Published on 6/26/2014 in the Prospect News Municipals Daily.
New Issue: Lake County School Board, Fla., prices $55.8 million of certificates
By Sheri Kasprzak
New York, June 26 – The Lake County School Board of Florida sold $55.8 million of series 2014A certificates of participation, according to a pricing sheet.
The COPs (/A/A+) were sold through Citigroup Global Markets Inc.
The certificates are due 2016 to 2030 with 3% to 5% coupons and 0.64% to 3.74% yields.
Proceeds will be used to refund the school board’s series 2005A certificates of participation.
| Issuer: | Lake County School Board, Fla.
|
| Issue: | Series 2014A certificates of participation
|
| Amount: | $55.8 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), J.P. Morgan Securities LLC and Raymond James/Morgan Keegan (co-managers)
|
| Ratings: | Standard & Poor’s: A
|
| Fitch: A+
|
| Pricing date: | June 18
|
| Settlement date: | July 16
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $525,000 | 2016 | Serial | 3% | 104.391 | 0.64%
|
| $540,000 | 2017 | Serial | 5% | 111.548 | 0.92%
|
| $565,000 | 2018 | Serial | 4% | 110.05 | 1.33%
|
| $460,000 | 2019 | Serial | 5% | 115.374 | 1.70%
|
| $490,000 | 2020 | Serial | 5% | 116.127 | 2.07%
|
| $505,000 | 2021 | Serial | 5% | 116.11 | 2.44%
|
| $540,000 | 2022 | Serial | 5% | 115.984 | 2.73%
|
| $565,000 | 2023 | Serial | 5% | 115.816 | 2.96%
|
| $4.26 million | 2024 | Serial | 5% | 115.868 | 3.12%
|
| $4.47 million | 2025 | Serial | 5% | 114.223 | 3.30%
|
| $4,705,000 | 2026 | Serial | 5% | 113.232 | 3.41%
|
| $4.94 million | 2027 | Serial | 5% | 112.34 | 3.51%
|
| $8,615,000 | 2028 | Serial | 5% | 111.72 | 3.58%
|
| $11,045,000 | 2029 | Serial | 5% | 110.929 | 3.67%
|
| $13,575,000 | 2030 | Serial | 5% | 110.319 | 3.74%
|
|
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