Published on 5/2/2013 in the Prospect News Municipals Daily.
New Issue: Occidental College, Calif., brings $55 million revenue bonds
By Sheri Kasprzak
New York, May 2 - The California Educational Facilities Authority sold $55 million of series 2013 revenue bonds for Occidental College, according to a pricing sheet.
The deal included $48,635,000 of series 2013A bonds and $6,365,000 of series 2013B taxable bonds.
The 2013A bonds are due 2013 to 2032 with term bonds due in 2036 and 2043. The serial coupons range from 2% to 5%. The 2036 bonds have a 5% coupon priced at 115.712, and the 2043 bonds have a 5% coupon priced at 114.388.
The 2013B bonds are due 2013 and 2018 to 2027. The 2013 bonds have a 0.4% coupon priced at par. The serial bonds have 1.5% to 3.35% coupons all priced at par.
The bonds (Aa3) were sold on a negotiated basis with Wells Fargo Securities LLC as the lead manager.
Proceeds will be used to refund a portion of the college's series 2005A bonds.
| Issuer: | California Educational Facilities Authority/Occidental College
|
| Issue: | Series 2013 revenue bonds
|
| Amount: | $55 million
|
| Type: | Negotiated
|
| Underwriter: | Wells Fargo Securities LLC (lead)
|
| Rating: | Moody's: Aa3
|
| Pricing date: | May 2
|
| Settlement date: | June 5
|
|
|
| $48,635,000 series 2013A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $315,000 | 2013 | Serial | 2% | 100.517
|
| $125,000 | 2014 | Serial | 2% | 101.947
|
| $305,000 | 2015 | Serial | 3% | 105.359
|
| $315,000 | 2016 | Serial | 3% | 107.197
|
| $330,000 | 2017 | Serial | 3% | 108.438
|
| $375,000 | 2018 | Serial | 3% | 109.36
|
| $380,000 | 2019 | Serial | 5% | 121.639
|
| $805,000 | 2020 | Serial | 4% | 115.77
|
| $840,000 | 2021 | Serial | 4% | 115.925
|
| $870,000 | 2022 | Serial | 4% | 115.824
|
| $895,000 | 2023 | Serial | 2.25% | 99.541
|
| $925,000 | 2024 | Serial | 5% | 123.85
|
| $980,000 | 2025 | Serial | 5% | 122.719
|
| $1,025,000 | 2026 | Serial | 5% | 121.601
|
| $1.07 million | 2027 | Serial | 3% | 98.847
|
| $3.11 million | 2028 | Serial | 5% | 119.798
|
| $3,265,000 | 2029 | Serial | 5% | 118.809
|
| $1.99 million | 2030 | Serial | 3.25% | 99.08
|
| $5 million | 2031 | Serial | 5% | 117.637
|
| $3.76 million | 2032 | Serial | 5% | 117.152
|
| $17,055,000 | 2036 | Term | 5% | 115.712
|
| $4.9 million | 2043 | Term | 5% | 114.388
|
|
|
| $6,365,000 series 2013B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $140,000 | 2013 | Serial | 0.4% | 100
|
| $110,000 | 2018 | Serial | 1.5% | 100
|
| $640,000 | 2019 | Serial | 1.75% | 100
|
| $625,000 | 2020 | Serial | 2.1% | 100
|
| $630,000 | 2021 | Serial | 2.25% | 100
|
| $655,000 | 2022 | Serial | 2.6% | 100
|
| $670,000 | 2023 | Serial | 2.7% | 100
|
| $690,000 | 2024 | Serial | 3.00% | 100
|
| $710,000 | 2025 | Serial | 3.15% | 100
|
| $735,000 | 2026 | Serial | 3.25% | 100
|
| $760,000 | 2027 | Serial | 3.35% | 100
|
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