By Sheri Kasprzak
New York, Dec. 4 – The Tarrant County Cultural Education Facilities Finance Corp. of Texas sold $82.64 million of series 2014A revenue bonds for Trinity Terrace, according to a pricing sheet.
The deal included $61,425,000 of series 2014A-1 bonds and $21,215,000 of series 2014A-2 bonds.
The 2014A-1 bonds are due 2029, 2034, 2044 and 2049. The 2029 bonds have a 5% coupon priced at 109.297 to yield 3.85%, and the 2034 bonds have a 5% coupon priced at 107.189 to yield 4.1%. The 2044 bonds have a 5% coupon priced at 105.373 to yield 4.32%, and the 2049 bonds have a 5% coupon priced at 104.318 to yield 4.45%.
The 2014A-2 bonds are due Dec. 1, 2018 and have a 2.5% coupon priced at 102.625 to yield 1.37%.
The bonds (//BBB+) were sold through Cain Brothers Inc.
Proceeds will be used to finance the construction, acquisition, improvement and repair of health and senior living facilities for Trinity Terrace, a retirement community in Fort Worth, Texas, as well as to refinance the corporation’s series 2011 bonds.
| Issuer: | Tarrant County Cultural Education Facilities Finance Corp./Trinity Terrace
|
| Issue: | Series 2014A revenue bonds
|
| Amount: | $82.64 million
|
| Type: | Negotiated
|
| Underwriter: | Cain Brothers Inc.
|
| Rating: | Fitch: BBB+
|
| Pricing date: | Dec. 3
|
| Settlement date: | Dec. 18
|
|
|
| $61,425,000 series 2014A-1 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7,115,000 | 2029 | Term | 5% | 109.297 | 3.85%
|
| $9.07 million | 2034 | Term | 5% | 107.189 | 4.10%
|
| $26.37 million | 2044 | Term | 5% | 105.373 | 4.32%
|
| $18.87 million | 2049 | Term | 5% | 104.318 | 4.45%
|
|
|
| $21,215,000 series 2014A-2 bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| Dec. 1, 2018 | Term | 2.5% | 102.625 | 1.37%
|
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