By Sheri Kasprzak
New York, March 22 - The District of Columbia sold $162.125 million in series 2010 revenue bonds on Tuesday for National Public Radio, according to an official statement.
The bonds (Aa3/AA-/) were sold through senior manager Morgan Stanley & Co. Inc. The co-managers were Loop Capital Markets LLC and J.P. Morgan Securities Inc.
The bonds are due 2014 to 2022 with term bonds due 2025, 2030, 2035 and 2043. The serial coupons range from 3% to 5% with yields from 1.62% to 3.93%. The 2025 bonds have a 5% coupon to yield 4.23%, and the 2030 bonds have a 5% coupon to yield 4.65%. The 2035 bonds have a 5% coupon to yield 4.77%. The 2043 bonds have a 5% coupon to yield 5.07%.
Proceeds will be used to fund a loan to NPR to renovate, construct, equip and upgrade NPR's facilities in Washington, D.C.
| Issuer: | District of Columbia/National Public Radio
|
| Issue: | Series 2010 revenue bonds
|
| Amount: | $162.125 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead); Loop Capital Markets LLC and J.P. Morgan Securities Inc. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | March 16
|
| Settlement date: | April 1
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2014 | Serial | 3% | 1.62%
|
| 2015 | Serial | 4% | 2.05%
|
| 2016 | Serial | 5% | 2.55%
|
| 2017 | Serial | 4% | 2.92%
|
| 2018 | Serial | 3.125% | 3.20%
|
| 2018 | Serial | 5% | 3.20%
|
| 2019 | Serial | 5% | 3.36%
|
| 2020 | Serial | 5% | 3.53%
|
| 2021 | Serial | 5% | 3.77%
|
| 2022 | Serial | 5% | 3.93%
|
| 2025 | Term | 5% | 4.23%
|
| 2030 | Term | 5% | 4.65%
|
| 2035 | Term | 5% | 4.77%
|
| 2043 | Term | 5% | 5.07%
|
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