Published on 3/27/2014 in the Prospect News Municipals Daily.
New Issue: Fulton County Development, Ga., sells $75.91 million Georgia Tech bonds
By Sheri Kasprzak
New York, March 27 - The Fulton County Development Authority of Georgia sold $75.91 million of series 2014 Georgia Tech facilities refunding revenue bonds, according to a pricing sheet.
The offering includes $56,905,000 of series 2014A bonds and $19,005,000 of series 2014B taxable bonds.
The 2014A bonds are due 2015 to 2034 with term bonds due in 2039 and 2041. The serial coupons range from 3% to 5%. The 2039 bonds have a 4.25% coupon priced at 99.238 and a 5% coupon priced at 116.059. The 2041 bonds have a 4.25% coupon priced at 98.89.
The 2014B bonds are due 2015 to 2029 with term bonds due in 2034 and 2036. The serial coupons range from 0.71% to 4.54% all priced at par. The 2034 bonds have a 4.68% coupon priced at par, and the 2036 bonds have a 4.73% coupon priced at par.
The bonds (Aa3/AA-/) were sold through BofA Merrill Lynch.
Proceeds will be used to refund the authority's series 2004 revenue bonds.
| Issuer: | Fulton County Development Authority
|
| Issue: | Series 2014 Georgia Tech facilities refunding revenue bonds
|
| Amount: | $75.91 million
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch (lead)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | March 27
|
| Settlement date: | May 1
|
|
|
| $56,905,000 series 2014A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $970,000 | 2015 | Serial | 3% | 102.816
|
| $1,005,000 | 2016 | Serial | 4% | 107.018
|
| $1.04 million | 2017 | Serial | 5% | 112.362
|
| $1.09 million | 2018 | Serial | 5% | 114.797
|
| $1,145,000 | 2019 | Serial | 5% | 116.484
|
| $400,000 | 2020 | Serial | 3% | 105.337
|
| $770,000 | 2020 | Serial | 5% | 116.575
|
| $1,255,000 | 2021 | Serial | 4% | 110.321
|
| $1,305,000 | 2022 | Serial | 5% | 116.84
|
| $1.37 million | 2023 | Serial | 5% | 116.616
|
| $1,445,000 | 2024 | Serial | 5% | 117.168
|
| $1,515,000 | 2025 | Serial | 5% | 117.595
|
| $1.59 million | 2026 | Serial | 3.25% | 99.018
|
| $1.64 million | 2027 | Serial | 5% | 118.201
|
| $1,725,000 | 2028 | Serial | 5% | 118.073
|
| $1.81 million | 2029 | Serial | 3.75% | 99.545
|
| $1,875,000 | 2030 | Serial | 5% | 117.45
|
| $1.97 million | 2031 | Serial | 5% | 116.988
|
| $2,065,000 | 2032 | Serial | 4% | 99.491
|
| $2,155,000 | 2033 | Serial | 4% | 98.819
|
| $2.24 million | 2034 | Serial | 4% | 98.509
|
| $5.9 million | 2039 | Term | 4.25% | 99.238
|
| $11,425,000 | 2039 | Term | 5% | 116.059
|
| $9.2 million | 2041 | Term | 4.25% | 98.89
|
|
|
| $19,005,000 series 2014B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $635,000 | 2015 | Serial | 0.71% | 100
|
| $635,000 | 2016 | Serial | 0.86% | 100
|
| $645,000 | 2017 | Serial | 1.49% | 100
|
| $655,000 | 2018 | Serial | 2.14% | 100
|
| $670,000 | 2019 | Serial | 2.54% | 100
|
| $680,000 | 2020 | Serial | 2.86% | 100
|
| $705,000 | 2021 | Serial | 3.16% | 100
|
| $730,000 | 2022 | Serial | 3.34% | 100
|
| $755,000 | 2023 | Serial | 3.49% | 100
|
| $775,000 | 2024 | Serial | 3.74% | 100
|
| $805,000 | 2025 | Serial | 3.94% | 100
|
| $835,000 | 2026 | Serial | 4.09% | 100
|
| $870,000 | 2027 | Serial | 4.29% | 100
|
| $905,000 | 2028 | Serial | 4.44% | 100
|
| $950,000 | 2029 | Serial | 4.54% | 100
|
| $5.45 million | 2034 | Term | 4.68% | 100
|
| $2,305,000 | 2036 | Term | 4.73% | 100
|
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