Published on 6/13/2013 in the Prospect News Municipals Daily.
New Issue: Hempstead Local Development, N.Y., brings $66.49 million Hofstra revenue bonds
By Sheri Kasprzak
New York, June 13 - The Hempstead Local Development Corp. of New York priced $66.49 million of series 2013 revenue bonds for Hofstra University, according to a pricing sheet.
The bonds (A3/A/) were sold through lead managers Barclays and BofA Merrill Lynch.
The bonds are due 2014 to 2033 with term bonds due in 2038 and 2043. The serial coupons range from 3% to 5% with 0.45% to 4.19% yields. The 2038 bonds have a 4.25% coupon priced at 97.885 to yield 4.39%. The 2043 bonds have a 4.375% coupon priced at 97.95 to yield 4.5%.
Proceeds will be used to construct a building connected to the university's School of Medicine, to renovate existing facilities and to refund the university's series 2003 civic facility revenue bonds.
| Issuer: | Hempstead Local Development Corp./Hofstra University
|
| Issue: | Series 2013 revenue bonds
|
| Amount: | $66.49 million
|
| Type: | Negotiated
|
| Underwriter: | Barclays and BofA Merrill Lynch (lead)
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Pricing date: | June 13
|
| Settlement date: | June 19
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1 million | 2014 | Serial | 3% | 102.618 | 0.45%
|
| $1 million | 2015 | Serial | 4% | 106.746 | 0.65%
|
| $1,445,000 | 2016 | Serial | 4% | 108.995 | 0.98%
|
| $3.41 million | 2017 | Serial | 5% | 114.398 | 1.32%
|
| $3,775,000 | 2018 | Serial | 5% | 115.898 | 1.69%
|
| $4,235,000 | 2019 | Serial | 5% | 116.406 | 2.09%
|
| $1.6 million | 2020 | Serial | 5% | 116.586 | 2.42%
|
| $1.69 million | 2021 | Serial | 5% | 116.034 | 2.76%
|
| $1,785,000 | 2022 | Serial | 5% | 115.29 | 3.05%
|
| $1.88 million | 2023 | Serial | 5% | 115.431 | 3.19%
|
| $1,545,000 | 2024 | Serial | 5% | 113.774 | 3.37%
|
| $1.69 million | 2025 | Serial | 5% | 112.325 | 3.53%
|
| $1,705,000 | 2026 | Serial | 5% | 111.253 | 3.65%
|
| $1,785,000 | 2027 | Serial | 5% | 110.368 | 3.75%
|
| $1,885,000 | 2028 | Serial | 5% | 109.667 | 3.83%
|
| $3,245,000 | 2029 | Serial | 5% | 108.971 | 3.91%
|
| $3.41 million | 2030 | Serial | 4% | 98.661 | 4.11%
|
| $3,545,000 | 2031 | Serial | 4% | 98.232 | 4.14%
|
| $3,685,000 | 2032 | Serial | 4% | 97.909 | 4.16%
|
| $3,835,000 | 2033 | Serial | 4% | 97.44 | 4.19%
|
| $8.24 million | 2038 | Term | 4.25% | 97.885 | 4.39%
|
| $10.17 million | 2043 | Term | 4.375% | 97.95 | 4.5%
|
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