Published on 2/12/2015 in the Prospect News Municipals Daily.
New Issue: Pennsylvania Higher Ed prices $301.8 million of Thomas Jefferson bonds
By Sheri Kasprzak
New York, Feb. 12 – The Pennsylvania Higher Educational Facilities Authority sold $301,805,000 of series 2015A fixed-rate revenue bonds for the Thomas Jefferson University, said a pricing sheet.
The bonds (A1/A/) were sold through senior managers BofA Merrill Lynch and J.P. Morgan Securities LLC.
The bonds are due 2025 to 2035 with term bonds due in 2039, 2045 and 2050. The serial coupons range from 3% to 5% and yields from 2.76% to 4.02%. The 2039 bonds have a 4% coupon priced at 99.226 to yield 4.05% and a 5% coupon priced at 111.06 to yield 3.67%. The 2045 bonds have a 4% coupon priced at 97.586 to yield 4.14% and a 5% coupon priced at 110.443 to yield 3.74%. The 2050 bonds have a 5.25% coupon priced at 111.629 to yield 3.84%.
Proceeds will be used to purchase capital assets and make capital improvements to the university’s facilities and to refund the university’s series 2008A-B revenue bonds.
| Issuer: | Pennsylvania Higher Educational Facilities Authority/Thomas Jefferson University
|
| Issue: | Series 2015A fixed-rate revenue bonds
|
| Amount: | $301,805,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and J.P. Morgan Securities LLC (lead)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A
|
| Pricing date: | Feb. 12
|
| Settlement date: | Feb. 26
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.49 million | 2025 | Serial | 5% | 119.481 | 2.76%
|
| $670,000 | 2026 | Serial | 5% | 118.519 | 2.86%
|
| $1,325,000 | 2027 | Serial | 3% | 98.662 | 3.13%
|
| $1,255,000 | 2027 | Serial | 5% | 115.968 | 3.13%
|
| $1.05 million | 2028 | Serial | 3.25% | 100 | 3.25%
|
| $1,505,000 | 2028 | Serial | 5% | 114.855 | 3.25%
|
| $500,000 | 2029 | Serial | 3.375% | 100 | 3.375%
|
| $1,985,000 | 2029 | Serial | 5% | 114.396 | 3.30%
|
| $2,515,000 | 2030 | Serial | 5% | 113.938 | 3.35%
|
| $1.75 million | 2031 | Serial | 3.5% | 99.378 | 3.55%
|
| $2,085,000 | 2031 | Serial | 5% | 113.483 | 3.40%
|
| $7.09 million | 2032 | Serial | 5% | 112.939 | 3.46%
|
| $8,435,000 | 2033 | Serial | 5% | 112.578 | 3.50%
|
| $1.52 million | 2034 | Serial | 4% | 100 | 4.00%
|
| $2.44 million | 2035 | Serial | 4% | 99.721 | 4.02%
|
| $2 million | 2039 | Term | 4% | 99.226 | 4.05%
|
| $15,565,000 | 2039 | Term | 5% | 111.06 | 3.67%
|
| $40 million | 2045 | Term | 4% | 97.586 | 4.14%
|
| $100,005,000 | 2045 | Term | 5% | 110.443 | 3.74%
|
| $108.62 million | 2050 | Term | 5.25% | 111.629 | 3.84%
|
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