By Sheri Kasprzak
New York, May 4 - The Pennsylvania Higher Educational Facilities Authority sold $157.8 million of series 2011A revenue bonds for Drexel University, said a pricing sheet.
Jefferies & Co. was the senior manager for the bonds (A3).
The bonds are due 2012 to 2026 with term bonds due in 2031, 2036 and 2041. Serial coupons range from 2% to 5.25%. The 2031 bonds have a 5% coupon priced at 98.508. The 2036 bonds have a 5.125% coupon priced at 97.32, and the 2041 bonds have a 5.25% coupon priced at 98.073.
Proceeds will be used to finance improvements at Drexel's Philadelphia campus.
| Issuer: | Pennsylvania Higher Educational Facilities Authority/Drexel University
|
| Issue: | Series 2011A revenue bonds
|
| Amount: | $157.8 million
|
| Type: | Negotiated
|
| Underwriter: | Jefferies & Co.
|
| Rating: | Moody's: A3
|
| Pricing date: | May 4
|
| Settlement date: | May 16
|
|
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 2% | NRO
|
| 2013 | Serial | 3% | 103.06
|
| 2014 | Serial | 4% | 106.369
|
| 2015 | Serial | 4% | 106.747
|
| 2015 | Serial | 5% | 110.517
|
| 2016 | Serial | 5% | 110.948
|
| 2017 | Serial | 5% | 110.779
|
| 2018 | Serial | 5% | 110.36
|
| 2019 | Serial | 5% | 109.466
|
| 2020 | Serial | 5% | 108.642
|
| 2021 | Serial | 5% | 107.89
|
| 2022 | Serial | 4% | 98.342
|
| 2022 | Serial | 5.25% | 108.556
|
| 2023 | Serial | 5.25% | 107.125
|
| 2024 | Serial | 5.25% | 105.717
|
| 2025 | Serial | 5.25% | 104.493
|
| 2026 | Serial | 4.75% | 99.468
|
| 2026 | Serial | 5.25% | 103.527
|
| 2031 | Term | 5% | 98.508
|
| 2036 | Term | 5.125% | 97.32
|
| 2041 | Term | 5.25% | 98.073
|
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