Published on 6/2/2015 in the Prospect News Municipals Daily.
New Issue: Arlington Higher Education, Texas, sells $52.15 million revenue bonds
By Sheri Kasprzak
New York, June 2 – The Arlington Higher Education Finance Corp. of Texas priced $52.15 million of series 2015A education revenue bonds for Responsive Education Solutions, according to a pricing sheet.
The bonds (/BBB/) were sold through RBC Capital Markets LLC.
The bonds are due 2018 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 4% to 5% with 1.43% to 4% yields. The 2039 bonds have a 4% coupon priced at 98.774 to yield 4.08%, and the 2044 bonds have a 4% coupon priced at 98.137 to yield 4.11%.
Proceeds will be used to purchase, construct, renovate and improve educational facilities at various campuses and refinance existing notes.
| Issuer: | Arlington Higher Education Finance Corp./Responsive Education Solutions
|
| Issue: | Series 2015A education revenue bonds
|
| Amount: | $52.15 million
|
| Type: | Negotiated
|
| Underwriter: | RBC Capital Markets LLC
|
| Ratings: | Standard & Poor’s: BBB
|
| Pricing date: | May 27
|
| Settlement date: | June 23
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,015,000 | 2018 | Serial | 5% | 110.937 | 1.43%
|
| $1,065,000 | 2019 | Serial | 5% | 112.893 | 1.76%
|
| $1,115,000 | 2020 | Serial | 5% | 114.541 | 2.01%
|
| $1.17 million | 2021 | Serial | 5% | 115.262 | 2.32%
|
| $1.23 million | 2022 | Serial | 5% | 116.048 | 2.53%
|
| $1.29 million | 2023 | Serial | 5% | 116.95 | 2.67%
|
| $1,355,000 | 2024 | Serial | 5% | 117.372 | 2.83%
|
| $1,425,000 | 2025 | Serial | 5% | 117.856 | 2.95%
|
| $1,495,000 | 2026 | Serial | 5% | 116.615 | 3.08%
|
| $1.57 million | 2027 | Serial | 5% | 115.765 | 3.17%
|
| $1.65 million | 2028 | Serial | 5% | 114.736 | 3.28%
|
| $1.73 million | 2029 | Serial | 4% | 102.514 | 3.70%
|
| $1.8 million | 2030 | Serial | 4% | 101.498 | 3.82%
|
| $1.87 million | 2031 | Serial | 4% | 100.994 | 3.88%
|
| $1,945,000 | 2032 | Serial | 4% | 100.493 | 3.94%
|
| $2,025,000 | 2033 | Serial | 4% | 100.327 | 3.96%
|
| $2,105,000 | 2034 | Serial | 4% | 100 | 4.00%
|
| $11.87 million | 2039 | Term | 4% | 98.774 | 4.08%
|
| $14,425,000 | 2044 | Term | 4% | 98.137 | 4.11%
|
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