By Sheri Kasprzak
New York, March 9 - The Connecticut Health and Educational Facilities Authority priced $84.915 million in series 2010 revenue bonds for Fairfield University on Thursday, according to an official statement.
The deal includes $73.82 million in series 2010-O bonds and $11.095 million in series 2010-P bonds.
The 2010-O bonds are due 2030, 2035 and 2040. The 2030 bonds have a 4.75% coupon to yield 4.8%. The 2035 bonds have a 5% coupon, priced at par, and the 2040 bonds have a 5% coupon to yield 5.05%.
The 2010-P bonds are due 2010 to 2022 with a term bond due 2028. The serials have coupons from 2% to 5% and yields from 0.9% to 4.05%. The 2028 bonds have a 5% coupon to yield 4.63%.
J.P. Morgan Securities Inc. was the senior manager for the bonds (A3/A-/). The co-managers were Janney Montgomery Scott LLC and Stifel, Nicolaus & Co. Inc.
Proceeds will be used to refund the university's series H bonds and to make a deposit to a debt service reserve fund.
| Issuer: | Connecticut Health and Educational Facilities Authority/Fairfield University
|
| Issue: | Series 2010 revenue bonds
|
| Amount: | $84.915 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. (lead); Janney Montgomery Scott LLC and Stifel, Nicolaus & Co. Inc. (co-managers)
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Pricing date: | March 4
|
| Settlement date: | March 17
|
|
|
| Series 2010-O
|
| Maturity | Type | Coupon | Yield
|
| 2030 | Term | 4.75% | 4.80%
|
| 2035 | Term | 5% | 5.00%
|
| 2040 | Term | 5% | 5.05%
|
|
|
| Series 2010-P
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 2% | 0.90%
|
| 2011 | Serial | 3% | 1.06%
|
| 2012 | Serial | 3% | 1.45%
|
| 2013 | Serial | 3% | 1.77%
|
| 2014 | Serial | 3% | 2.11%
|
| 2015 | Serial | 4% | 2.53%
|
| 2016 | Serial | 4% | 2.95%
|
| 2017 | Serial | 4% | 3.27%
|
| 2018 | Serial | 4% | 3.53%
|
| 2019 | Serial | 4% | 3.71%
|
| 2020 | Serial | 5% | 3.85%
|
| 2021 | Serial | 5% | 3.95%
|
| 2022 | Serial | 5% | 4.05%
|
| 2028 | Term | 5% | 4.63%
|
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