Published on 8/14/2012 in the Prospect News Municipals Daily.
New Issue: Pennsylvania Higher Educational Facilities sells $94.98 million La Salle bonds
By Sheri Kasprzak
New York, Aug. 14 - The Pennsylvania Higher Educational Facilities Authority priced $94,975,000 of series 2012 university revenue bonds for LaSalle University, according to a pricing sheet.
The bonds (/BBB+/BBB+) were sold through Morgan Stanley & Co. LLC.
The bonds are due 2015 to 2027 with term bonds due in 2029, 2032, 2037 and 2042. The serial bonds have 3% to 5% coupons. The 2029 bonds have a 5% coupon priced at 110.722, and the 2032 have a 4% coupon priced at 98.789. The 2037 bonds have a 5% coupon priced at 107.141, and the 2042 bonds have a 5% coupon priced at 106.713.
Proceeds will be used to finance capital improvements to the university and refund debt.
| Issuer: | Pennsylvania Higher Educational Facilities Authority/LaSalle University
|
| Issue: | Series 2012 university revenue bonds
|
| Amount: | $94,975,000
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Ratings: | Standard & Poor's: BBB+
|
| Fitch: BBB+
|
| Pricing date: | Aug. 8
|
| Settlement date: | Sept. 12
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $285,000 | 2015 | Serial | 3% | 104.046
|
| $390,000 | 2016 | Serial | 3% | 104.635
|
| $490,000 | 2017 | Serial | 3% | 104.54
|
| $2,715,000 | 2018 | Serial | 5% | 114.136
|
| $2.85 million | 2019 | Serial | 5% | 114.67
|
| $2,995,000 | 2020 | Serial | 5% | 114.731
|
| $3,145,000 | 2021 | Serial | 5% | 114.867
|
| $1,185,000 | 2022 | Serial | 3% | 98.677
|
| $1.33 million | 2023 | Serial | 3% | 97.5
|
| $1,485,000 | 2024 | Serial | 5% | 113.801
|
| $1.67 million | 2025 | Serial | 5% | 112.976
|
| $1,865,000 | 2026 | Serial | 5% | 112.339
|
| $2,065,000 | 2027 | Serial | 5% | 111.707
|
| $4.79 million | 2029 | Term | 5% | 110.722
|
| $8.86 million | 2032 | Term | 4% | 98.789
|
| $19.94 million | 2037 | Term | 5% | 107.141
|
| $38,915,000 | 2042 | Term | 5% | 106.713
|
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