By Sheri Kasprzak
New York, April 7 - Indiana University priced $67.4 million of series 2010T student fee bonds on Wednesday, according to a pricing sheet.
The bonds (Aa1/AA/) were sold on a negotiated basis with Morgan Stanley & Co. Inc. as the lead manager. The co-managers were J.P. Morgan Securities Inc., City Securities Corp. and Loop Capital Markets LLC.
The offer included $16.01 million of series 2010T-1 tax-exempt bonds and $51.39 million of series 2010T-2 Build America Bonds.
The 2010T-1 bonds are due 2010 to 2015 with coupons from 1% to 5%.
The 2010T-2 bonds are due 2016 to 2024 with a term bond due 2029. The serial coupons range from 3.827% to 5.477%, all priced at par, and the 2029 bonds have a 6.136% coupon, also priced at par.
Proceeds will be used to fund campus improvements.
The university is based in Bloomington.
| Issuer: | Indiana University
|
| Issue: | Series 2010T student fee bonds
|
| Amount: | $67.4 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead), J.P. Morgan Securities Inc., City Securities Corp. and Loop Capital Markets LLC (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Pricing date: | April 7
|
| Settlement date: | April 20
|
|
|
| Series 2010T-1
|
| Maturity | Type | Coupon | Price
|
| 2010 | Serial | 1% | 100.17
|
| 2011 | Serial | 2% | 101.847
|
| 2012 | Serial | 3% | 104.497
|
| 2013 | Serial | 4% | 108.306
|
| 2014 | Serial | 5% | 113.123
|
| 2015 | Serial | 5% | 114.312
|
|
|
| Series 2010T-2
|
| Maturity | Type | Coupon | Price
|
| 2016 | Serial | 3.827% | 100
|
| 2017 | Serial | 4.127% | 100
|
| 2018 | Serial | 4.507% | 100
|
| 2019 | Serial | 4.677% | 100
|
| 2020 | Serial | 4.777% | 100
|
| 2021 | Serial | 4.907% | 100
|
| 2022 | Serial | 5.107% | 100
|
| 2023 | Serial | 5.307% | 100
|
| 2024 | Serial | 5.477% | 100
|
| 2029 | Term | 6.136% | 100
|
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