Published on 5/7/2014 in the Prospect News Municipals Daily.
New Issue: Maine Health prices $70.32 million of revenue bonds for Colby College
By Sheri Kasprzak
New York, May 7 - The Maine Health and Higher Educational Facilities Authority sold $70,315,000 of series 2014 revenue bonds for Colby College, according to a pricing sheet.
The offering included $65.65 million of series 2014A bonds and $4,665,000 of series 2014B taxable bonds.
The 2014A bonds are due 2015 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 3% to 5%. The 2039 bonds have a 4% coupon priced at par and a 5% coupon priced at 111.327. The 2044 bonds have a 4% coupon priced at 98.275 and a 5% coupon priced at 110.703.
The 2014B bonds are due 2034 and 2044. The 2034 bonds have a 4.341% coupon priced at par, and the 2044 bonds have a 4.441% coupon priced at par.
The bonds (Aa2/AA+/) were sold through senior managers Barclays and Morgan Stanley & Co. LLC.
Proceeds will be used to finance capital improvement projects for the college and to refund existing debt.
| Issuer: | Maine Health and Higher Educational Facilities Authority/Colby College
|
| Issue: | Series 2014 revenue bonds
|
| Amount: | $70,315,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays and Morgan Stanley & Co. LLC (lead); BofA Merrill Lynch; Goldman Sachs & Co.; Raymond James/Morgan Keegan; and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Pricing date: | May 7
|
| Settlement date: | May 20
|
|
|
| $65.65 million series 2014A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $175,000 | 2015 | Serial | 3% | 103.113
|
| $265,000 | 2016 | Serial | 3% | 105.402
|
| $275,000 | 2017 | Serial | 4% | 110.048
|
| $285,000 | 2018 | Serial | 4% | 111.717
|
| $295,000 | 2019 | Serial | 4% | 112.892
|
| $310,000 | 2020 | Serial | 4% | 113.425
|
| $320,000 | 2021 | Serial | 5% | 119.798
|
| $335,000 | 2022 | Serial | 5% | 120.535
|
| $355,000 | 2023 | Serial | 5% | 121.076
|
| $370,000 | 2024 | Serial | 5% | 121.817
|
| $390,000 | 2025 | Serial | 3% | 101.484
|
| $325,000 | 2026 | Serial | 3% | 100.084
|
| $1.54 million | 2026 | Serial | 5% | 119.16
|
| $1.4 million | 2027 | Serial | 3% | 98.608
|
| $1.62 million | 2027 | Serial | 5% | 118.194
|
| $215,000 | 2028 | Serial | 3.125% | 98.368
|
| $1,705,000 | 2028 | Serial | 5% | 117.237
|
| $130,000 | 2029 | Serial | 3.25% | 98.468
|
| $1,785,000 | 2029 | Serial | 5% | 116.667
|
| $330,000 | 2030 | Serial | 3.375% | 98.589
|
| $1,875,000 | 2030 | Serial | 5% | 115.725
|
| $45,000 | 2031 | Serial | 3.5% | 99.106
|
| $1,965,000 | 2031 | Serial | 5% | 114.978
|
| $510,000 | 2032 | Serial | 4% | 102.934
|
| $2,065,000 | 2032 | Serial | 5% | 114.237
|
| $25,000 | 2033 | Serial | 4% | 102.338
|
| $2.17 million | 2033 | Serial | 5% | 113.592
|
| $100,000 | 2034 | Serial | 4% | 101.831
|
| $2,285,000 | 2034 | Serial | 5% | 113.044
|
| $735,000 | 2039 | Term | 4% | 100
|
| $17.84 million | 2039 | Term | 5% | 111.327
|
| $12,355,000 | 2044 | Term | 4% | 98.275
|
| $11,255,000 | 2044 | Term | 5% | 110.703
|
|
|
| $4,665,000 series 2014B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.75 million | 2034 | Term | 4.341% | 100
|
| $2,915,000 | 2044 | Term | 4.441% | 100
|
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