Published on 1/5/2012 in the Prospect News Municipals Daily.
New Issue: Texas Tech University sells $190.83 million revenue bonds
By Sheri Kasprzak
New York, Jan. 5 - The Texas Tech University System sold $190,825,000 of series 2012 revenue financing system refunding and improvement bonds, according to a pricing sheet.
The deal included $163.24 million of 14th series A tax-exempt bonds and $27,585,000 of 15th series B taxable refunding bonds.
The A bonds are due 2012 to 2032 with term bonds due in 2037 and 2041. The serial coupons range from 2% to 5%. The 2037 bonds have a 5% coupon priced at 119.304, and the 2041 bonds have a 4% coupon priced at 98.634.
The B bonds are due 2012 to 2027 with a term bond due in 2031. The serial coupons range from 0.4% to 4.04%, all priced at par. The 2031 bonds have a 4.44% coupon priced at par.
RBC Capital Markets LLC and Wells Fargo Securities LLC are the senior managers on the deal. The co-managers are Estrada Hinojosa & Co. Inc., Morgan Keegan & Co. Inc., J.P. Morgan Securities LLC and Stephens Inc.
Proceeds will be used to acquire, purchase, construct, renovate, improve, enlarge and equip property, buildings, structures, facilities, roads or related infrastructure for the university system. Proceeds will also be used to refund certain outstanding commercial paper notes and outstanding parity obligations.
| Issuer: | Texas Tech University System
|
| Issue: | Series 2012 revenue financing system refunding and improvement bonds
|
| Amount: | $190,825,000
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC and Wells Fargo Securities LLC (lead), Estrada Hinojosa & Co. Inc., Morgan Keegan & Co. Inc., J.P. Morgan Securities LLC and Stephens Inc. (co-managers)
|
| Pricing date: | Jan. 5
|
| Settlement date: | Feb. 1
|
|
|
| $163.24 million 14th series A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.04 million | 2012 | Serial | 2% | 100.914
|
| $7,195,000 | 2013 | Serial | 2% | 102.486
|
| $3.9 million | 2014 | Serial | 3% | 105.978
|
| $8,575,000 | 2015 | Serial | 3% | 107.692
|
| $8,845,000 | 2016 | Serial | 3% | 109.015
|
| $9,115,000 | 2017 | Serial | 5% | 120.65
|
| $9,565,000 | 2018 | Serial | 5% | 122.859
|
| $10.04 million | 2019 | Serial | 5% | 124.027
|
| $10,535,000 | 2020 | Serial | 5% | 125.124
|
| $10,765,000 | 2021 | Serial | 4.25% | 118.718
|
| $8,865,000 | 2022 | Serial | 4.25% | 118.512
|
| $4,195,000 | 2023 | Serial | 5% | 125.54
|
| $3,735,000 | 2024 | Serial | 5% | 125.113
|
| $3,895,000 | 2025 | Serial | 5% | 124.084
|
| $4,085,000 | 2026 | Serial | 5% | 123.779
|
| $3.92 million | 2027 | Serial | 5% | 123.247
|
| $4.12 million | 2028 | Serial | 5% | 122.938
|
| $4.32 million | 2029 | Serial | 5% | 122.465
|
| $4,545,000 | 2030 | Serial | 5% | 121.839
|
| $4,765,000 | 2031 | Serial | 5% | 121.232
|
| $4.41 million | 2032 | Serial | 5% | 120.665
|
| $21,745,000 | 2037 | Term | 5% | 119.304
|
| $8,065,000 | 2041 | Term | 4% | 98.634
|
|
|
| $27,585,000 15th series B taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $400,000 | 2012 | Serial | 0.4% | 100
|
| $820,000 | 2013 | Serial | 0.95% | 100
|
| $825,000 | 2014 | Serial | 1.12% | 100
|
| $870,000 | 2015 | Serial | 1.32% | 100
|
| $870,000 | 2016 | Serial | 1.52% | 100
|
| $890,000 | 2017 | Serial | 1.92% | 100
|
| $1,315,000 | 2018 | Serial | 2.42% | 100
|
| $1,345,000 | 2019 | Serial | 2.77% | 100
|
| $1,385,000 | 2020 | Serial | 2.94% | 100
|
| $1,425,000 | 2021 | Serial | 3.07% | 100
|
| $1,465,000 | 2022 | Serial | 3.27% | 100
|
| $1,515,000 | 2023 | Serial | 3.47% | 100
|
| $1.57 million | 2024 | Serial | 3.67% | 100
|
| $1.63 million | 2025 | Serial | 3.82% | 100
|
| $1.69 million | 2026 | Serial | 3.92% | 100
|
| $1.76 million | 2027 | Serial | 4.04% | 100
|
| $7.81 million | 2031 | Term | 4.44% | 100
|
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