By Sheri Kasprzak
New York, Aug. 28 - The Kentucky Economic Development Authority priced $349.22 million in series 2008A-C project revenue bonds for the Louisville Arena Authority, according to a pricing sheet released Thursday.
The bonds (Aaa/AAA/) were sold on a negotiated basis with Goldman, Sachs & Co. as the senior manager. The co-managers were J.J.B. Hilliard, W.L. Lyons LLC; M.R. Beal & Co.; NatCity Investments; Ramirez & Co.; and Siebert Brandford Shank & Co.
The sale included $292.28 million in series 2008A-1 fixed-rate bonds, $26,938,518 in series 2008A-2 capital appreciation bonds, $20.1 million in series 2008B fixed-rate bonds and $9.9 million in series 2008C fixed-rate bonds.
The 2008A-1 bonds are due 2028, 2033, 2038 and 2042. The 2028 bonds have a 5.75% coupon to yield 5.88%, the 2033 bonds have a 6% coupon to yield 6.06% and the 2038 bonds have a 6% coupon to yield 6.12%. The 2042 bonds have a 6% coupon to yield 6.22%.
The 2008A-2 bonds are due 2012 to 2024. The coupons range from 4.41% to 6.18%, and all are priced at par.
The 2008B bonds are due 2021 with a 7% coupon, priced at par.
The 2008C bonds are due 2025 with an 8.25% coupon, priced at par.
Proceeds will be used to develop and construct the arena for the University of Louisville men's and women's basketball programs.
| Issuer: | Kentucky Economic Development Authority
|
| Issue: | Series 2008A-C project revenue bonds
|
| Amount: | $349,218,518
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co.; J.J.B. Hilliard, W.L. Lyons LLC; M.R. Beal & Co.; NatCity Investments; Ramirez & Co.; Siebert Brandford Shank & Co.
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | Aug. 28
|
| Settlement date: | Sept. 3
|
|
|
| Series 2008A-1
|
| Maturity | Type | Coupon | Yield
|
| 2028 | Term | 5.75% | 5.88%
|
| 2033 | Term | 6% | 6.06%
|
| 2038 | Term | 6% | 6.12%
|
| 2042 | Term | 6% | 6.22%
|
|
|
| Series 2008A-2
|
| Maturity | Type | Coupon | Yield
|
| 2012 | Serial | 4.41% | 4.41%
|
| 2013 | Serial | 4.61% | 4.61%
|
| 2014 | Serial | 4.80% | 4.80%
|
| 2015 | Serial | 4.95% | 4.95%
|
| 2016 | Serial | 5.10% | 5.10%
|
| 2017 | Serial | 5.25% | 5.25%
|
| 2018 | Serial | 5.45% | 5.45%
|
| 2019 | Serial | 5.65% | 5.65%
|
| 2020 | Serial | 5.85% | 5.85%
|
| 2021 | Serial | 6.01% | 6.01%
|
| 2022 | Serial | 6.07% | 6.07%
|
| 2023 | Serial | 6.13% | 6.13%
|
| 2024 | Serial | 6.18% | 6.18%
|
|
|
| Series 2008B
|
| Maturity | Type | Coupon | Yield
|
| 2021 | Term | 7% | 7.00%
|
|
|
| Series 2008C
|
| Maturity | Type | Coupon | Yield
|
| 2025 | Term | 8.25% | 8.25%
|
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