Published on 4/4/2016 in the Prospect News Municipals Daily.
New Issue: University of Minnesota prices $122.48 million G.O. bonds
By Sheri Kasprzak
New York, April 4 – The University of Minnesota sold $122,475,000 of series 2016A general obligation bonds, according to a pricing sheet.
The bonds (Aa1/AA) were sold through senior managers Barclays and Piper Jaffray & Co.
The bonds are due 2017 to 2037 with a term bond due in 2041. The serial coupons range from 3% to 5% with yields from 0.68% to 2.66%. The 2041 bonds have a 5% coupon priced at 119.208 to yield 2.78%.
Proceeds will be used to finance capital projects, including improvements to the combined heat and power system, renovations to the Tate Science and Teaching Building, research and laboratory improvements and the construction of a new planetarium.
| Issuer: | University of Minnesota
|
| Issue: | Series 2016A general obligation bonds
|
| Amount: | $122,475,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays and Piper Jaffray & Co.
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA
|
| Pricing date: | March 29
|
| Settlement date: | April 13
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,625,000 | 2017 | Serial | 3% | 102.231 | 0.68%
|
| $2.8 million | 2018 | Serial | 4% | 106.332 | 0.75%
|
| $2.9 million | 2019 | Serial | 5% | 112.038 | 0.88%
|
| $3,045,000 | 2020 | Serial | 5% | 115.348 | 1.04%
|
| $3,205,000 | 2021 | Serial | 5% | 118.268 | 1.20%
|
| $3.36 million | 2022 | Serial | 5% | 120.92 | 1.34%
|
| $3.53 million | 2023 | Serial | 5% | 123.218 | 1.48%
|
| $3.71 million | 2024 | Serial | 5% | 124.911 | 1.65%
|
| $3,895,000 | 2025 | Serial | 5% | 126.104 | 1.83%
|
| $4,085,000 | 2026 | Serial | 5% | 127.608 | 1.94%
|
| $4.29 million | 2027 | Serial | 5% | 126.469 | 2.05%
|
| $4.51 million | 2028 | Serial | 5% | 125.24 | 2.17%
|
| $4.73 million | 2029 | Serial | 5% | 124.429 | 2.25%
|
| $4.97 million | 2030 | Serial | 5% | 123.624 | 2.33%
|
| $5.22 million | 2031 | Serial | 5% | 122.825 | 2.41%
|
| $5.47 million | 2032 | Serial | 5% | 122.131 | 2.48%
|
| $5.75 million | 2033 | Serial | 5% | 121.539 | 2.54%
|
| $6.04 million | 2034 | Serial | 5% | 121.049 | 2.59%
|
| $6,345,000 | 2035 | Serial | 5% | 120.659 | 2.63%
|
| $6,665,000 | 2036 | Serial | 5% | 120.464 | 2.65%
|
| $7 million | 2037 | Serial | 5% | 120.367 | 2.66%
|
| $28.33 million | 2041 | Term | 5% | 119.208 | 2.78%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
