Published on 7/26/2012 in the Prospect News Municipals Daily.
New Issue: University of California prices upsized $997.29 million revenue bonds
By Sheri Kasprzak
New York, July 26 - The Board of Regents of the University of California priced $997.29 million of series 2012 limited project revenue bonds, according to a pricing sheet. The offering was upsized from $900 million.
The deal included $896.87 million of series 2012G tax-exempt bonds and $100.42 million of series 2012H taxable bonds.
The 2012G bonds are due 2013 to 2032 with term bonds due 2037 and 2042. The serial coupons range from 0.36% to 5%. The 2037 bonds have a split maturity with a 3.5% coupon priced at 97.564 and a 5% coupon priced at 115.809. The 2042 bonds have a 5% coupon priced at 115.263.
The 2012H bonds are due May 15, 2041 and have a 4.053% coupon priced at par.
The bonds (Aa2/AA-/AA) were sold through Barclays Capital Inc.
Proceeds will be used to finance and refinance the acquisition, construction, improvement and renovation of athletic, parking, dining and student and faculty housing facilities.
| Issuer: | Board of Regents of the University of California
|
| Issue: | Series 2012 limited project revenue bonds
|
| Amount: | $997.29 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. (lead)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Fitch: AA
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 9
|
|
|
| $896.87 million series 2012G tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8,485,000 | 2013 | Serial | 2% | 101.385
|
| $7,135,000 | 2014 | Serial | 0.36% | 100
|
| $3,445,000 | 2014 | Serial | 3% | 104.644
|
| $10,735,000 | 2015 | Serial | 4% | 109.662
|
| $4,185,000 | 2016 | Serial | 4% | 112.843
|
| $3.43 million | 2017 | Serial | 4% | 115.29
|
| $11,275,000 | 2018 | Serial | 4% | 116.585
|
| $11.94 million | 2019 | Serial | 5% | 123.89
|
| $12,335,000 | 2020 | Serial | 4% | 117.54
|
| $12,835,000 | 2021 | Serial | 4% | 117.411
|
| $10 million | 2022 | Serial | 4% | 117.953
|
| $20,655,000 | 2022 | Serial | 5% | 126.797
|
| $6,225,000 | 2023 | Serial | 4% | 116.12
|
| $36.48 million | 2023 | Serial | 5% | 124.883
|
| $3.99 million | 2024 | Serial | 4% | 115.264
|
| $31,365,000 | 2024 | Serial | 5% | 123.988
|
| $35,625,000 | 2025 | Serial | 5% | 123.1
|
| $37,415,000 | 2026 | Serial | 5% | 122.22
|
| $1.76 million | 2027 | Serial | 3% | 100
|
| $37.59 million | 2027 | Serial | 5% | 121.155
|
| $38,745,000 | 2028 | Serial | 5% | 120.483
|
| $25.36 million | 2029 | Serial | 4% | 109.027
|
| $15 million | 2029 | Serial | 5% | 119.815
|
| $42.38 million | 2030 | Serial | 5% | 119.152
|
| $44,495,000 | 2031 | Serial | 5% | 118.493
|
| $4,755,000 | 2032 | Serial | 3.25% | 98.559
|
| $41,955,000 | 2032 | Serial | 5% | 117.738
|
| $29,165,000 | 2037 | Term | 3.5% | 97.564
|
| $255,515,000 | 2037 | Term | 5% | 115.809
|
| $92,595,000 | 2042 | Term | 5% | 115.263
|
|
|
| $100.42 million series 2012H taxable bonds
|
| Maturity | Type | Coupon | Price
|
| May 15, 2041 | Term | 4.053% | 100
|
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