38.96 million of series 2016B taxable refunding bonds and $11,765,000 of series 2016C 2019 crossover taxable refunding bonds.
The 2016A bonds are due 2016 and 2020 to 2031 with term bonds due in 2039 and 2044. The serial coupons range from 2% to 5% and yields range from 0.43% to 2.53%. The 2039 bonds have a 4% coupon priced at 109.124 to yield 2.96% and the 2044 bonds have a 4% coupon priced at 108.297 to yield 3.05%.
The 2016B bonds are due 2016 to 2027 with a term bond due in 2031. The serial coupons range from 0.778% to 3.078% all priced at par. The 2031 bonds have a 3.498% coupon priced at par.
The 2016C bonds are due 2031 to 2033 with 4% coupons and yields from 2.53% to 2.67%.
The bonds (Aa2/AA-/) were sold through Piper Jaffray & Co.
Proceeds will be used to advance refund the district’s election of 2008 series A-C general obligation bonds.
| Issuer: | Victory Valley Community College District
|
| Issue: | Series 2016 general obligation refunding bonds
|
| Amount: | $101,565,000
|
| Type: | Negotiated
|
| Underwriter: | Piper Jaffray & Co.
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA-
|
| Pricing date: | April 8
|
| Settlement date: | May 5
|
|
|
| $50.84 million series 2016A tax-exempt refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $920,000 | 2016 | Serial | 2% | 100.374 | 0.43%
|
| $675,000 | 2020 | Serial | 5% | 116.695 | 0.97%
|
| $755,000 | 2021 | Serial | 5% | 119.574 | 1.14%
|
| $845,000 | 2022 | Serial | 5% | 122.168 | 1.29%
|
| $935,000 | 2023 | Serial | 5% | 124.465 | 1.43%
|
| $1.04 million | 2024 | Serial | 5% | 126.408 | 1.57%
|
| $1,145,000 | 2025 | Serial | 5% | 128.101 | 1.70%
|
| $1.26 million | 2026 | Serial | 5% | 129.58 | 1.82%
|
| $1,385,000 | 2027 | Serial | 5% | 128.181 | 1.95%
|
| $1.51 million | 2028 | Serial | 5% | 127.011 | 2.06%
|
| $1.65 million | 2029 | Serial | 5% | 125.959 | 2.16%
|
| $1.8 million | 2030 | Serial | 4% | 113.958 | 2.45%
|
| $930,000 | 2031 | Serial | 4% | 113.183 | 2.53%
|
| $20.13 million | 2039 | Term | 4% | 109.124 | 2.96%
|
| $15.86 million | 2044 | Term | 4% | 108.297 | 3.05%
|
|
|
| $38.96 million series 2016B taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $570,000 | 2016 | Serial | 0.778% | 100 | 0.778%
|
| $540,000 | 2017 | Serial | 1.054% | 100 | 1.054%
|
| $545,000 | 2018 | Serial | 1.104% | 100 | 1.104%
|
| $550,000 | 2019 | Serial | 1.324% | 100 | 1.324%
|
| $2.11 million | 2020 | Serial | 1.676% | 100 | 1.676%
|
| $2,275,000 | 2021 | Serial | 1.896% | 100 | 1.896%
|
| $2.45 million | 2022 | Serial | 2.105% | 100 | 2.105%
|
| $2,645,000 | 2023 | Serial | 2.305% | 100 | 2.305%
|
| $2,845,000 | 2024 | Serial | 2.558% | 100 | 2.558%
|
| $3,065,000 | 2025 | Serial | 2.728% | 100 | 2.728%
|
| $3.3 million | 2026 | Serial | 2.878% | 100 | 2.878%
|
| $3,555,000 | 2027 | Serial | 3.078% | 100 | 3.078%
|
| $14.51 million | 2031 | Term | 3.498% | 100 | 3.498%
|
|
|
| $11,765,000 series 2016C 2019 crossover tax-exempt refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,655,000 | 2031 | Serial | 4% | 113.183 | 2.53%
|
| $7.22 million | 2032 | Serial | 4% | 112.606 | 2.59%
|
| $890,000 | 2033 | Serial | 4% | 111.843 | 2.67%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
