Published on 3/19/2015 in the Prospect News Municipals Daily.
New Issue: Volusia County Educational, Fla., prices $96.42 million Stetson bonds
By Sheri Kasprzak
New York, March 19 – The Volusia County Educational Facilities Authority of Florida priced $96.42 million of series 2015 educational facilities revenue bonds for Stetson University, according to a term sheet.
The bonds (A3/A-/) were sold through Barclays.
The bonds are due 2016 to 2035 with term bonds due in 2040 and 2045. The serial bonds have 5% coupons and 0.53% to 3.70% yields. The 2040 bonds have a 5% coupon priced at 110.213 to yield 3.78% and the 2045 bonds have a 5% coupon priced at 109.771 to yield 3.83%.
Proceeds will be used to make renovations and improvements to academic buildings, administrative facilities and other properties on the university’s Gulfport and DeLand campuses, as well as to refund existing bonds.
| Issuer: | Volusia County Educational Facilities Authority/Stetson University
|
| Issue: | Series 2015 educational facilities revenue bonds
|
| Amount: | $96.42 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays (lead), Raymond James/Morgan Keegan, SunTrust Robinson Humphrey ad Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A-
|
| Pricing date: | March 19
|
| Settlement date: | April 1
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.45 million | 2016 | Serial | 5% | 105.191 | 0.53%
|
| $1,525,000 | 2017 | Serial | 5% | 108.844 | 0.87%
|
| $1.6 million | 2018 | Serial | 5% | 111.473 | 1.29%
|
| $1.68 million | 2019 | Serial | 5% | 113.693 | 1.59%
|
| $1,765,000 | 2020 | Serial | 5% | 115.344 | 1.87%
|
| $1,855,000 | 2021 | Serial | 5% | 116.688 | 2.10%
|
| $1,945,000 | 2022 | Serial | 5% | 117.165 | 2.38%
|
| $2.04 million | 2023 | Serial | 5% | 117.875 | 2.56%
|
| $2,145,000 | 2024 | Serial | 5% | 118.562 | 2.70%
|
| $2.25 million | 2025 | Serial | 5% | 119.344 | 2.80%
|
| $2,365,000 | 2026 | Serial | 5% | 117.889 | 2.95%
|
| $2.48 million | 2027 | Serial | 5% | 116.741 | 3.07%
|
| $2,605,000 | 2028 | Serial | 5% | 115.043 | 3.25%
|
| $2,735,000 | 2029 | Serial | 5% | 114.298 | 3.33%
|
| $2,875,000 | 2030 | Serial | 5% | 113.743 | 3.39%
|
| $3,015,000 | 2031 | Serial | 5% | 112.825 | 3.49%
|
| $3.17 million | 2032 | Serial | 5% | 112.007 | 3.58%
|
| $3,325,000 | 2033 | Serial | 5% | 111.645 | 3.62%
|
| $3,495,000 | 2034 | Serial | 5% | 111.285 | 3.66%
|
| $3,665,000 | 2035 | Serial | 5% | 110.927 | 3.70%
|
| $21,275,000 | 2040 | Term | 5% | 110.213 | 3.78%
|
| $27.16 million | 2045 | Term | 5% | 109.771 | 3.83%
|
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