Published on 7/1/2015 in the Prospect News Municipals Daily.
New Issue: UCF Convocation Corp., Fla., prices $83.16 million of refunding bonds
By Sheri Kasprzak
New York, July 1 – The UCF Convocation Corp. of Florida sold $83.16 million of series 2015 refunding revenue bonds, according to a pricing sheet.
The bonds (/A+/AA-) were sold through senior manager BofA Merrill Lynch.
The deal included $48,385,000 of series 2015A tax-exempt bonds and $34,775,000 of series 2015B taxable bonds.
The 2015A bonds are due 2026 to 2035 with 3% to 5% coupons and 3.20% to 4.14% yields.
The 2015B bonds are due 2015 to 2026 with 0.75% to 4.30% coupons all priced at par.
Proceeds will be used to refund the corporation’s series 2005A-B certificates of participation, which were issued to renovate the University of Central Florida’s arena and to construct retail space at the Orlando university.
| Issuer: | UCF Convocation Corp.
|
| Issue: | Series 2015 refunding revenue bonds
|
| Amount: | $83.16 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), Raymond James/Morgan Keegan, SunTrust Robinson Humphrey and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Standard & Poor’s: A+
|
| Fitch: AA-
|
| Pricing date: | July 1
|
| Settlement date: | Aug. 6
|
|
|
| $48,385,000 series 2015A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,285,000 | 2026 | Serial | 3% | 98.133 | 3.20%
|
| $4.19 million | 2027 | Serial | 3.25% | 98.22 | 3.43%
|
| $960,000 | 2028 | Serial | 3.25% | 97.379 | 3.50%
|
| $3.4 million | 2028 | Serial | 5% | 112.994 | 3.47%
|
| $4,575,000 | 2029 | Serial | 5% | 112.265 | 3.55%
|
| $3.07 million | 2030 | Serial | 3% | 97.431 | 3.85%
|
| $1.72 million | 2030 | Serial | 5% | 111.632 | 3.62%
|
| $4.98 million | 2031 | Serial | 3.75% | 97.624 | 3.95%
|
| $5,205,000 | 2032 | Serial | 5% | 110.647 | 3.73%
|
| $5.44 million | 2033 | Serial | 4% | 98.976 | 4.08%
|
| $5,665,000 | 2034 | Serial | 4% | 98.416 | 4.12%
|
| $5,895,000 | 2035 | Serial | 4% | 98.094 | 4.14%
|
|
|
| $34,775,000 series 2015B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $335,000 | 2015 | Serial | 0.75% | 100 | 0.75%
|
| $3 million | 2016 | Serial | 1.15% | 100 | 1.15%
|
| $3.04 million | 2017 | Serial | 1.5% | 100 | 1.50%
|
| $3,095,000 | 2018 | Serial | 2% | 100 | 2.00%
|
| $3,165,000 | 2019 | Serial | 2.6% | 100 | 2.60%
|
| $3,255,000 | 2020 | Serial | 3% | 100 | 3.00%
|
| $3.36 million | 2021 | Serial | 3.3% | 100 | 3.30%
|
| $3.48 million | 2022 | Serial | 3.6% | 100 | 3.60%
|
| $3.61 million | 2023 | Serial | 3.85% | 100 | 3.85%
|
| $3,755,000 | 2024 | Serial | 4% | 100 | 4.00%
|
| $3.91 million | 2025 | Serial | 4.15% | 100 | 4.15%
|
| $770,000 | 2026 | Serial | 4.3% | 100 | 4.30%
|
|
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