Published on 12/1/2015 in the Prospect News Municipals Daily.
New Issue: Arizona Board of Regents brings $102.67 million of Arizona State bonds
By Sheri Kasprzak
New York, Dec. 1 – The Arizona Board of Regents sold $102,665,000 of series 2015D revenue bonds for Arizona State University, according to a term sheet. The deal was downsized from $134 million.
The bonds (Aa3/AA/) were sold through BofA Merrill Lynch.
The bonds are due 2017 to 2036 with term bonds due in 2041 and 2046. The serial coupons range from 3% to 5% with yields from 0.69% to 3.12%. The 2041 bonds have a 5% coupon priced at 114.876 to yield 3.18% and the 2046 bonds have a 5% coupon priced at 114.345 to yield 3.24%.
Proceeds will be used to finance capital improvements to the Arizona State University campus.
Issuer: | Arizona Board of Regents/Arizona State University
|
Issue: | Series 2015D revenue bonds
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Amount: | $102,665,000
|
Type: | Negotiated
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Underwriter: | BofA Merrill Lynch
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Ratings: | Moody’s: Aa3
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| Standard & Poor’s: AA
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Pricing date: | Dec. 1
|
Settlement date: | Dec. 16
|
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$1,055,000 | 2017 | Serial | 3% | 103.536 | 0.69%
|
$1.09 million | 2018 | Serial | 4% | 107.693 | 0.93%
|
$1.13 million | 2019 | Serial | 5% | 113.472 | 1.11%
|
$1.2 million | 2020 | Serial | 5% | 116.313 | 1.29%
|
$1,255,000 | 2021 | Serial | 5% | 118.368 | 1.53%
|
$2,805,000 | 2022 | Serial | 5% | 120.279 | 1.71%
|
$2.95 million | 2023 | Serial | 5% | 121.606 | 1.91%
|
$3.09 million | 2024 | Serial | 5% | 122.654 | 2.09%
|
$3,245,000 | 2025 | Serial | 5% | 123.688 | 2.23%
|
$3,405,000 | 2026 | Serial | 5% | 122.34 | 2.37%
|
$3,585,000 | 2027 | Serial | 5% | 121.199 | 2.49%
|
$3.76 million | 2028 | Serial | 5% | 120.163 | 2.60%
|
$3.95 million | 2029 | Serial | 5% | 119.231 | 2.70%
|
$4.15 million | 2030 | Serial | 5% | 118.861 | 2.74%
|
$4.35 million | 2031 | Serial | 5% | 118.308 | 2.80%
|
$4,575,000 | 2032 | Serial | 5% | 117.484 | 2.89%
|
$4,805,000 | 2033 | Serial | 5% | 117.12 | 2.93%
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$5.04 million | 2034 | Serial | 5% | 116.487 | 3.00%
|
$5.29 million | 2035 | Serial | 5% | 116.216 | 3.03%
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$2.95 million | 2036 | Serial | 5% | 115.41 | 3.12%
|
$17,125,000 | 2041 | Term | 5% | 114.876 | 3.18%
|
$21.86 million | 2046 | Term | 5% | 114.345 | 3.24%
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