Published on 2/15/2012 in the Prospect News Municipals Daily.
New Issue: Fulton County, Ga., authority sells $109.66 million bonds for Georgia Tech Athletic
By Sheri Kasprzak
New York, Feb. 15 - The Development Authority of Fulton County, Ga., sold $109.66 million of series 2012 revenue bonds for the Georgia Tech Athletic Association on Wednesday, according to a pricing sheet.
The deal included $97,965,000 of series 2012A bonds and $28.25 million series 2012B taxable bonds.
The 2012A bonds are due 2019, 2022, 2037 and 2042. The 2019 bonds have a split maturity with a 4% coupon priced at 111.619 and a 5% coupon priced at 118.535. The 2022 bonds have a split maturity with a 3% coupon priced at 100.54 and a 5% coupon priced at 118.616. The 2037 bonds have a 4.25% coupon priced at 98.462, and the 2042 bonds have a 5% coupon priced at 105.81.
The 2012B bonds are due 2013 to 2023 with term bonds due in 2027, 2031 and 2035. The serial coupons range from 1.316% to 4.073%, all priced at par. The 2027 bonds have a 4.723% coupon priced at par, and the 2031 bonds have a 5.21% coupon priced at par. The 2035 bonds have a 5.31% coupon priced at par.
Bank of America Merrill Lynch was the senior manager for the bonds (A2/A+)
Proceeds will refund the association's series 2001 revenue bonds, pay termination fees and finance or refinance campus improvements.
| Issuer: | Development Authority of Fulton County, Ga./Georgia Tech Athletic Association
|
| Issue: | Series 2012 revenue bonds
|
| Amount: | $109.66 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch
|
| Ratings: | Moody's: A2
|
| Fitch: A+
|
| Pricing date: | Feb. 15
|
| Settlement date: | March 1
|
|
|
| $97,965,000 series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.5 million | 2019 | Term | 4% | 111.619
|
| $22.5 million | 2019 | Term | 5% | 118.535
|
| $600,000 | 2022 | Term | 3% | 100.54
|
| $29.4 million | 2022 | Term | 5% | 118.616
|
| $7.85 million | 2037 | Term | 4.25% | 98.462
|
| $30,115,000 | 2042 | Term | 5% | 105.81
|
|
|
| $28.25 million series 2012B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $260,000 | 2013 | Serial | 1.316% | 100
|
| $265,000 | 2014 | Serial | 1.815% | 100
|
| $270,000 | 2015 | Serial | 2.148% | 100
|
| $275,000 | 2016 | Serial | 2.398% | 100
|
| $290,000 | 2017 | Serial | 2.851% | 100
|
| $290,000 | 2018 | Serial | 3.101% | 100
|
| $300,000 | 2019 | Serial | 3.473% | 100
|
| $305,000 | 2020 | Serial | 3.673% | 100
|
| $310,000 | 2021 | Serial | 3.773% | 100
|
| $325,000 | 2022 | Serial | 3.873% | 100
|
| $325,000 | 2023 | Serial | 4.073% | 100
|
| $3,305,000 | 2027 | Term | 4.723% | 100
|
| $10,035,000 | 2031 | Term | 5.21% | 100
|
| $11,695,000 | 2035 | Term | 5.31% | 100
|
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