Published on 6/29/2012 in the Prospect News Municipals Daily.
New Issue: FAU Finance Corp., Fla., prices $46.21 million of housing revenue bonds
By Sheri Kasprzak
New York, June 29 - The FAU Finance Corp. of Florida sold $46,205,000 of series 2012A capital improvement housing revenue bonds, said a pricing sheet. The deal was downsized from $53 million.
The bonds (A1//A+) were sold through Bank of America Merrill Lynch.
The bonds are due 2014 to 2032 with term bonds due in 2037 and 2042. The serial coupons range from 3% to 5%. The 2037 bonds have a 4.25% coupon priced at 98.484. The 2042 bonds have a 4.25% coupon priced at 97.514 and a 5% coupon priced at 105.534.
Proceeds will be used to construct, equip, acquire and design a new student housing facility for Florida Atlantic University.
| Issuer: | FAU Finance Corp.
|
| Issue: | Series 2012A capital improvement housing revenue bonds
|
| Amount: | $46,205,000
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead)
|
| Ratings: | Moody's: A1
|
| Fitch: A+
|
| Pricing date: | June 28
|
| Settlement date: | July 18
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $855,000 | 2014 | Serial | 4% | 106.348
|
| $890,000 | 2015 | Serial | 4% | 108.493
|
| $930,000 | 2016 | Serial | 5% | 113.919
|
| $970,000 | 2017 | Serial | 3% | 106.296
|
| $1,005,000 | 2018 | Serial | 4% | 110.874
|
| $1,045,000 | 2019 | Serial | 4% | 110.796
|
| $1.09 million | 2020 | Serial | 4% | 109.847
|
| $1,135,000 | 2021 | Serial | 4% | 108.864
|
| $1.18 million | 2022 | Serial | 4% | 108.011
|
| $1,235,000 | 2023 | Serial | 5% | 114.594
|
| $1,285,000 | 2024 | Serial | 3.5% | 99.515
|
| $1,335,000 | 2025 | Serial | 3.5% | 97.251
|
| $1.38 million | 2026 | Serial | 3.75% | 98.926
|
| $1,435,000 | 2027 | Serial | 3.75% | 97.756
|
| $1.49 million | 2028 | Serial | 4% | 100
|
| $1,555,000 | 2029 | Serial | 4% | 99.632
|
| $1,615,000 | 2030 | Serial | 4% | 99.491
|
| $1.68 million | 2031 | Serial | 4% | 98.949
|
| $1.75 million | 2032 | Serial | 4% | 98.109
|
| $9,945,000 | 2037 | Term | 4.25% | 98.484
|
| $7.4 million | 2042 | Term | 4.25% | 97.514
|
| $5 million | 2042 | Term | 5% | 105.534
|
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