Published on 4/1/2015 in the Prospect News Municipals Daily.
New Issue: Securing Assets for Education, S.C., prices $78.55 million of refunding bonds
By Sheri Kasprzak
New York, April 1 – Securing Assets for Education sold $78.55 million of series 2015 installment purchase revenue refunding bonds on behalf of the Berkeley County School District of South Carolina, according to an official statement.
The deal included $71,725,000 of series 2015A refunding bonds and $6,825,000 of series 2015B taxable bonds.
The 2015A bonds are due 2021 to 2028 with 2% to 5% coupons and 1.96% to 3.2% yields.
The 2015B bonds are due 2016 to 2021 with 1% to 2.6% coupons all priced at par.
The bonds (Aa3/AA-/) were sold through senior manager BofA Merrill Lynch.
Proceeds will be used to refund the district’s series 2006 bonds.
| Issuer: | Securing Assets for Education/Berkeley County School District, S.C.
|
| Issue: | Series 2015 installment purchase revenue refunding bonds
|
| Amount: | $78.55 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), Citigroup Global Markets Inc. and First Southwest Co.
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
|
| Pricing date: | March 26
|
| Settlement date: | April 16
|
|
|
| $71,725,000 series 2015A refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $20,000 | 2021 | Serial | 2% | 100.246 | 1.96%
|
| $1,165,000 | 2022 | Serial | 5% | 120.254 | 2.11%
|
| $1.94 million | 2023 | Serial | 5% | 121.36 | 2.26%
|
| $11.5 million | 2024 | Serial | 5% | 120.058 | 2.41%
|
| $11.67 million | 2025 | Serial | 5% | 119.2 | 2.51%
|
| $13.03 million | 2026 | Serial | 5% | 118.433 | 2.60%
|
| $14.46 million | 2027 | Serial | 5% | 117.588 | 2.70%
|
| $17.94 million | 2028 | Serial | 3% | 97.803 | 3.20%
|
|
|
| $6,825,000 series 2015B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $430,000 | 2016 | Serial | 1% | 100
|
| $430,000 | 2017 | Serial | 1.3% | 100
|
| $1,155,000 | 2018 | Serial | 1.71% | 100
|
| $1.84 million | 2019 | Serial | 2% | 100
|
| $885,000 | 2020 | Serial | 2.3% | 100
|
| $2,085,000 | 2021 | Serial | 2.6% | 100
|
|
|
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