Published on 7/19/2016 in the Prospect News Municipals Daily.
New Issue: North Carolina sells $159.1 million Wake Forest University bonds
By Sheri Kasprzak
New York, July 19 – The North Carolina Capital Facilities Finance Agency sold $159.1 million of series 2016 education facilities revenue and revenue refunding bonds for Wake Forest University, according to a pricing sheet. The deal was downsized from $175 million.
The bonds (Aa3/AA) were sold through Wells Fargo Securities LLC.
The bonds are due 2021 to 2039 with term bonds due in 2041 and 2046. The serial coupons range from 4% to 5% with yields from 0.86% to 2.3%. The 2041 bonds have a 2.75% coupon priced at 96.874 to yield 2.93%, and the 2046 bonds have a 3% coupon priced at par.
Proceeds will be used to advance refund the university’s series 2009 revenue bonds, to repay a portion of a line of credit with Branch Banking and Trust Co and to pay the balance of university construction and improvement costs.
| Issuer: | North Carolina Capital Facilities Finance Agency/Wake Forest University
|
| Issue: | Series 2016 education facilities revenue and revenue refunding bonds
|
| Amount: | $159.1 million
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC (lead), BB&T Capital Markets, Morgan Stanley & Co., LLC (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA
|
| Pricing date: | July 7
|
| Settlement date: | July 27
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.25 million | 2021 | Serial | 5% | 117.947 | 0.86%
|
| $1,315,000 | 2022 | Serial | 5% | 120.962 | 1.02%
|
| $1.38 million | 2023 | Serial | 5% | 123.997 | 1.12%
|
| $1.45 million | 2024 | Serial | 4% | 119.604 | 1.23%
|
| $2.48 million | 2025 | Serial | 4% | 121.219 | 1.33%
|
| $6,645,000 | 2026 | Serial | 4% | 122.788 | 1.41%
|
| $6.9 million | 2027 | Serial | 5% | 131.631 | 1.55%
|
| $7,275,000 | 2028 | Serial | 5% | 130.88 | 1.62%
|
| $7,645,000 | 2029 | Serial | 5% | 130.346 | 1.67%
|
| $8.03 million | 2030 | Serial | 5% | 129.604 | 1.74%
|
| $8,445,000 | 2031 | Serial | 5% | 129.076 | 1.79%
|
| $8,875,000 | 2032 | Serial | 5% | 128.552 | 1.84%
|
| $9.33 million | 2033 | Serial | 5% | 128.03 | 1.89%
|
| $9.8 million | 2034 | Serial | 5% | 127.614 | 1.93%
|
| $10,305,000 | 2035 | Serial | 4% | 115.78 | 2.22%
|
| $10.73 million | 2036 | Serial | 4% | 115.394 | 2.26%
|
| $11.17 million | 2037 | Serial | 4% | 115.202 | 2.28%
|
| $11,625,000 | 2038 | Serial | 4% | 115.106 | 2.29%
|
| $12.08 million | 2039 | Serial | 4% | 115.01 | 2.30%
|
| $4.65 million | 2041 | Term | 2.75% | 96.874 | 2.93%
|
| $17.72 million | 2046 | Term | 3% | 100 | 3.00%
|
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