New Issue: Educational Enhancement, S.D., prices $169.37 million of tobacco settlement bonds

By Sheri Kasprzak

New York, Feb. 28 - The Educational Enhancement Funding Corp. of South Dakota sold $169.37 million of series 2013 tobacco settlement revenue bonds, according to a pricing sheet.

The deal included $122,535,000 of series 2013A taxable bonds (/A/) and $46,835,000 of series 2013B tax-exempt bonds (/A-/).

The 2013A bonds are due 2013 to 2018 with a term bond due in 2022. The serial coupons range from 0.80% to 2.156%, all priced at par. The 2022 bonds have a 3.539% coupon priced at par.

The 2013B bonds are due 2023 to 2027 with 5% coupons.

The bonds were sold through Barclays and Dougherty & Co. LLC.

Proceeds will be used to refund the corporation's series 2002A-B tobacco settlement asset-backed bonds.

Issuer:	Educational Enhancement Funding Corp.
Issue:	Series 2013 tobacco settlement revenue bonds
Amount:	$169.37 million
Type:	Negotiated
Underwriters:	Barclays and Dougherty & Co. LLC
Ratings:	Standard & Poor's: A (for 2013A), A- (for 2013B)
Pricing date:	Feb. 28
Settlement date:	March 14
$122,535,000 series 2013A taxable bonds
Maturity	Type	Coupon	Price
2013	Serial	0.80%	100
2014	Serial	0.855%	100
2015	Serial	1.188%	100
2016	Serial	1.551%	100
2017	Serial	1.906%	100
2018	Serial	2.156%	100
2022	Term	3.539%	100
$46,835,000 series 2013B tax-exempt bonds
Amount	Maturity	Type	Coupon	Price
$9.96 million	2023	Serial	5%	121.804
$9,895,000	2024	Serial	5%	120.308
$9,855,000	2025	Serial	5%	118.932
$9,845,000	2026	Serial	5%	117.96
$7.28 million	2027	Serial	5%	117.094

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