Published on 3/26/2015 in the Prospect News Municipals Daily.
New Issue: Mississippi State University Building sells $56.01 million revenue debt
By Sheri Kasprzak
New York, March 26 – The Mississippi State University Educational Building Corp. priced $56.01 million of series 2015 campus improvement revenue bonds, said a pricing sheet.
The bonds (Aa2/AA/) were sold through Raymond James/Morgan Keegan and Morgan Stanley & Co. LLC.
The bonds are due 2016 to 2035 with term bonds due in 2037, 2039 and 2044. The serial coupons range from 2% to 5% with 0.53% to 3.13% yields. The 2037 bonds have a 3.5% coupon priced at 98.767 to yield 3.58%, and the 2039 bonds have a 4% coupon priced at 104.202 to yield 3.52%. The 2044 bonds have a 4% coupon priced at 103.309 to yield 3.62%.
Proceeds will be used to construct, equip and furnish residence halls and a Center for America’s Vets, as well as to demolish abandoned facilities at the university in Starkville.
| Issuer: | Mississippi State University Educational Building Corp.
|
| Issue: | Series 2015 campus improvement revenue bonds
|
| Amount: | $56.01 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan and Morgan Stanley & Co. LLC
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Pricing date: | March 26
|
| Settlement date: | April 8
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $995,000 | 2016 | Serial | 2% | 102.286 | 0.53%
|
| $1.02 million | 2017 | Serial | 3% | 105.467 | 0.84%
|
| $1.05 million | 2018 | Serial | 3% | 106.513 | 1.13%
|
| $1.09 million | 2019 | Serial | 4% | 111.408 | 1.41%
|
| $1.13 million | 2020 | Serial | 4% | 112.613 | 1.62%
|
| $1,185,000 | 2021 | Serial | 5% | 119.521 | 1.83%
|
| $1,245,000 | 2022 | Serial | 5% | 120.882 | 2.01%
|
| $1.31 million | 2023 | Serial | 5% | 122.269 | 2.14%
|
| $1,375,000 | 2024 | Serial | 5% | 123.059 | 2.3%
|
| $1,445,000 | 2025 | Serial | 5% | 123.606 | 2.45%
|
| $1.52 million | 2026 | Serial | 5% | 122.354 | 2.57%
|
| $1.6 million | 2027 | Serial | 5% | 121.322 | 2.67%
|
| $1.68 million | 2028 | Serial | 5% | 120.504 | 2.75%
|
| $1.75 million | 2029 | Serial | 3% | 98.602 | 3.12%
|
| $1.82 million | 2030 | Serial | 5% | 119.289 | 2.87%
|
| $1,915,000 | 2031 | Serial | 5% | 118.688 | 2.93%
|
| $2,015,000 | 2032 | Serial | 5% | 118.289 | 2.97%
|
| $2,095,000 | 2033 | Serial | 3.25% | 98.216 | 3.38%
|
| $2,185,000 | 2034 | Serial | 5% | 117.199 | 3.08%
|
| $2.3 million | 2035 | Serial | 5% | 116.708 | 3.13%
|
| $4.88 million | 2037 | Term | 3.5% | 98.767 | 3.58%
|
| $5.26 million | 2039 | Term | 4% | 104.202 | 3.52%
|
| $15,145,000 | 2044 | Term | 4% | 103.309 | 3.62%
|
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