By Sheri Kasprzak
New York, June 19 - The Houston Higher Education Finance Corp. sold $247.18 million of series 2013 higher education revenue refunding bonds for Rice University, according to an official statement.
The deal included $147.18 million of series 2013A Sifma index floating-rate bonds and $100 million of series 2013B Sifma index floating-rate bonds.
The 2013A bonds are due Nov. 15, 2029 and bear interest at the Sifma index rate plus 40 basis points. The 2013B bonds are due May 15, 2048 and bear interest at the Sifma index rate plus 53 bps.
The bonds (Aaa/AAA/) were sold on a negotiated basis with J.P. Morgan Securities LLC as the lead manager for the 2013A bonds and Morgan Stanley & Co. LLC as the senior manager for the 2013B bonds.
Proceeds will be used to refund the corporation's series 2006A-B revenue bonds issued for the university.
Issuer: | Houston Higher Education Finance Corp./Rice University
|
Issue: | Series 2013 higher education revenue refunding bonds
|
Amount: | $247.18 million
|
Type: | Negotiated
|
Underwriters: | J.P. Morgan Securities LLC (lead for 2013A), Morgan Stanley & Co. LLC (lead for 2013B)
|
Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
Pricing date: | June 12
|
Settlement date: | June 26
|
|
$147.18 million series 2013A Sifma index floating-rate bonds
|
Maturity | Type | Coupon | Price
|
Nov. 15, 2029 | Term | Sifma index plus 40 bps | 100
|
|
$100 million series 2013B Sifma index floating-rate bonds
|
Maturity | Type | Coupon | Price
|
May 15, 2048 | Term | Sifma index plus 53 bps | 100
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.