Published on 3/3/2015 in the Prospect News Municipals Daily.
New Issue: University of Dayton, Ohio, prices $69.99 million revenue bonds
By Sheri Kasprzak
New York, March 3 – The Ohio Higher Educational Facilities Commission sold $69.99 million of series 2015 higher educational facility revenue bonds for the University of Dayton, according to a pricing sheet. The deal was downsized from $90 million.
The bonds (A2/A/) were sold through senior manager Wells Fargo Securities LLC.
The deal included $49,565,000 of series 2015A bonds and $20,425,000 of series 2015B taxable bonds.
The 2015A bonds are due 2024 to 2036 with term bonds due in 2039, 2044 and 2045. The serial coupons range from 3% to 5%. The 2039 bonds have a 3.75% coupon priced at 97.633 and the 2044 bonds have a 5% coupon priced at 111.916. The 2045 bonds have a 4% coupon priced at par.
The 2015B bonds are due 2016 to 2030 with a 2035 term bond. The serial coupons range from 0.90% to 4.15% all priced at par. The 2035 bonds have a 4.335% coupon priced at par.
Proceeds will be used to refund the commission’s series 2003 and 2006 higher educational facility bonds for the university.
| Issuer: | Ohio Higher Educational Facilities Commission/University of Dayton
|
| Issue: | Series 2015 higher educational facility revenue bonds
|
| Amount: | $69.99 million
|
| Type: | Negotiated
|
| Underwriter: | Wells Fargo Securities LLC
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Pricing date: | March 3
|
| Settlement date: | April 1
|
|
|
| $49,565,000 series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,225,000 | 2024 | Serial | 5% | 120.87
|
| $3.38 million | 2025 | Serial | 5% | 120.523
|
| $3.54 million | 2026 | Serial | 5% | 118.954
|
| $640,000 | 2027 | Serial | 5% | 117.601
|
| $1.51 million | 2028 | Serial | 3% | 98.451
|
| $1.52 million | 2029 | Serial | 5% | 116.266
|
| $2,275,000 | 2030 | Serial | 3.125% | 97.63
|
| $1.58 million | 2031 | Serial | 3.125% | 96.273
|
| $1.64 million | 2032 | Serial | 5% | 114.391
|
| $2.9 million | 2033 | Serial | 3.5% | 97.581
|
| $1,635,000 | 2034 | Serial | 3.5% | 96.947
|
| $4.5 million | 2035 | Serial | 5% | 113.283
|
| $5.44 million | 2036 | Serial | 5% | 113.008
|
| $4,555,000 | 2039 | Term | 3.75% | 97.633
|
| $9.12 million | 2044 | Term | 5% | 111.916
|
| $2,105,000 | 2045 | Term | 4% | 100
|
|
|
| $20,425,000 series 2015B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $740,000 | 2016 | Serial | 0.90% | 100
|
| $750,000 | 2017 | Serial | 1.416% | 100
|
| $760,000 | 2018 | Serial | 1.912% | 100
|
| $775,000 | 2019 | Serial | 2.342% | 100
|
| $795,000 | 2020 | Serial | 2.642% | 100
|
| $815,000 | 2021 | Serial | 2.918% | 100
|
| $845,000 | 2022 | Serial | 3.118% | 100
|
| $870,000 | 2023 | Serial | 3.30% | 100
|
| $1,615,000 | 2024 | Serial | 3.50% | 100
|
| $1,665,000 | 2025 | Serial | 3.60% | 100
|
| $1.72 million | 2026 | Serial | 3.80% | 100
|
| $1.77 million | 2027 | Serial | 3.90% | 100
|
| $1,005,000 | 2028 | Serial | 3.95% | 100
|
| $1,045,000 | 2029 | Serial | 4.05% | 100
|
| $1.09 million | 2030 | Serial | 4.15% | 100
|
| $4,165,000 | 2035 | Term | 4.335% | 100
|
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