Published on 12/4/2014 in the Prospect News Municipals Daily.
New Issue: Purdue University, Ind., offers up $67.22 million of student fee bonds
By Sheri Kasprzak
New York, Dec. 4 – Purdue University of Indiana sold $67,215,000 of series 2014BB student fee bonds, according to a pricing sheet.
The deal included $48.23 million of series 2014BB-1 bonds and $18,985,000 of series 2014BB-2 taxable bonds.
The 2014BB-1 bonds are due 2015 to 2034 with 2% to 5% coupons.
The 2014BB-2 bonds are due 2015 to 2024 with term bonds due in 2029 and 2032. The serial coupons range from 0.40% to 3.087% all priced at par. The 2029 bonds have a 3.537% coupon and the 2032 bonds have a 3.808% coupon both priced at par.
The bonds (Aaa/AA+/) were sold through senior manager Morgan Stanley & Co. LLC.
Proceeds will be used to finance, refinance or reimburse the university for capital improvements to the West Lafayette, Ind., campus.
| Issuer: | Purdue University
|
| Issue: | Series 2014BB student fee bonds
|
| Amount: | $67,215,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Loop Capital Markets LLC and City Securities Corp. (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AA+
|
| Pricing date: | Dec. 3
|
| Settlement date: | Jan. 7
|
|
|
| $48.23 million series 2014BB-1 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.49 million | 2015 | Serial | 2% | 100.903
|
| $4,215,000 | 2016 | Serial | 3% | 103.932
|
| $3,455,000 | 2017 | Serial | 4% | 108.342
|
| $3,305,000 | 2018 | Serial | 4% | 110.679
|
| $3.27 million | 2019 | Serial | 5% | 116.68
|
| $3.45 million | 2020 | Serial | 5% | 118.646
|
| $3.02 million | 2021 | Serial | 5% | 120.04
|
| $2.9 million | 2022 | Serial | 5% | 121.218
|
| $3,045,000 | 2023 | Serial | 5% | 122.514
|
| $3.2 million | 2024 | Serial | 5% | 123.655
|
| $3,355,000 | 2025 | Serial | 5% | 122.219
|
| $3.51 million | 2026 | Serial | 5% | 121.273
|
| $710,000 | 2027 | Serial | 5% | 120.615
|
| $750,000 | 2028 | Serial | 5% | 119.869
|
| $785,000 | 2029 | Serial | 3% | 99.07
|
| $820,000 | 2030 | Serial | 3% | 98.414
|
| $870,000 | 2031 | Serial | 3% | 97.704
|
| $910,000 | 2032 | Serial | 5% | 117.937
|
| $2,285,000 | 2033 | Serial | 5% | 117.483
|
| $885,000 | 2034 | Serial | 5% | 117.03
|
|
|
| $18,985,000 series 2014BB-2 taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,135,000 | 2015 | Serial | 0.40% | 100
|
| $865,000 | 2016 | Serial | 0.889% | 100
|
| $870,000 | 2017 | Serial | 1.345% | 100
|
| $880,000 | 2018 | Serial | 1.792% | 100
|
| $900,000 | 2019 | Serial | 2.112% | 100
|
| $915,000 | 2020 | Serial | 2.365% | 100
|
| $940,000 | 2021 | Serial | 2.645% | 100
|
| $960,000 | 2022 | Serial | 2.737% | 100
|
| $990,000 | 2023 | Serial | 2.937% | 100
|
| $1,015,000 | 2024 | Serial | 3.087% | 100
|
| $5,625,000 | 2029 | Term | 3.537% | 100
|
| $3.89 million | 2032 | Term | 3.808% | 100
|
|
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