By Sheri Kasprzak
New York, April 6 - The District of Columbia priced $288.965 million of series 2011 revenue bonds for Howard University, said a term sheet.
The offering included $224.23 million of series 2011A bonds and $64.735 million of series 2011B bonds.
The 2011A bonds are due 2020 to 2027 with term bonds due in 2032, 2037 and 2041. The serial coupons range from 5% to 6.25%. The 2032 bonds have a 6.25% coupon priced at 97.688. The 2037 bonds have a 6.5% coupon priced at 97.531, and the 2041 bonds have a 6.5% coupon priced at 96.78.
The 2011B bonds are due 2015 to 2020 with a term bond due in 2035. The serial coupons range from 4.313% to 5.991%, all priced at par. The 2035 bonds have a 7.625% coupon priced at par.
Merrill Lynch and Loop Capital Markets LLC were the senior managers. Goldman, Sachs & Co.; J.P. Morgan Securities LLC; Rice Financial Products Co.; Siebert Brandford Shank & Co. LLC; and The Williams Capital Group LP acted as the co-managers.
Proceeds will be used to refund and advance refund some of the university's debt, including its series 1998 and 2006A-B bonds.
| Issuer: | District of Columbia/Howard University
|
| Issue: | Series 2011 revenue bonds
|
| Amount: | $288.965 million
|
| Type: | Negotiated
|
| Underwriters: | Merrill Lynch and Loop Capital Markets LLC (lead); Goldman, Sachs & Co.; J.P. Morgan Securities LLC; Rice Financial Products Co.; Siebert Brandford Shank & Co. LLC; and The Williams Capital Group LP (co-managers)
|
| Pricing date: | April 6
|
| Settlement date: | April 27
|
|
|
| $224.23 million series 2011A
|
| Maturity | Type | Coupon | Price
|
| 2020 | Serial | 5.25% | 101.857
|
| 2021 | Serial | 5% | 98.165
|
| 2022 | Serial | 5.25% | 98.812
|
| 2023 | Serial | 6.25% | 106.497
|
| 2024 | Serial | 6.25% | 105.492
|
| 2025 | Serial | 5.625% | 98.3
|
| 2026 | Serial | 5.75% | 98.29
|
| 2027 | Serial | 5.75% | 97.304
|
| 2032 | Term | 6.25% | 97.688
|
| 2037 | Term | 6.5% | 97.531
|
| 2041 | Term | 6.5% | 96.78
|
|
|
| $64.735 million series 2011B
|
| Maturity | Type | Coupon | Price
|
| 2015 | Serial | 4.313% | 100
|
| 2016 | Serial | 4.713% | 100
|
| 2017 | Serial | 5.175% | 100
|
| 2018 | Serial | 5.375% | 100
|
| 2019 | Serial | 5.741% | 100
|
| 2020 | Serial | 5.991% | 100
|
| 2035 | Term | 7.625% | 100
|
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