Published on 6/1/2012 in the Prospect News Municipals Daily.
New Issue: Fairmont State University, W.Va., prices $50.33 million revenue refunding bonds
By Sheri Kasprzak
New York, June 1 - The Fairmont State University of West Virginia sold $50,325,000 of series 2012 revenue refunding bonds, according to a pricing sheet.
The bonds (A1) were sold through Piper Jaffray & Co. and Crews & Associates.
The deal included $20,165,000 of series 2012A bonds and $30.16 million of series 2012B bonds.
The 2012A bonds are due 2013 to 2027 with term bonds due in 2029 and 2032. The serial coupons range from 2% to 5%. Yields range from 0.60% to 3.44%. The 2029 bonds have a 3.5% coupon priced at 98.737 to yield 3.6%. The 2032 bonds have a 5% coupon priced at 111.868 to yield 3.45%.
The 2012B bonds are due 2013 to 2027 with a term bond due in 2032. The serial coupons range from 2% to 5%. The yields range from 0.60% to 3.44%. The 2032 bonds have a split maturity with a 5% coupon priced at 111.868 to yield 3.4% and a 4% coupon priced at 98.913 to yield 4.08%.
Proceeds will be used to current refund the university's series 2002A-B revenue bonds and advance refund the university's series 2003A-B revenue bonds.
| Issuer: | Fairmont State University
|
| Issue: | Series 2012 revenue refunding bonds
|
| Amount: | $50,325,000
|
| Type: | Negotiated
|
| Underwriters: | Piper Jaffray & Co. and Crews & Associates (lead)
|
| Rating: | Moody's: A1
|
| Pricing date: | May 22
|
| Settlement date: | June 12
|
|
|
| $20,165,000 series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $735,000 | 2013 | Serial | 2% | 101.351 | 0.60%
|
| $730,000 | 2014 | Serial | 2% | 102.320 | 0.81%
|
| $745,000 | 2015 | Serial | 4% | 108.632 | 1.04%
|
| $770,000 | 2016 | Serial | 4% | 110.575 | 1.26%
|
| $805,000 | 2017 | Serial | 4% | 111.877 | 1.51%
|
| $835,000 | 2018 | Serial | 4% | 112.881 | 1.72%
|
| $870,000 | 2019 | Serial | 4% | 113.507 | 1.92%
|
| $905,000 | 2020 | Serial | 2% | 98.761 | 2.17%
|
| $920,000 | 2021 | Serial | 4% | 113.014 | 2.38%
|
| $960,000 | 2022 | Serial | 5% | 119.266 | 2.58%
|
| $1,005,000 | 2023 | Serial | 5% | 118.037 | 2.72%
|
| $1,055,000 | 2024 | Serial | 3% | 98.513 | 3.15%
|
| $1.09 million | 2025 | Serial | 3.1% | 98.214 | 3.27%
|
| $1.12 million | 2026 | Serial | 3.15% | 97.673 | 3.36%
|
| $1,155,000 | 2027 | Serial | 3.25% | 97.790 | 3.44%
|
| $2.43 million | 2029 | Term | 3.5% | 98.737 | 3.60%
|
| $4,035,000 | 2032 | Term | 5% | 111.868 | 3.45%
|
|
|
| $30.16 million series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,075,000 | 2013 | Serial | 4% | 103.281 | 0.60%
|
| $1.08 million | 2014 | Serial | 4% | 106.219 | 0.81%
|
| $1,125,000 | 2015 | Serial | 4% | 108.632 | 1.04%
|
| $1.17 million | 2016 | Serial | 4% | 110.575 | 1.26%
|
| $1,215,000 | 2017 | Serial | 4% | 111.877 | 1.51%
|
| $1,265,000 | 2018 | Serial | 4% | 112.881 | 1.72%
|
| $1,315,000 | 2019 | Serial | 4% | 113.507 | 1.92%
|
| $1.37 million | 2020 | Serial | 2% | 98.761 | 2.17%
|
| $1,395,000 | 2021 | Serial | 2.15% | 98.151 | 2.38%
|
| $1,425,000 | 2022 | Serial | 5% | 119.266 | 2.58%
|
| $1,495,000 | 2023 | Serial | 5% | 118.037 | 2.72%
|
| $1.57 million | 2024 | Serial | 3% | 98.513 | 3.15%
|
| $1.62 million | 2025 | Serial | 3% | 98.214 | 3.27%
|
| $1.67 million | 2026 | Serial | 3.2% | 98.227 | 3.36%
|
| $1.72 million | 2027 | Serial | 3.25% | 97.790 | 3.44%
|
| $1 million | 2032 | Term | 5% | 111.868 | 3.45%
|
| $8.65 million | 2032 | Term | 4% | 98.913 | 4.08%
|
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