Published on 11/5/2013 in the Prospect News Municipals Daily.
New Issue: Maine Health brings to market $55.41 million Bate College revenue bonds
By Sheri Kasprzak
New York, Nov. 5 - The Maine Health and Higher Educational Facilities Authority sold $55.41 million of series 2013 revenue bonds for Bates College, according to a pricing sheet.
The bonds (A1/A+/) were sold through Barclays and Wells Fargo Securities LLC.
The bonds are due 2014 to 2017 and 2023 to 2033 with term bonds due in 2038 and 2043. The serial coupons range from 3% to 5%. The 2038 bonds have a 4.75% coupon priced at 98.992 and have a 5% coupon that is not reoffered. The 2043 bonds have a 4.875% coupon priced at 99.451 and a 5% coupon that is not reoffered.
Proceeds will be used to construct, equip and furnish new residence halls and upgrade and renovate existing residence halls, as well as to refund existing revenue debt for the college.
| Issuer: | Maine Health and Higher Educational Facilities Authority/Bates College
|
| Issue: | Series 2013 revenue bonds
|
| Amount: | $55.41 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays and Wells Fargo Securities LLC (lead), BofA Merrill Lynch, Goldman, Sachs & Co., Morgan Stanley & Co. LLC and Raymond James/Morgan Keegan (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Pricing date: | Nov. 5
|
| Settlement date: | Nov. 19
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $765,000 | 2014 | Serial | 3% | 101.699
|
| $700,000 | 2015 | Serial | 3% | 104.135
|
| $735,000 | 2016 | Serial | 3% | 106.06
|
| $220,000 | 2017 | Serial | 3% | 107.122
|
| $900,000 | 2023 | Serial | 4% | 108.558
|
| $940,000 | 2024 | Serial | 3.125% | 98.794
|
| $965,000 | 2025 | Serial | 3.375% | 98.436
|
| $75,000 | 2026 | Serial | 3.625% | 98.65
|
| $925,000 | 2026 | Serial | 5% | NRO
|
| $1.05 million | 2027 | Serial | 3.75% | 98.009
|
| $1,085,000 | 2028 | Serial | 4% | 99.23
|
| $1.13 million | 2029 | Serial | 4.125% | 98.917
|
| $510,000 | 2030 | Serial | 4.25% | 98.938
|
| $670,000 | 2030 | Serial | 5% | NRO
|
| $1,235,000 | 2031 | Serial | 4.25% | 97.81
|
| $85,000 | 2032 | Serial | 4.375% | 98.183
|
| $1,195,000 | 2032 | Serial | 5% | NRO
|
| $785,000 | 2033 | Serial | 4.5% | 98.967
|
| $565,000 | 2033 | Serial | 5% | NRO
|
| $1.75 million | 2038 | Term | 4.75% | 98.992
|
| $11.17 million | 2038 | Term | 5% | NRO
|
| $825,000 | 2043 | Term | 4.875% | 99.451
|
| $27.13 million | 2043 | Term | 5% | NRO
|
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