By Sheri Kasprzak
New York, March 18 - The Board of Trustees of Northern Michigan University priced $100.935 million in series 2008A general revenue bonds, according to an official statement released Tuesday.
The bonds (Aa2/A) priced on March 12 in a serial structure from 2008 to 2031 with term bonds due 2035 and 2038.
The serial bonds have coupons ranging from 3.25% to 5% and yields ranging from 2.25% to 5.06%.
The 2035 term bond has a 5.125% coupon and a 5.11% yield, and the 2038 term bond has a 5% coupon and a 5.12% yield.
The bonds were sold on a negotiated basis through lead manager Piper Jaffray.
Proceeds will be used to refund the university's series 2001, 2005 and 2006 general revenue bonds.
| Issuer: | The Board of Trustees of Northern Michigan University
|
| Issue: | Series 2008A general revenue bonds
|
| Amount: | $100.935 million
|
| Type: | Negotiated
|
| Underwriter: | Piper Jaffray (lead)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A
|
| Pricing date: | March 12
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2008 | Serial | 5% | 2.25%
|
| 2009 | Serial | 5% | 2.33%
|
| 2010 | Serial | 3.5% | 2.50%
|
| 2011 | Serial | 3.5% | 2.73%
|
| 2012 | Serial | 3.25% | 2.98%
|
| 2012 | Serial | 5% | 2.98%
|
| 2013 | Serial | 3.5% | 3.15%
|
| 2013 | Serial | 5% | 3.15%
|
| 2014 | Serial | 3.75% | 3.32%
|
| 2015 | Serial | 4% | 3.49%
|
| 2016 | Serial | 5% | 3.65%
|
| 2017 | Serial | 5% | 3.82%
|
| 2018 | Serial | 5% | 3.98%
|
| 2019 | Serial | 4% | 4.16%
|
| 2019 | Serial | 5% | 4.13%
|
| 2020 | Serial | 4.125% | 4.34%
|
| 2020 | Serial | 4.35% | 4.34%
|
| 2021 | Serial | 4.625% | 4.50%
|
| 2021 | Serial | 5% | 4.37%
|
| 2022 | Serial | 4.625% | 4.61%
|
| 2023 | Serial | 4.75% | 4.69%
|
| 2024 | Serial | 4.75% | 4.79%
|
| 2025 | Serial | 4.875% | 4.85%
|
| 2026 | Serial | 5% | 4.86%
|
| 2027 | Serial | 5% | 4.91%
|
| 2028 | Serial | 5% | 4.96%
|
| 2029 | Serial | 5% | 5.00%
|
| 2030 | Serial | 5% | 5.03%
|
| 2031 | Serial | 5% | 5.06%
|
| 2035 | Term | 5.125% | 5.11%
|
| 2038 | Term | 5% | 5.12%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
