Published on 3/17/2015 in the Prospect News Municipals Daily.
New Issue: Texas Tech University brings $317.74 million of revenue financing bonds
By Sheri Kasprzak
New York, March 17 – The Texas Tech University System sold $317.74 million of series 2015 revenue financing system bonds, according to a pricing sheet.
The offering included $72.41 million of 16th series 2015A refunding and improvement bonds and $245.33 million of 17th series 2015B refunding and improvement bonds.
The 2015A bonds are due 2016 to 2035 with a term bond due in 2040. The serial coupons range from 2% to 5%. The 2040 bonds have a 3.625% coupon priced at 98.305.
The 2015B bonds are due 2015 to 2029 with term bonds due in 2033, 2035 and 2045. The serial coupons range from 0.295% to 3.611% all priced at par. The 2033 bonds have a 3.922% coupon, the 2035 bonds have a 3.922% coupon, and the 2045 bonds have a 4.172% coupon all priced at par.
The bonds (/AA/AA+) were sold on a negotiated basis with Citigroup Global Markets Inc. and RBC Capital Markets LLC as the senior managers for the 2015A bonds and Wells Fargo Securities LLC and Raymond James/Morgan Keegan as the lead managers for the 2015B bonds.
Proceeds will be used to finance the construction, equipment, acquisition and repair of university system buildings and roadways and to refund the system’s series 2003 improvement bonds and 2005 and 2006 revenue bonds.
| Issuer: | Texas Tech University System
|
| Issue: | Series 2015 revenue financing system bonds
|
| Amount: | $317.74 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and RBC Capital Markets LLC (lead for 2015A), Wells Fargo Securities LLC and Raymond James/Morgan Keegan (lead for 2015B), J.P. Morgan Securities LLC and Siebert Brandford Shank & Co. LLC (co-managers for 2015A), Barclays and Estrada Hinojosa & Co. Inc. (co-managers for 2015B)
|
| Ratings: | Standard & Poor’s: AA
|
| Fitch: AA+
|
| Pricing date: | March 17
|
| Settlement date: | April 9
|
|
|
| $72.41 million 16th series 2015A refunding and improvement bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $815,000 | 2016 | Serial | 2% | 101.528
|
| $1.31 million | 2017 | Serial | 2% | 102.46
|
| $2,345,000 | 2018 | Serial | 3% | 105.402
|
| $2,275,000 | 2019 | Serial | 4% | 109.829
|
| $2.41 million | 2020 | Serial | 4% | 111.353
|
| $2,495,000 | 2021 | Serial | 3% | 106.748
|
| $1,855,000 | 2022 | Serial | 3% | 106.172
|
| $1,935,000 | 2023 | Serial | 5% | 120.323
|
| $2,035,000 | 2024 | Serial | 5% | 121.327
|
| $2,135,000 | 2025 | Serial | 5% | 122.39
|
| $2,245,000 | 2026 | Serial | 5% | 121.121
|
| $4,825,000 | 2027 | Serial | 2.9% | 100
|
| $4.99 million | 2028 | Serial | 3.1% | 100
|
| $5,885,000 | 2029 | Serial | 3.25% | 100
|
| $6,335,000 | 2030 | Serial | 3.35% | 100
|
| $5.93 million | 2031 | Serial | 3.25% | 97.81
|
| $5.6 million | 2032 | Serial | 5% | 117.129
|
| $5,885,000 | 2033 | Serial | 5% | 116.757
|
| $6.19 million | 2034 | Serial | 5% | 116.386
|
| $910,000 | 2035 | Serial | 5% | 116.107
|
| $4,005,000 | 2040 | Term | 3.625% | 98.305
|
|
|
| $245.33 million 17th series 2015B refunding and improvement bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $15,000 | 2015 | Serial | 0.295% | 100
|
| $6.89 million | 2016 | Serial | 0.455% | 100
|
| $1.41 million | 2016 | Serial | 0.455% | 100
|
| $18,325,000 | 2017 | Serial | 0.915% | 100
|
| $2.06 million | 2017 | Serial | 0.915% | 100
|
| $21.73 million | 2018 | Serial | 1.411% | 100
|
| $2,095,000 | 2018 | Serial | 1.411% | 100
|
| $22,125,000 | 2019 | Serial | 1.804% | 100
|
| $685,000 | 2019 | Serial | 1.804% | 100
|
| $22,165,000 | 2020 | Serial | 2.104% | 100
|
| $695,000 | 2020 | Serial | 2.104% | 100
|
| $20,155,000 | 2021 | Serial | 2.42% | 100
|
| $14.93 million | 2022 | Serial | 2.62% | 100
|
| $15,335,000 | 2023 | Serial | 2.761% | 100
|
| $15.79 million | 2024 | Serial | 2.861% | 100
|
| $16.25 million | 2025 | Serial | 2.961% | 100
|
| $3.79 million | 2025 | Serial | 2.961% | 100
|
| $10.14 million | 2026 | Serial | 3.111% | 100
|
| $6.92 million | 2027 | Serial | 3.261% | 100
|
| $5,415,000 | 2028 | Serial | 3.461% | 100
|
| $4,715,000 | 2029 | Serial | 3.611% | 100
|
| $7.61 million | 2033 | Term | 3.922% | 100
|
| $12,765,000 | 2035 | Term | 3.922% | 100
|
| $13.32 million | 2045 | Term | 4.172% | 100
|
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