Published on 12/10/2015 in the Prospect News Municipals Daily.
New Issue: Clemson University, S.C., sells $191 million of higher education revenue bonds
By Sheri Kasprzak
New York, Dec. 10 – Clemson University of South Carolina priced $191 million of series 2015B higher education revenue bonds, according to a pricing sheet.
The bonds (Aa2/AA/) were sold competitively.
The bonds are due 2019 to 2041 with a term bond due in 2046. The serial coupons range from 2.75% to 5% with yields from 1.05% to 3.4%. The 2046 bonds have a 4% coupon priced at 104.49 to yield 3.48%.
Proceeds will be used to finance the construction, renovation, improvement and equipment of a new student housing facility, as well as dining, retail, bookstore and auxiliary facilities at the university’s campus.
| Issuer: | Clemson University
|
| Issue: | Series 2015B higher education revenue bonds
|
| Amount: | $191 million
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 18
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4.2 million | 2019 | Serial | 5% | 113.041 | 1.05%
|
| $4.41 million | 2020 | Serial | 5% | 115.665 | 1.30%
|
| $4.63 million | 2021 | Serial | 5% | 118.216 | 1.46%
|
| $4.86 million | 2022 | Serial | 5% | 120.173 | 1.65%
|
| $5,105,000 | 2023 | Serial | 5% | 121.836 | 1.82%
|
| $5.36 million | 2024 | Serial | 5% | 123.011 | 2.00%
|
| $5,625,000 | 2025 | Serial | 5% | 124.353 | 2.12%
|
| $5,905,000 | 2026 | Serial | 5% | 125.831 | 2.20%
|
| $6.2 million | 2027 | Serial | 5% | 124.989 | 2.28%
|
| $5.51 million | 2028 | Serial | 2.75% | 100.267 | 2.72%
|
| $5.66 million | 2029 | Serial | 5% | 122.503 | 2.52%
|
| $5,945,000 | 2030 | Serial | 3.1% | 100.35 | 3.06%
|
| $6.13 million | 2031 | Serial | 3% | 99.387 | 3.05%
|
| $6.31 million | 2032 | Serial | 3% | 98.468 | 3.12%
|
| $6.5 million | 2033 | Serial | 3% | 98.002 | 3.15%
|
| $6,695,000 | 2034 | Serial | 3% | 97.1 | 3.21%
|
| $6,895,000 | 2035 | Serial | 3% | 96.986 | 3.21%
|
| $7,105,000 | 2036 | Serial | 3.125% | 97.417 | 3.30%
|
| $7,325,000 | 2037 | Serial | 4% | 106.554 | 3.25%
|
| $7.62 million | 2038 | Serial | 4% | 105.921 | 3.32%
|
| $7,925,000 | 2039 | Serial | 4% | 105.561 | 3.36%
|
| $8.24 million | 2040 | Serial | 4% | 105.382 | 3.38%
|
| $8.57 million | 2041 | Serial | 4% | 105.203 | 3.40%
|
| $48,275,000 | 2046 | Term | 4% | 104.49 | 3.48%
|
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