Published on 6/26/2012 in the Prospect News Municipals Daily.
New Issue: Texas A&M University System prices $196.55 million of bonds
By Sheri Kasprzak
New York, June 26 - The Texas A&M University System sold $196.55 million of series 2012 taxable permanent university fund bonds, according to a pricing sheet.
The offering included $70.8 million of series 2012A bonds and $125.75 million of series 2012B bonds.
The 2012A bonds are due 2019 to 2024 with 4% to 5% coupons.
The 2012B bonds are due 2013 to 2027 with a term bond due in 2032. The serial coupons range from 0.579% to 3.008%. The 2032 bonds have a 3.575% coupon priced at par.
The bonds (Aaa/AAA/AAA) were sold through J.P. Morgan Securities LLC. The co-managers were Goldman, Sachs & Co., Bank of America Merrill Lynch, RBC Capital Markets, Loop Capital Markets LLC, Piper Jaffray & Co., Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC.
Proceeds will be used to refund a portion of the university's outstanding permanent university fund commercial paper notes and refund certain outstanding parity obligations secured by the available university fund share to achieve debt service savings.
| Issuer: | Texas A&M University System
|
| Issue: | Series 2012 taxable permanent university fund bonds
|
| Amount: | $196.55 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead); Goldman, Sachs & Co., Bank of America Merrill Lynch, RBC Capital Markets, Loop Capital Markets LLC, Piper Jaffray & Co., Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | June 26
|
| Settlement date: | July 18
|
|
|
| $70.8 million series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.25 million | 2019 | Serial | 4% | 116.59
|
| $8,085,000 | 2019 | Serial | 5% | 123.174
|
| $10.89 million | 2020 | Serial | 5% | 124.029
|
| $11,505,000 | 2021 | Serial | 5% | 124.757
|
| $12.1 million | 2022 | Serial | 5% | 125.82
|
| $12.71 million | 2023 | Serial | 5% | 123.995
|
| $13.26 million | 2024 | Serial | 5% | 122.498
|
|
|
| $125.75 million series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.44 million | 2013 | Serial | 2% | NRO
|
| $5,395,000 | 2014 | Serial | 0.579% | 100
|
| $5.42 million | 2015 | Serial | 0.776% | 100
|
| $5,465,000 | 2016 | Serial | 1.239% | 100
|
| $5,545,000 | 2017 | Serial | 1.439% | 100
|
| $5,625,000 | 2018 | Serial | 1.73% | 100
|
| $5.72 million | 2019 | Serial | 1.88% | 100
|
| $5.82 million | 2020 | Serial | 2.258% | 100
|
| $5.95 million | 2021 | Serial | 2.408% | 100
|
| $6.1 million | 2022 | Serial | 2.508% | 100
|
| $6,255,000 | 2023 | Serial | 2.608% | 100
|
| $6,405,000 | 2024 | Serial | 2.708% | 100
|
| $6,585,000 | 2025 | Serial | 2.808% | 100
|
| $6,775,000 | 2026 | Serial | 2.908% | 100
|
| $6,965,000 | 2027 | Serial | 3.008% | 100
|
| $36,285,000 | 2032 | Term | 3.575% | 100
|
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