Published on 1/8/2016 in the Prospect News Municipals Daily.
New Issue: Volusia County School Board, Fla., sells $53.17 million certificates
By Sheri Kasprzak
New York, Jan. 8 – The Volusia County School Board of Florida priced $53.17 million of series 2016A master lease refunding certificates of participation, according to a pricing sheet. The offering was downsized from $75.45 million.
The certificates (Aa3//A+) were sold through Raymond James/Morgan Keegan.
The COPs are due 2018 to 2032 with 3% to 5% coupons.
Proceeds will be used to refund the board’s series 2007 COPs.
| Issuer: | Volusia County School Board
|
| Issue: | Series 2016A master lease program refunding certificates of participation
|
| Amount: | $53.17 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead), BofA Merrill Lynch and Stifel, Nicolaus & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Fitch: A+
|
| Pricing date: | Jan. 7
|
| Settlement date: | Feb. 10
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,665,000 | 2018 | Serial | 4% | 107.316
|
| $2,765,000 | 2019 | Serial | 4% | 109.573
|
| $2.88 million | 2020 | Serial | 5% | 115.845
|
| $3.02 million | 2021 | Serial | 5% | 118.504
|
| $3.17 million | 2022 | Serial | 5% | 120.629
|
| $3.33 million | 2023 | Serial | 5% | 122.208
|
| $3.5 million | 2024 | Serial | 5% | 123.28
|
| $3,675,000 | 2025 | Serial | 5% | 123.926
|
| $3,855,000 | 2026 | Serial | 5% | 123.541
|
| $4.05 million | 2027 | Serial | 5% | 122.543
|
| $4.25 million | 2028 | Serial | 5% | 121.752
|
| $4,465,000 | 2029 | Serial | 5% | 120.869
|
| $4,695,000 | 2030 | Serial | 5% | 120.285
|
| $1 million | 2031 | Serial | 3% | 99.142
|
| $3.92 million | 2031 | Serial | 5% | 119.511
|
| $1.91 million | 2032 | Serial | 3% | 98.59
|
| $20,000 | 2032 | Serial | 5% | 118.934
|
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