By Sheri Kasprzak
New York, Dec. 6 - The Town of Hempstead, N.Y., priced $71.32 million of series 2011 revenue bonds for Hofstra University, said a term sheet.
The bonds (A3/A/) were sold through senior managers Barclays Capital Inc. and Bank of America Merrill Lynch.
The bonds are due 2020 to 2031 with term bonds due in 2036 and 2041. The serial coupons range from 4.125% to 5%. The 2036 bonds have a 4.625% coupon and priced at 98.198. The 2041 bonds have a 5% coupon and priced at 101.513.
Proceeds from the deal will be used to fund the construction, equipment, acquisition and design of a new science building, a new high technology classroom, two pedestrian footbridges, a basketball arena and auxiliary facilities on Fulton Street in Hempstead, N.Y., as well as to refinance the university's series 1998 civic facility revenue bonds and series 1991 revenue bonds issued through the Nassau County Industrial Development Authority.
| Issuer: | Town of Hempstead, N.Y./Hofstra University
|
| Issue: | Series 2011 revenue bonds
|
| Amount: | $71.32 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. and Bank of America Merrill Lynch
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 20
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.03 million | 2020 | Serial | 5% | 115.034
|
| $5.28 million | 2021 | Serial | 5% | 114.95
|
| $5.535 million | 2022 | Serial | 5% | 113.017
|
| $5.815 million | 2023 | Serial | 5% | 111.123
|
| $6.11 million | 2024 | Serial | 5% | 109.686
|
| $335,000 | 2025 | Serial | 4% | 100.63
|
| $6.08 million | 2025 | Serial | 5% | 108.518
|
| $1 million | 2026 | Serial | 4% | 99.562
|
| $5.72 million | 2026 | Serial | 5% | 107.53
|
| $1 million | 2027 | Serial | 4.125% | 99.601
|
| $6.05 million | 2027 | Serial | 5% | 106.552
|
| $1 million | 2028 | Serial | 4.125% | 98.525
|
| $6.395 million | 2028 | Serial | 5% | 105.825
|
| $920,000 | 2029 | Serial | 4.25% | 98.539
|
| $960,000 | 2030 | Serial | 4.375% | 98.81
|
| $1.005 million | 2031 | Serial | 4.5% | 99.228
|
| $5.77 million | 2036 | Term | 4.625% | 98.198
|
| $7.315 million | 2041 | Term | 5% | 101.513
|
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