Published on 4/23/2014 in the Prospect News Municipals Daily.
New Issue: Northern Arizona University offers up $66.6 million of revenue bonds
By Sheri Kasprzak
New York, April 23 - The Arizona Board of Regents priced $66,605,000 of series 2014 system revenue and refunding bonds for the Northern Arizona University, said a pricing sheet. The deal was upsized from $59,445,000.
The bonds (A1/A+/) were sold through Citigroup Global Markets Inc.
The bonds are due 2015 to 2034 with term bonds due in 2040 and 2044. The serial coupons range from 3% to 5%. The 2040 bonds have a 5% coupon priced at 107.699, and the 2044 bonds have a 5% coupon priced at 107.187.
Proceeds will be used to finance capital projects and refund existing debt.
| Issuer: | Arizona Board of Regents/Northern Arizona University
|
| Issue: | Series 2014 system revenue and refunding bonds
|
| Amount: | $66,605,000
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets Inc. (lead)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Pricing date: | April 23
|
| Settlement date: | May 8
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $855,000 | 2015 | Serial | 3% | 102.876
|
| $1.04 million | 2016 | Serial | 3% | 105.041
|
| $1,365,000 | 2017 | Serial | 4% | 109.283
|
| $2.06 million | 2018 | Serial | 4% | 110.862
|
| $2,145,000 | 2019 | Serial | 5% | 116.632
|
| $2,245,000 | 2020 | Serial | 5% | 117.424
|
| $2.36 million | 2021 | Serial | 5% | 117.794
|
| $2.47 million | 2022 | Serial | 5% | 117.993
|
| $2.6 million | 2023 | Serial | 5% | 118.116
|
| $2.73 million | 2024 | Serial | 5% | 118.309
|
| $2,115,000 | 2025 | Serial | 5% | 116.504
|
| $2,225,000 | 2026 | Serial | 5% | 115.195
|
| $2,345,000 | 2027 | Serial | 5% | 114.178
|
| $2.45 million | 2028 | Serial | 5% | 113.082
|
| $2.07 million | 2029 | Serial | 5% | 112.088
|
| $2.18 million | 2030 | Serial | 5% | 111.372
|
| $2,085,000 | 2031 | Serial | 5% | 110.661
|
| $2,185,000 | 2032 | Serial | 5% | 109.955
|
| $2.3 million | 2033 | Serial | 5% | 109.342
|
| $2.41 million | 2034 | Serial | 5% | 108.907
|
| $1.4.93 million | 2040 | Term | 5% | 107.699
|
| $9.44 million | 2044 | Term | 5% | 107.187
|
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