Published on 6/8/2016 in the Prospect News Municipals Daily.
New Issue: Oakland University, Mich., prices $113.13 million general revenue bonds
By Sheri Kasprzak
New York, June 8 – Oakland University of Michigan sold $113.13 million of series 2016 general revenue bonds, said a pricing sheet.
The bonds (A1) were sold through senior manager Citigroup Global Markets Inc.
The bonds are due 2019 to 2036 with term bonds due in 2041 and 2047. The serial bonds have 5% coupons with yields from 1.07% to 2.83%. The 2041 bonds have a 5% coupon and priced at 117.288 to yield 2.94%, and the 2047 bonds have a 5% coupon and priced at 116.736 to yield 3%.
Proceeds will be used to acquire, construct, improve and renovate student housing and other campus facilities.
| Issuer: | Oakland University
|
| Issue: | Series 2016 general revenue bonds
|
| Amount: | $113.13 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Fifth Third Securities Inc., PNC Capital Markets LLC and Stifel, Nicolaus & Co. Inc.
|
| Rating: | Moody’s: A1
|
| Pricing date: | June 2
|
| Settlement date: | June 15
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.81 million | 2019 | Serial | 5% | 110.472 | 1.07%
|
| $1.91 million | 2020 | Serial | 5% | 113.516 | 1.26%
|
| $2 million | 2021 | Serial | 5% | 116.355 | 1.40%
|
| $2.1 million | 2022 | Serial | 5% | 118.604 | 1.58%
|
| $2,205,000 | 2023 | Serial | 5% | 120.843 | 1.70%
|
| $2,315,000 | 2024 | Serial | 5% | 122.537 | 1.85%
|
| $2,435,000 | 2025 | Serial | 5% | 124.051 | 1.98%
|
| $2,555,000 | 2026 | Serial | 5% | 124.954 | 2.14%
|
| $2.68 million | 2027 | Serial | 5% | 123.472 | 2.29%
|
| $2,815,000 | 2028 | Serial | 5% | 122.399 | 2.40%
|
| $2.96 million | 2029 | Serial | 5% | 121.915 | 2.45%
|
| $3,105,000 | 2030 | Serial | 5% | 121.337 | 2.51%
|
| $3.26 million | 2031 | Serial | 5% | 120.858 | 2.56%
|
| $3,425,000 | 2032 | Serial | 5% | 120.190 | 2.63%
|
| $3,595,000 | 2033 | Serial | 5% | 119.717 | 2.68%
|
| $3,775,000 | 2034 | Serial | 5% | 119.245 | 2.73%
|
| $3,965,000 | 2035 | Serial | 5% | 118.776 | 2.78%
|
| $4,155,000 | 2036 | Serial | 5% | 118.308 | 2.83%
|
| $24,135,000 | 2041 | Term | 5% | 117.288 | 2.94%
|
| $37.93 million | 2047 | Term | 5% | 116.736 | 3.00%
|
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