By Sheri Kasprzak
New York, Nov. 8 - The West Contra Costa Unified School District of California sold $100 million of election of 2010 general obligation bonds, according to a pricing sheet.
The bonds (Aa3//AA+) were sold on a negotiated basis with Piper Jaffray & Co. as the senior manager.
The offering included $79 million of tax-exempt bonds and $21 million of taxable qualified school construction bonds.
The tax-exempt are due 2012 to 2013 and 2020 to 2027 with term bonds due in 2032, 2035 and 2041. The serial coupons range from 3% to 5%. The 2032 bonds have a 5.25% coupon priced at 104.235, and the 2035 bonds have a 5.25% coupon but were not reoffered. The 2041 bonds have a split maturity with a 5% coupon priced at 98.924 and a 5.25% coupon priced at 102.667.
The taxable bonds are due in 2030 and have a 6.25% coupon priced at par, according to the pricing sheet.
Proceeds will fund the renovation and construction of schools within the district.
| Issuer: | West Contra Costa Unified School District
|
| Issue: | Election of 2010 general obligation bonds
|
| Amount: | $100 million
|
| Type: | Negotiated
|
| Underwriter: | Piper Jaffray & Co.
|
| Ratings: | Moody's: Aa3
|
| Fitch: AA+
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 22
|
|
|
| $79 million election of 2010 tax-exempt bonds
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 3% | 101.653
|
| 2013 | Serial | 3% | 103.311
|
| 2020 | Serial | 5% | 111.629
|
| 2021 | Serial | 5% | 111.363
|
| 2022 | Serial | 5% | 109.988
|
| 2023 | Serial | 5% | 108.297
|
| 2024 | Serial | 5% | 107.298
|
| 2025 | Serial | 4.125% | 98.299
|
| 2026 | Serial | 4.25% | 98.384
|
| 2027 | Serial | 4.375% | 98.487
|
| 2032 | Term | 5.25% | 104.235
|
| 2035 | Term | 5.25% | NRO
|
| 2041 | Term | 5% | 98.924
|
| 2041 | Term | 5.25% | 102.667
|
|
|
| $21 million election of 2010 taxable qualified school construction bonds
|
| Maturity | Type | Coupon | Price
|
| 2030 | Term | 6.25% | 100
|
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