Published on 9/18/2014 in the Prospect News Municipals Daily.
New Issue: Private Colleges and Universities, Ga., sells $180.97 million SCAD debt
By Sheri Kasprzak
New York, Sept. 18 – The Private Colleges and Universities Authority of Georgia sold $180.97 million of series 2014 revenue bonds for the Savannah College of Art and Design, according to a pricing sheet. The deal was cut from $193.6 million.
The bonds (Baa2//BBB) were sold through Wells Fargo Securities LLC.
The bonds are due 2015 to 2033 with term bonds due in 2035 and 2044. The serial coupons range from 4% to 5% with 0.44% to 4.1% yields. The 2035 bonds have a 4.125% coupon priced at 98.975 to yield 4.2%, and the 2044 bonds have a 5% coupon priced at 113.458 to yield 4.2%.
Proceeds will be used to finance the construction, acquisition and equipment of school facilities in Atlanta, as well as dormitory and other facilities at its Savannah campus.
| Issuer: | Private Colleges and Universities Authority/Savannah College of Art and Design
|
| Issue: | Series 2014 revenue bonds
|
| Amount: | $180.97 million
|
| Type: | Negotiated
|
| Underwriter: | Wells Fargo Securities LLC (lead)
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
| Pricing date: | Sept. 18
|
| Settlement date: | Oct. 1
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1 million | 2015 | Serial | 5% | 102.274 | 0.44%
|
| $2.93 million | 2016 | Serial | 5% | 106.343 | 0.74%
|
| $3,075,000 | 2017 | Serial | 5% | 109.617 | 1.09%
|
| $3.23 million | 2018 | Serial | 5% | 111.926 | 1.49%
|
| $3.39 million | 2019 | Serial | 5% | 113.356 | 1.89%
|
| $3.56 million | 2020 | Serial | 5% | 113.874 | 2.30%
|
| $3,735,000 | 2021 | Serial | 5% | 113.819 | 2.67%
|
| $3,925,000 | 2022 | Serial | 5% | 113.63 | 2.96%
|
| $4.12 million | 2023 | Serial | 5% | 113.064 | 3.23%
|
| $4,325,000 | 2024 | Serial | 5% | 113.243 | 3.36%
|
| $4.54 million | 2025 | Serial | 5% | 113.273 | 3.48%
|
| $4.77 million | 2026 | Serial | 5% | 113.29 | 3.58%
|
| $5,005,000 | 2027 | Serial | 5% | 113.238 | 3.67%
|
| $5.26 million | 2028 | Serial | 5% | 113.033 | 3.76%
|
| $5.52 million | 2029 | Serial | 5% | 113.044 | 3.82%
|
| $5,795,000 | 2030 | Serial | 5% | 113.079 | 3.87%
|
| $6,085,000 | 2031 | Serial | 5% | 112.901 | 3.93%
|
| $6.39 million | 2032 | Serial | 4% | 98.759 | 4.10%
|
| $6,645,000 | 2033 | Serial | 5% | 112.984 | 4.00%
|
| $14,245,000 | 2035 | Term | 4.125% | 98.975 | 4.20%
|
| $83,425,000 | 2044 | Term | 5% | 113.458 | 4.20%
|
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