Published on 4/7/2016 in the Prospect News Municipals Daily.
New Issue: University of Connecticut brings $342 million general obligation bonds
By Sheri Kasprzak
New York, April 7 – The University of Connecticut priced $342.35 million of series 2016A general obligation bonds, according to a pricing sheet. The deal was upsized from $340 million.
The offering included $261.84 million of series 2016A G.O. bonds and $80.51 million of series 2016A G.O. refunding bonds.
The G.O. bonds are due 2017 to 2036 with 3% to 5% coupons. The refunding bonds are due 2071 to 2027 with 4% to 5% coupons.
The bonds (Aa3/AA/AA-) were sold through senior manager Jefferies & Co.
Proceeds will be used to finance capital projects for the university and to refund existing bonds.
| Issuer: | University of Connecticut
|
| Issue: | Series 2016A general obligation bonds
|
| Amount: | $342.35 million
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| Type: | Negotiated
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| Underwriters: | Jefferies & Co. (lead), Goldman, Sachs & Co., J.P. Morgan Securities LLC, Piper Jaffray & Co., Wells Fargo Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., Fidelity Capital Markets LLC, Janney Montgomery Scott LLC, Morgan Stanley & Co. LLC, Prager & Co. LLC, Raymond James/Morgan Keegan, Rice Financial Products Co., Roosevelt & Cross Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA
|
| Fitch: AA-
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| Pricing date: | April 6
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| Settlement date: | April 21
|
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| $261.84 million series 2016A general obligation bonds
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| Amount | Maturity | Type | Coupon | Price
|
| $13.09 million | 2017 | Serial | 4% | 102.955
|
| $13,095,000 | 2018 | Serial | 4% | 105.943
|
| $285,000 | 2019 | Serial | 4% | 108.433
|
| $12.81 million | 2019 | Serial | 5% | 111.283
|
| $3.45 million | 2020 | Serial | 3% | 106.719
|
| $9,645,000 | 2020 | Serial | 5% | 114.312
|
| $2.82 million | 2021 | Serial | 4% | 112.27
|
| $10,275,000 | 2021 | Serial | 5% | 116.99
|
| $3,995,000 | 2022 | Serial | 3% | 108.086
|
| $9.1 million | 2022 | Serial | 5% | 119.317
|
| $13,095,000 | 2023 | Serial | 5% | 121.253
|
| $13,095,000 | 2024 | Serial | 5% | 122.804
|
| $13,095,000 | 2025 | Serial | 5% | 124.161
|
| $13.09 million | 2026 | Serial | 5% | 125.29
|
| $13.09 million | 2027 | Serial | 5% | 124.281
|
| $13.09 million | 2028 | Serial | 5% | 123.581
|
| $13.09 million | 2029 | Serial | 5% | 122.787
|
| $13.09 million | 2030 | Serial | 5% | 122.097
|
| $13.09 million | 2031 | Serial | 5% | 121.509
|
| $13.09 million | 2032 | Serial | 5% | 120.924
|
| $13.09 million | 2033 | Serial | 3% | 99.12
|
| $13.09 million | 2034 | Serial | 3% | 98.754
|
| $13.09 million | 2035 | Serial | 4% | 107.974
|
| $13.09 million | 2036 | Serial | 4% | 107.531
|
|
|
| $80.51 million series 2016A G.O. refunding
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,355,000 | 2017 | Serial | 4% | 102.955
|
| $21.75 million | 2018 | Serial | 4% | 105.943
|
| $21.54 million | 2019 | Serial | 5% | 111.283
|
| $5,955,000 | 2020 | Serial | 5% | 114.312
|
| $3,655,000 | 2021 | Serial | 5% | 116.99
|
| $3,665,000 | 2022 | Serial | 5% | 119.317
|
| $3,685,000 | 2023 | Serial | 5% | 121.253
|
| $3.7 million | 2024 | Serial | 5% | 122.804
|
| $3,715,000 | 2025 | Serial | 5% | 124.161
|
| $3,735,000 | 2026 | Serial | 5% | 125.29
|
| $3,755,000 | 2027 | Serial | 5% | 124.281
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