Published on 1/28/2015 in the Prospect News Municipals Daily.
New Issue: Kentucky State Property and Buildings sells $386.85 million bonds
By Sheri Kasprzak
New York, Jan. 28 – The Kentucky State Property and Buildings Commission sold $386,845,000 of series 2015 revenue bonds, according to a pricing sheet.
The deal included $132,095,000 of series 2015A Project No. 108 revenue bonds and $254.75 million of series 2015B Project No. 108 revenue refunding bonds.
The 2015A bonds are due 2015 to 2034 with 2% to 5% coupons.
The 2015B bonds are due 2015 to 2026 with 2% to 5% coupons.
The bonds (Aa3/A+/) were sold through senior managers Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC.
Proceeds will be used to refund the commission’s series 2005 Kentucky Asset/Liability Commission project notes.
| Issuer: | Kentucky State Property and Buildings Commission
|
| Issue: | Series 2015 revenue bonds
|
| Amount: | $386,845,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC (lead), J.J.B. Hilliard, W.L. Lyons LLC, Raymond James/Morgan Keegan, PNC Capital Markets LLC, First Kentucky Securities Corp., Edward D. Jones & Co. LP, Fifth Third Securities and Sterne, Agee & Leach Inc. (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: A+
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 11
|
|
|
| $132,095,000 series 2015A Project No. 108 revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.8 million | 2015 | Serial | 2% | 100.853
|
| $300,000 | 2016 | Serial | 2% | 102.346
|
| $4,445,000 | 2016 | Serial | 5% | 106.745
|
| $1,925,000 | 2017 | Serial | 2% | 103.105
|
| $2.92 million | 2017 | Serial | 5% | 110.442
|
| $900,000 | 2018 | Serial | 2% | 103.369
|
| $4.04 million | 2018 | Serial | 5% | 113.58
|
| $1,375,000 | 2019 | Serial | 2.5% | 105.464
|
| $3.69 million | 2019 | Serial | 5% | 116.308
|
| $550,000 | 2020 | Serial | 2.5% | 105.558
|
| $4.67 million | 2020 | Serial | 5% | 118.668
|
| $5,365,000 | 2021 | Serial | 2.5% | 105.197
|
| $5.57 million | 2022 | Serial | 5% | 121.732
|
| $5,855,000 | 2023 | Serial | 5% | 122.748
|
| $3.99 million | 2024 | Serial | 3% | 106.453
|
| $2.17 million | 2024 | Serial | 5% | 123.437
|
| $6.41 million | 2025 | Serial | 3% | 105.907
|
| $6.67 million | 2026 | Serial | 5% | 123.011
|
| $7.01 million | 2027 | Serial | 5% | 121.775
|
| $7.37 million | 2028 | Serial | 5% | 120.959
|
| $7.75 million | 2029 | Serial | 5% | 120.756
|
| $1,165,000 | 2030 | Serial | 3% | 100
|
| $6.9 million | 2030 | Serial | 5% | 120.25
|
| $8,395,000 | 2031 | Serial | 5% | 119.747
|
| $8,825,000 | 2032 | Serial | 5% | 119.247
|
| $9.28 million | 2033 | Serial | 5% | 118.848
|
| $9,755,000 | 2034 | Serial | 5% | 118.451
|
|
|
| $254.75 million series 2015B Project No. 108 revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1 million | 2015 | Serial | 2% | 100.849
|
| $1 million | 2016 | Serial | 5% | 106.745
|
| $6.66 million | 2017 | Serial | 5% | 110.442
|
| $17.29 million | 2018 | Serial | 5% | 113.58
|
| $29,235,000 | 2019 | Serial | 5% | 116.308
|
| $30.84 million | 2020 | Serial | 5% | 118.668
|
| $32.13 million | 2021 | Serial | 5% | 120.483
|
| $34,025,000 | 2022 | Serial | 5% | 121.732
|
| $35.9 million | 2023 | Serial | 5% | 122.748
|
| $37.56 million | 2024 | Serial | 5% | 123.437
|
| $19,435,000 | 2025 | Serial | 5% | 124.367
|
| $9,675,000 | 2026 | Serial | 5% | 124.913
|
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