Published on 4/29/2015 in the Prospect News Municipals Daily.
New Issue: Kentucky brings to market $68.58 million certificates of participation
By Sheri Kasprzak
New York, April 29 – The Commonwealth of Kentucky sold $68,575,000 of series 2015 Kentucky State Office Building certificates of participation, according to a pricing sheet.
The certificates (Aa3) were sold through KeyBanc Capital Markets LLC.
The COPs are due 2017 to 2030 with term bonds due in 2032, 2034, 2038, 2040, 2045, 2047 and 2051. The serial coupons range from 2% to 5% with 1.11% to 3.62% yields. The 2032 bonds have a 4% coupon priced at 103.71 to yield 3.56%, the 2034 bonds have a 5% coupon priced at 111.789 to yield 3.6%, and the 2038 bonds have a 5% coupon priced at 110.893 to yield 3.7%. The 2040 bonds have a 4% coupon priced at 98.746 to yield 4.08%, and the 2045 bonds have a 4% coupon priced at 97.766 to yield 4.13%. The 2047 bonds have a 4% coupon priced at 96.829 to yield 4.18%, and the 2051 bonds have a 4.125% coupon priced at 95.916 to yield 4.35%.
Proceeds will be used to finance the construction of a state capital office building in Frankfort.
| Issuer: | Commonwealth of Kentucky
|
| Issue: | Series 2015 Kentucky State Office Building certificates of participation
|
| Amount: | $68,575,000
|
| Type: | Negotiated
|
| Underwriter: | KeyBanc Capital Markets LLC
|
| Rating: | Moody’s: Aa3
|
| Pricing date: | April 23
|
| Settlement date: | April 29
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.15 million | 2017 | Serial | 2% | 101.865 | 1.11%
|
| $1.16 million | 2018 | Serial | 5% | 110.815 | 1.45%
|
| $1,205,000 | 2019 | Serial | 5% | 112.971 | 1.73%
|
| $1.25 million | 2020 | Serial | 4% | 110.212 | 1.90%
|
| $1.29 million | 2021 | Serial | 4% | 111.051 | 2.07%
|
| $1,325,000 | 2022 | Serial | 4% | 111.115 | 2.30%
|
| $1,365,000 | 2023 | Serial | 4% | 111.046 | 2.49%
|
| $1.4 million | 2024 | Serial | 4% | 110.708 | 2.67%
|
| $1.44 million | 2025 | Serial | 5% | 119.086 | 2.82%
|
| $1.5 million | 2026 | Serial | 3% | 99.529 | 3.05%
|
| $1,525,000 | 2027 | Serial | 3% | 97.901 | 3.21%
|
| $1,555,000 | 2028 | Serial | 3.25% | 98.628 | 3.38%
|
| $1.59 million | 2029 | Serial | 3.375% | 98.613 | 3.50%
|
| $1,625,000 | 2030 | Serial | 3.5% | 98.608 | 3.62%
|
| $3.37 million | 2032 | Term | 4% | 103.71 | 3.56%
|
| $3.58 million | 2034 | Term | 5% | 111.789 | 3.60%
|
| $8,035,000 | 2038 | Term | 5% | 110.893 | 3.70%
|
| $4,475,000 | 2040 | Term | 4% | 98.746 | 4.08%
|
| $12.36 million | 2045 | Term | 4% | 97.766 | 4.13%
|
| $5.46 million | 2047 | Term | 4% | 96.829 | 4.18%
|
| $11,915,000 | 2051 | Term | 4.125% | 95.916 | 4.35%
|
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