Published on 11/21/2013 in the Prospect News Municipals Daily.
New Issue: Davie, Fla., brings to market $114.62 million Nova Southeastern bonds
By Sheri Kasprzak
New York, Nov. 21 - The Town of Davie, Fla., priced $114,615,000 of series 2013 educational facilities revenue bonds for Nova Southeastern University, according to a pricing sheet.
The deal included $94,295,000 of series 2013A revenue bonds and $20.32 million of series 2013B revenue refunding bonds.
The 2013A bonds are due 2042 to 2043 with 5.625% to 6% coupons.
The 2013B bonds are due 2014 to 2030 with a term bond due in 2033. The serial coupons range from 2% to 5%. The 2033 bonds have a 5.375% coupon priced at 99.339.
Proceeds will be used to finance all or a portion of the costs associated with constructing, acquiring, equipping and designing an oceanographic center on the university's Hollywood campus, seawall and basin improvements at the Hollywood campus, the construction of a sports and recreation center at the Davie campus, storm water and drainage system improvements, as well as to refund the city's series 2004 and 1994 revenue bonds.
| Issuer: | Town of Davie, Fla./Nova Southeastern University
|
| Issue: | Series 2013 educational facilities revenue bonds
|
| Amount: | $114,615,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), BofA Merrill Lynch, J.P. Morgan Securities LLC, PNC Capital Markets LLC and SunTrust Robinson Humphrey (co-managers)
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
| Pricing date: | Nov. 21
|
| Settlement date: | Jan. 3, 2014
|
|
|
| $94,295,000 series 2013A revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $70 million | 2042 | Serial | 6% | 103.157
|
| $24,295,000 | 2043 | Serial | 5.625% | 99.21
|
|
|
| $20.32 million series 2013B revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $835,000 | 2014 | Serial | 2% | 100.306
|
| $1.41 million | 2015 | Serial | 3% | 102.529
|
| $1,385,000 | 2016 | Serial | 4% | 105.974
|
| $1,445,000 | 2017 | Serial | 4% | 107.326
|
| $715,000 | 2018 | Serial | 4% | 107.463
|
| $745,000 | 2019 | Serial | 5% | 111.691
|
| $780,000 | 2020 | Serial | 5% | 111.126
|
| $815,000 | 2021 | Serial | 5% | 109.922
|
| $855,000 | 2022 | Serial | 5% | 108.64
|
| $895,000 | 2023 | Serial | 5% | 107.019
|
| $940,000 | 2024 | Serial | 5% | 105.13
|
| $980,000 | 2025 | Serial | 5% | 103.74
|
| $1.03 million | 2026 | Serial | 5% | 102.296
|
| $1.08 million | 2027 | Serial | 5% | 101.025
|
| $1.13 million | 2028 | Serial | 5% | 100.139
|
| $1,185,000 | 2029 | Serial | 5% | 99.045
|
| $1.24 million | 2030 | Serial | 5% | 98.138
|
| $2,855,000 | 2033 | Term | 5.375% | 99.339
|
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