Published on 2/20/2015 in the Prospect News Municipals Daily.
New Issue: Jackson State University Educational, Miss., sells $69.47 million bonds
By Sheri Kasprzak
New York, Feb. 20 – The Jackson State University Educational Building Corp. of Mississippi sold $69.47 million of series 2015 revenue bonds, according to a pricing sheet.
The offering included $55,215,000 of series 2015A bonds and $14,255,000 of series 2015B taxable bonds.
The 2015A bonds are due 2016 to 2034 with term bonds due in 2040 and 2045. The serial coupons range from 2% to 5%. The 2040 bonds have a 5% coupon priced at 113.847 and the 2045 bonds have a 4% coupon priced at 101.236.
The 2015B bonds are due 2016 to 2021 with 0.69% to 2.645% coupons all priced at par.
The bonds (Aa2//AA) were sold through senior manager Morgan Stanley & Co. LLC.
Proceeds will be used to finance capital improvements to the university’s Jackson, Miss., campus, including the acquisition of student housing facilities and to refund the corporation’s series 2006A revenue bonds.
| Issuer: | Jackson State University Educational Building Corp., Miss.
|
| Issue: | Series 2015 revenue bonds
|
| Amount: | $69.47 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Raymond James/Morgan Keegan and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 26
|
|
|
| $55,215,000 series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $135,000 | 2016 | Serial | 2% | 101.781
|
| $495,000 | 2017 | Serial | 3% | 104.818
|
| $565,000 | 2018 | Serial | 4% | 109.072
|
| $585,000 | 2019 | Serial | 4% | 110.982
|
| $610,000 | 2020 | Serial | 5% | 117.055
|
| $2,295,000 | 2021 | Serial | 5% | 118.726
|
| $3.45 million | 2022 | Serial | 5% | 119.831
|
| $3.57 million | 2023 | Serial | 5% | 120.714
|
| $3.69 million | 2024 | Serial | 5% | 121.142
|
| $3,815,000 | 2025 | Serial | 5% | 121.433
|
| $3.92 million | 2026 | Serial | 5% | 119.965
|
| $4,065,000 | 2027 | Serial | 5% | 118.711
|
| $3.35 million | 2028 | Serial | 5% | 177.661
|
| $3,455,000 | 2029 | Serial | 5% | 116.999
|
| $2.57 million | 2030 | Serial | 3.25% | 97.442
|
| $1 million | 2030 | Serial | 5% | 116.529
|
| $3,705,000 | 2031 | Serial | 5% | 115.875
|
| $3,005,000 | 2032 | Serial | 5% | 115.503
|
| $3.1 million | 2033 | Serial | 5% | 115.132
|
| $3.19 million | 2034 | Serial | 5% | 114.763
|
| $2.22 million | 2040 | Term | 5% | 113.847
|
| $2,425,000 | 2045 | Term | 4% | 101.236
|
|
|
| $14,255,000 series 2015B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,005,000 | 2016 | Serial | 0.69% | 100
|
| $2.66 million | 2017 | Serial | 1.121% | 100
|
| $2.58 million | 2018 | Serial | 1.693% | 100
|
| $2,565,000 | 2019 | Serial | 2.155% | 100
|
| $2,535,000 | 2020 | Serial | 2.355% | 100
|
| $910,000 | 2021 | Serial | 2.645% | 100
|
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