Published on 8/12/2016 in the Prospect News Municipals Daily.
New Issue: Auburn University, Ala., sells $217.93 million revenue refunding bonds
By Sheri Kasprzak
New York, Aug. 12 – Auburn University of Alabama priced $217.93 million of series 2016A general fee revenue refunding bonds, according to a pricing sheet.
The bonds (Aa2/AA-) were sold through Stifel, Nicolaus & Co. LLC.
The bonds are due 2017 to 2036 with term bonds due in 2038 and 2041. The serial coupons range from 1.5% to 5% with yields from 0.53% to 2.64%. The 2038 bonds have a 5% coupon priced at 122.558 to yield 2.4%, and the 2041 bonds have a 4% coupon priced at 111.023 to yield 2.71%.
Proceeds will be used to refund the university’s series 2006A, 2007A, 2008 and 2011A general fee revenue bonds.
| Issuer: | Auburn University
|
| Issue: | Series 2016A general fee revenue refunding bonds
|
| Amount: | $217.93 million
|
| Type: | Negotiated
|
| Underwriter: | Stifel, Nicolaus & Co. LLC
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA-
|
| Pricing date: | Aug. 3
|
| Settlement date: | Aug. 17
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,475,000 | 2017 | Serial | 2% | 101.155 | 0.53%
|
| $4,735,000 | 2018 | Serial | 2% | 102.36 | 0.67%
|
| $525,000 | 2019 | Serial | 3% | 106.111 | 0.78%
|
| $2.7 million | 2020 | Serial | 5% | 115.318 | 0.88%
|
| $2.83 million | 2021 | Serial | 5% | 118.708 | 0.99%
|
| $2,415,000 | 2022 | Serial | 5% | 121.25 | 1.19%
|
| $1 million | 2023 | Serial | 1.5% | 101.099 | 1.33%
|
| $2.12 million | 2023 | Serial | 5% | 123.746 | 1.33%
|
| $700,000 | 2024 | Serial | 5% | 125.719 | 1.49%
|
| $5,365,000 | 2025 | Serial | 5% | 128.148 | 1.56%
|
| $7,305,000 | 2026 | Serial | 4% | 120.358 | 1.73%
|
| $7.6 million | 2027 | Serial | 5% | 128.599 | 1.80%
|
| $7,975,000 | 2028 | Serial | 5% | 127.057 | 1.95%
|
| $8.38 million | 2029 | Serial | 5% | 126.243 | 2.03%
|
| $8,795,000 | 2030 | Serial | 5% | 125.737 | 2.08%
|
| $9,235,000 | 2031 | Serial | 5% | 125.234 | 2.13%
|
| $13,465,000 | 2032 | Serial | 4% | 113.508 | 2.44%
|
| $14 million | 2033 | Serial | 4% | 113.043 | 2.49%
|
| $10.43 million | 2034 | Serial | 4% | 112.58 | 2.54%
|
| $10.85 million | 2035 | Serial | 4% | 111.936 | 2.61%
|
| $11.28 million | 2036 | Serial | 4% | 111.661 | 2.64%
|
| $20,205,000 | 2038 | Term | 5% | 122.558 | 2.40%
|
| $63,545,000 | 2041 | Term | 4% | 111.023 | 2.71%
|
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