Published on 6/24/2015 in the Prospect News Municipals Daily.
New Issue: Philadelphia IDA prices $264.52 million Temple University revenue bonds
By Sheri Kasprzak
New York, June 24 – The Philadelphia Industrial Development Authority sold $264.52 million of series 2015 and 2016 revenue bonds for Temple University, said a pricing sheet.
The bonds (Aa3/A+/) were sold through Citigroup Global Markets Inc.
The deal included $130.44 million of first series of 2015 bonds and $134.08 million of first series of 2016 bonds.
The 2015 bonds are due 2016 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 2% to 5% with 0.48% to 3.75% yields. The 2040 bonds have a 5% coupon priced at 108.492 to yield 3.94%, and the 2045 bonds have a 5% coupon priced at 107.905 to yield 4.01%.
The 2016 bonds are due 2016 to 2029 with 5% coupons. Yields range from 1.05% to 3.94%.
Proceeds will be used to finance capital projects for the university, as well as to refund the university’s series 2006 bonds.
| Issuer: | Philadelphia Industrial Development Authority/Temple University
|
| Issue: | Series 2015 and 2016 revenue bonds
|
| Amount: | $264.52 million
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets Inc. (lead)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: A+
|
| Pricing date: | June 24
|
| Settlement dates: | July 8 (for 2015), Jan. 6, 2016 (for 2016)
|
|
|
| $130.44 million first series of 2015 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.71 million | 2016 | Serial | 2% | 101.106 | 0.48%
|
| $4.11 million | 2017 | Serial | 5% | 106.987 | 0.92%
|
| $4,205,000 | 2018 | Serial | 5% | 109.892 | 1.3%
|
| $3.38 million | 2019 | Serial | 5% | 112.417 | 1.56%
|
| $3,525,000 | 2020 | Serial | 5% | 114.299 | 1.83%
|
| $3,685,000 | 2021 | Serial | 5% | 115.46 | 2.12%
|
| $1.71 million | 2022 | Serial | 5% | 116.066 | 2.4%
|
| $1,785,000 | 2023 | Serial | 5% | 116.629 | 2.61%
|
| $1,865,000 | 2024 | Serial | 5% | 116.93 | 2.8%
|
| $1,955,000 | 2025 | Serial | 5% | 117.226 | 2.95%
|
| $2,055,000 | 2026 | Serial | 5% | 115.759 | 3.11%
|
| $2,155,000 | 2027 | Serial | 5% | 114.673 | 3.23%
|
| $2,265,000 | 2028 | Serial | 5% | 113.51 | 3.36%
|
| $2,375,000 | 2029 | Serial | 5% | 112.802 | 3.44%
|
| $2,495,000 | 2030 | Serial | 5% | 112.187 | 3.51%
|
| $2.62 million | 2031 | Serial | 5% | 111.662 | 3.57%
|
| $19,185,000 | 2032 | Serial | 5% | 111.227 | 3.62%
|
| $20,075,000 | 2033 | Serial | 5% | 110.795 | 3.67%
|
| $3,035,000 | 2034 | Serial | 5% | 110.45 | 3.71%
|
| $3,185,000 | 2035 | Serial | 5% | 110.106 | 3.75%
|
| $18.48 million | 2040 | Term | 5% | 108.492 | 3.94%
|
| $23,585,000 | 2045 | Term | 5% | 107.905 | 4.01%
|
|
|
| $134.08 million first series 2016 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $755,000 | 2016 | Serial | 5% | 100.927 | 1.05%
|
| $5.91 million | 2017 | Serial | 5% | 104.243 | 1.52%
|
| $6.23 million | 2018 | Serial | 5% | 106.752 | 1.9%
|
| $6.55 million | 2019 | Serial | 5% | 108.827 | 2.16%
|
| $6.82 million | 2020 | Serial | 5% | 110.282 | 2.43%
|
| $7,105,000 | 2021 | Serial | 5% | 111.053 | 2.72%
|
| $10.68 million | 2022 | Serial | 5% | 111.474 | 2.97%
|
| $11,205,000 | 2023 | Serial | 5% | 112.02 | 3.13%
|
| $11.65 million | 2024 | Serial | 5% | 112.167 | 3.3%
|
| $12.32 million | 2025 | Serial | 5% | 112.165 | 3.45%
|
| $12.86 million | 2026 | Serial | 5% | 110.829 | 3.61%
|
| $13,375,000 | 2027 | Serial | 5% | 109.758 | 3.74%
|
| $14 million | 2028 | Serial | 5% | 108.78 | 3.86%
|
| $14.62 million | 2029 | Serial | 5% | 108.134 | 3.94%
|
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