Published on 4/30/2013 in the Prospect News Municipals Daily.
New Issue: Michigan State University sells $175.72 million revenue bonds
By Sheri Kasprzak
New York, April 30 - The Michigan State University sold $175,715,000 of series 2013A general revenue bonds, according to a pricing sheet.
The bonds (Aa1/AA/) were sold through lead manager BofA Merrill Lynch and J.P. Morgan Securities LLC.
The bonds are due 2014 to 2033 with term bonds due in 2038 and 2041. The serial coupons range from 2.5% to 5%. The 2038 bonds have a split maturity with a 3.5% coupon priced at 97.858, a 4% coupon that was not reoffered and a 5% coupon that was also not reoffered. The 2041 bonds have a 5% coupon and were not reoffered.
Proceeds will be used to construct new research facilities, a bioengineering facility, a theater and residence halls.
| Issuer: | Michigan State University
|
| Issue: | Series 2013A general revenue bonds
|
| Amount: | $175,715,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and J.P. Morgan Securities LLC (lead)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Pricing date: | April 30
|
| Settlement date: | May 15
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,305,000 | 2014 | Serial | 2.5% | 102.831
|
| $3.4 million | 2015 | Serial | 4% | 108.149
|
| $3.52 million | 2016 | Serial | 5% | 114.418
|
| $3,665,000 | 2017 | Serial | 4% | 113.703
|
| $3,835,000 | 2018 | Serial | 5% | 121.091
|
| $4.03 million | 2019 | Serial | 4% | 117.138
|
| $4,235,000 | 2020 | Serial | 5% | 125.047
|
| $4,455,000 | 2021 | Serial | 5% | 125.913
|
| $4,685,000 | 2022 | Serial | 5% | 127.152
|
| $4.92 million | 2023 | Serial | 5% | 128.423
|
| $245,000 | 2024 | Serial | 4% | NRO
|
| $4,915,000 | 2024 | Serial | 5% | NRO
|
| $280,000 | 2025 | Serial | 4% | NRO
|
| $5.12 million | 2025 | Serial | 5% | NRO
|
| $1,325,000 | 2026 | Serial | 4% | NRO
|
| $4,325,000 | 2026 | Serial | 5% | NRO
|
| $5,915,000 | 2027 | Serial | 5% | NRO
|
| $6,195,000 | 2028 | Serial | 3% | 98.669
|
| $3 million | 2029 | Serial | 3% | 97.602
|
| $3.5 million | 2029 | Serial | 5% | NRO
|
| $6,755,000 | 2030 | Serial | 4% | NRO
|
| $2,425,000 | 2031 | Serial | 3.25% | 99.179
|
| $4.54 million | 2031 | Serial | 4% | NRO
|
| $7.19 million | 2032 | Serial | 4% | NRO
|
| $7.43 million | 2033 | Serial | 3.25% | 97.67
|
| $10 million | 2038 | Term | 3.5% | 97.858
|
| $5 million | 2038 | Term | 4% | NRO
|
| $27.24 million | 2038 | Term | 5% | NRO
|
| $30,265,000 | 2041 | Term | 5% | NRO
|
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