Published on 4/30/2014 in the Prospect News Municipals Daily.
New Issue: Arizona State University prices $77.62 million of SPEED revenue bonds
By Sheri Kasprzak
New York, April 30 - The Arizona Board of Regents sold $77.62 million of series 2014 Stimulus Plan for Economic and Educational Development revenue bonds for the Arizona State University, said a pricing sheet.
The bonds (A1/AA-/) were sold through Morgan Stanley & Co. LLC.
The bonds are due 2016 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 3% to 5% with yields from 0.43% to 3.86%. The 2039 bonds have a 5% coupon priced at 108.659 to yield 3.96%, and the 2044 bonds have a 5% coupon priced at 108.048 to yield 4.03%.
Proceeds will be used to finance university capital projects.
| Issuer: | Arizona Board of Regents/Arizona State University
|
| Issue: | Series 2014 Stimulus Plan for Economic and Educational Development revenue bonds
|
| Amount: | $77.62 million
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA-
|
| Pricing date: | April 30
|
| Settlement date: | May 15
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.38 million | 2016 | Serial | 3% | 105.649 | 0.43%
|
| $2.46 million | 2017 | Serial | 4% | 110.09 | 0.81%
|
| $2,555,000 | 2018 | Serial | 4% | 111.419 | 1.21%
|
| $2,655,000 | 2019 | Serial | 5% | 117.314 | 1.53%
|
| $2.79 million | 2020 | Serial | 5% | 118.464 | 1.84%
|
| $2,925,000 | 2021 | Serial | 5% | 118.867 | 2.16%
|
| $3,075,000 | 2022 | Serial | 5% | 119.104 | 2.42%
|
| $3,225,000 | 2023 | Serial | 5% | 118.911 | 2.67%
|
| $3.39 million | 2024 | Serial | 5% | 119.025 | 2.84%
|
| $3.56 million | 2025 | Serial | 5% | 117.378 | 3.01%
|
| $3,735,000 | 2026 | Serial | 5% | 115.947 | 3.16%
|
| $3.93 million | 2027 | Serial | 5% | 114.723 | 3.29%
|
| $4.12 million | 2028 | Serial | 5% | 113.608 | 3.41%
|
| $4,325,000 | 2029 | Serial | 5% | 112.506 | 3.53%
|
| $4.54 million | 2030 | Serial | 5% | 111.778 | 3.61%
|
| $4.77 million | 2031 | Serial | 5% | 111.055 | 3.69%
|
| $5.01 million | 2032 | Serial | 5% | 110.607 | 3.74%
|
| $5.26 million | 2033 | Serial | 5% | 109.894 | 3.82%
|
| $5.52 million | 2034 | Serial | 5% | 109.539 | 3.86%
|
| $3.25 million | 2039 | Term | 5% | 108.659 | 3.96%
|
| $4,145,000 | 2044 | Term | 5% | 108.048 | 4.03%
|
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