Published on 2/11/2016 in the Prospect News Municipals Daily.
New Issue: University of New Mexico prices $168.59 million of improvement bonds
By Sheri Kasprzak
New York, Feb. 11 – The University of New Mexico sold $168,585,000 of series 2016 subordinate-lien system refunding and improvement revenue bonds, according to a pricing sheet.
The bonds (Aa2/AA/) were sold through senior manager RBC Capital Markets LLC.
The deal includes $160.29 million of series 2016A tax-exempt bonds and $8,295,000 of series 2016B taxable bonds.
The 2016A bonds are due 2016 to 2038 with term bonds due in 2041 and 2046. The serial coupons range from 2% to 5% with yields from 0.15% to 3.07%. The 2041 bonds have a 5% coupon priced at 113.22 to yield 2.99% and the 2046 bonds have a 5% coupon priced at 105.764 to yield 3.33%.
The 2016B bonds are due 2016 to 2024 with 0.72% to 2.48% coupons all priced at par.
Proceeds will be used to construct, equip, acquire, improve and renovate University of New Mexico facilities and refund its series 2007B revenue bonds.
| Issuer: | University of New Mexico
|
| Issue: | Series 2016 subordinate-lien system refunding and improvement revenue bonds
|
| Amount: | $168,585,000
|
| Type: | Negotiated
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| Underwriters: | RBC Capital Markets LLC (lead), George K. Baum & Co. and U.S. Bancorp Investments Inc. (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Pricing date: | Feb. 11
|
| Settlement date: | March 8
|
|
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| $160.29 million series 2016A
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,855,000 | 2016 | Serial | 2% | 100.426 | 0.15%
|
| $985,000 | 2017 | Serial | 2% | 101.812 | 0.52%
|
| $1,005,000 | 2018 | Serial | 2% | 102.916 | 0.68%
|
| $1.03 million | 2019 | Serial | 2% | 113.435 | 0.78%
|
| $2.89 million | 2020 | Serial | 2% | 117.025 | 0.89%
|
| $3,595,000 | 2021 | Serial | 5% | 120.503 | 0.97%
|
| $4,295,000 | 2022 | Serial | 5% | 123.082 | 1.15%
|
| $4.53 million | 2023 | Serial | 5% | 124.983 | 1.36%
|
| $5.7 million | 2024 | Serial | 5% | 126.295 | 1.58%
|
| $7.78 million | 2025 | Serial | 5% | 127.587 | 1.75%
|
| $8,165,000 | 2026 | Serial | 5% | 128.911 | 1.88%
|
| $8,575,000 | 2027 | Serial | 5% | 100.637 | 2.18%
|
| $8,765,000 | 2028 | Serial | 5% | 100.628 | 2.43%
|
| $8,985,000 | 2029 | Serial | 5% | 98.663 | 2.62%
|
| $9,215,000 | 2030 | Serial | 5% | 99.647 | 2.78%
|
| $9,465,000 | 2031 | Serial | 5% | 100.612 | 2.93%
|
| $9,745,000 | 2032 | Serial | 5% | 110.326 | 2.83%
|
| $10.14 million | 2033 | Serial | 5% | 109.766 | 2.89%
|
| $10.55 million | 2034 | Serial | 5% | 115.316 | 2.77%
|
| $9.16 million | 2035 | Serial | 5% | 114.644 | 2.84%
|
| $9.93 million | 2036 | Serial | 5% | 113.977 | 2.91%
|
| $2,065,000 | 2038 | Serial | 4.5% | 112.469 | 3.07%
|
| $1,975,000 | 2041 | Term | 5% | 113.22 | 2.99%
|
| $19.89 million | 2046 | Term | 5% | 105.764 | 3.33%
|
|
|
| $8,295,000 series 2016B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $170,000 | 2016 | Serial | 0.72% | 100
|
| $160,000 | 2017 | Serial | 0.97% | 100
|
| $910,000 | 2018 | Serial | 1.22% | 100
|
| $925,000 | 2019 | Serial | 1.40% | 100
|
| $945,000 | 2020 | Serial | 1.625% | 100
|
| $970,000 | 2021 | Serial | 1.875% | 100
|
| $1.21 million | 2022 | Serial | 2.10% | 100
|
| $1,205,000 | 2023 | Serial | 2.30% | 100
|
| $1.8 million | 2024 | Serial | 2.48% | 100
|
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