Published on 7/13/2012 in the Prospect News Municipals Daily.
New Issue: Tennessee School Bond Authority sells $438.38 million of higher educational bonds
By Sheri Kasprzak
New York, July 13 - The Tennessee School Bond Authority priced $438.38 million of series 2012 higher educational facilities second program bonds, said a pricing sheet.
The offering included $209.36 million of series 2012A bonds, $103.79 million of series 2012B taxable bonds and $125.23 million of series 2012C refunding bonds.
The 2012A bonds are due 2013 to 2032 with term bonds due in 2037, 2039 and 2042. The serial coupons range from 0.18% to 5%. The 2037 bonds have a 3.75% coupon priced at 99.675, and the 2039 bonds have a 5% coupon priced at 114.969. The 2042 bonds have a 4% coupon priced at 103.093.
The 2012B bonds are due 2013 to 2028 with term bonds due in 2034 and 2042. The serial coupons range from 0.40% to 3.479%, all priced at par. The 2034 bonds have a 3.765% coupon priced at par, and the 2042 bonds have a 3.845% coupon priced at par.
The 2012C bonds are due 2013 to 2034 with coupons from 0.18% to 5%.
The bonds (Aa1/AA/AA+) were sold through senior manager J.P. Morgan Securities LLC. The co-managers were Citigroup Global Markets, Raymond James/Morgan Keegan, Morgan Stanley & Co. LLC and Piper Jaffray & Co.
Proceeds will be used to finance capital projects at several Tennessee universities and colleges, as well as to refund existing commercial paper notes.
| Issuer: | Tennessee School Bond Authority
|
| Issue: | Series 2012 higher educational facilities second program bonds
|
| Amount: | $438.38 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Citigroup Global Markets, Raymond James/Morgan Keegan, Morgan Stanley & Co. LLC and Piper Jaffray & Co. (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Fitch: AA+
|
| Pricing date: | July 12
|
| Settlement date: | Aug. 1
|
|
|
| $209.36 million series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.08 million | 2013 | Serial | 0.18% | NRO
|
| $4,205,000 | 2014 | Serial | 0.35% | NRO
|
| $4,325,000 | 2015 | Serial | 5% | 112.157
|
| $4.46 million | 2016 | Serial | 5% | 115.927
|
| $4.59 million | 2017 | Serial | 5% | 118.816
|
| $4,745,000 | 2018 | Serial | 5% | 120.926
|
| $4,955,000 | 2019 | Serial | 5% | 122.746
|
| $5.15 million | 2020 | Serial | 5% | 123.946
|
| $5.33 million | 2021 | Serial | 2.5% | 104.979
|
| $5,485,000 | 2022 | Serial | 4% | 117.44
|
| $5,725,000 | 2023 | Serial | 5% | 124.645
|
| $6,025,000 | 2024 | Serial | 5% | 122.967
|
| $6.33 million | 2025 | Serial | 5% | 121.896
|
| $6.67 million | 2026 | Serial | 4% | 110.713
|
| $6.99 million | 2027 | Serial | 5% | 120.261
|
| $6,915,000 | 2028 | Serial | 5% | 119.501
|
| $7,265,000 | 2029 | Serial | 5% | 118.841
|
| $7,635,000 | 2030 | Serial | 5% | 118.185
|
| $8,025,000 | 2031 | Serial | 5% | 117.812
|
| $8,425,000 | 2032 | Serial | 5% | 117.348
|
| $40.06 million | 2037 | Term | 3.75% | 99.675
|
| $22,085,000 | 2039 | Term | 5% | 114.969
|
| $30,885,000 | 2042 | Term | 4% | 103.093
|
|
|
| $103.79 million series 2012B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.14 million | 2013 | Serial | 0.40% | 100
|
| $1.29 million | 2014 | Serial | 0.50% | 100
|
| $3,225,000 | 2015 | Serial | 0.90% | 100
|
| $5,645,000 | 2016 | Serial | 1.275% | 100
|
| $5,725,000 | 2017 | Serial | 1.425% | 100
|
| $5,815,000 | 2018 | Serial | 1.772% | 100
|
| $5.93 million | 2019 | Serial | 1.922% | 100
|
| $5.89 million | 2020 | Serial | 2.379% | 100
|
| $4,075,000 | 2021 | Serial | 2.479% | 100
|
| $4.18 million | 2022 | Serial | 2.579% | 100
|
| $4,295,000 | 2023 | Serial | 2.779% | 100
|
| $4.42 million | 2024 | Serial | 2.979% | 100
|
| $3.61 million | 2025 | Serial | 3.129% | 100
|
| $3.72 million | 2026 | Serial | 3.279% | 100
|
| $3,855,000 | 2027 | Serial | 3.379% | 100
|
| $3,985,000 | 2028 | Serial | 3.479% | 100
|
| $19,365,000 | 2034 | Term | 3.765% | 100
|
| $17,625,000 | 2042 | Term | 3.845% | 100
|
|
|
| $125.23 million series 2012C refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.71 million | 2013 | Serial | 0.18% | NRO
|
| $6,405,000 | 2014 | Serial | 0.35% | NRO
|
| $8,385,000 | 2015 | Serial | 5% | 112.157
|
| $8,585,000 | 2016 | Serial | 5% | 115.927
|
| $8.06 million | 2017 | Serial | 5% | 118.816
|
| $8.48 million | 2018 | Serial | 5% | 120.926
|
| $8,935,000 | 2019 | Serial | 5% | 122.746
|
| $9,235,000 | 2020 | Serial | 5% | 123.946
|
| $9.72 million | 2021 | Serial | 5% | 125.061
|
| $7.71 million | 2022 | Serial | 5% | 126.249
|
| $8.1 million | 2023 | Serial | 4% | 115.146
|
| $8,425,000 | 2024 | Serial | 4% | 113.367
|
| $6,495,000 | 2025 | Serial | 4% | 111.894
|
| $6,755,000 | 2026 | Serial | 4% | 110.713
|
| $1.61 million | 2027 | Serial | 3% | 99.642
|
| $1.66 million | 2028 | Serial | 3.125% | 99.565
|
| $1.72 million | 2029 | Serial | 3.25% | 99.612
|
| $1.78 million | 2030 | Serial | 3.25% | 98.666
|
| $1,845,000 | 2031 | Serial | 3.375% | 99.377
|
| $1.16 million | 2032 | Serial | 3.375% | 98.365
|
| $1,205,000 | 2033 | Serial | 3.5% | 99.121
|
| $1.25 million | 2034 | Serial | 3.5% | 98.052
|
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