Published on 5/11/2012 in the Prospect News Municipals Daily.
New Issue: University of North Texas prices $80.71 million improvement and refunding bonds
By Sheri Kasprzak
New York, May 11 - The Regents of the University of North Texas System sold $80.71 million of series 2012 financing system refunding and improvement revenue bonds, according to a pricing sheet.
The bonds (Aa2/AA/) were sold through J.P. Morgan Securities LLC with Raymond James/Morgan Keegan as the co-manager.
The offering included $75.89 million of series 2012A bonds and $4.82 million of series 2012B bonds.
The 2012A bonds are due 2013 to 2034 with coupons from 2% to 5%. The 2012B bonds are due 2013 to 2023 with term bonds due in 2028 and 2034. The serial coupons range from 0.55% to 3.20%, all priced at par. The 2028 bonds have a 3.65% coupon priced at par, and the 2034 bonds have a 4.05% coupon priced at par.
Proceeds will be used to refinance $44.9 million of tax-exempt commercial paper notes, refund the university's series 2003 and 2003B bonds and fund capital improvement projects and a real estate acquisition.
| Issuer: | Regents of the University of North Texas System
|
| Issue: | Series 2012 financing system refunding and improvement revenue bonds
|
| Amount: | $80.71 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Raymond James/Morgan Keegan (co-manager)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | May 9
|
| Settlement date: | June 1
|
|
|
| $75.89 million series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.11 million | 2013 | Serial | 2% | 101.523
|
| $3.48 million | 2014 | Serial | 3% | 104.671
|
| $3.58 million | 2015 | Serial | 5% | 112.327
|
| $3,765,000 | 2016 | Serial | 5% | 115.732
|
| $3.94 million | 2017 | Serial | 5% | 118.607
|
| $1 million | 2018 | Serial | 3% | 109.284
|
| $3,145,000 | 2018 | Serial | 5% | 120.537
|
| $4.33 million | 2019 | Serial | 4% | 115.558
|
| $4,505,000 | 2020 | Serial | 5% | 123.222
|
| $4.73 million | 2021 | Serial | 5% | 123.543
|
| $410,000 | 2022 | Serial | 4% | 115.508
|
| $4,555,000 | 2022 | Serial | 5% | 124.32
|
| $2.56 million | 2023 | Serial | 5% | 122.73
|
| $2,685,000 | 2024 | Serial | 5% | 121.066
|
| $2,815,000 | 2025 | Serial | 4.5% | 115.317
|
| $2,945,000 | 2026 | Serial | 5% | 118.668
|
| $3,095,000 | 2027 | Serial | 5% | 117.912
|
| $3,245,000 | 2028 | Serial | 5% | 117.162
|
| $3.41 million | 2029 | Serial | 5% | 116.418
|
| $3,585,000 | 2030 | Serial | 5% | 116.048
|
| $3.76 million | 2031 | Serial | 5% | 115.496
|
| $3,945,000 | 2032 | Serial | 5% | 115.038
|
| $1,605,000 | 2033 | Serial | 5% | 114.129
|
| $1.69 million | 2034 | Serial | 5% | 113.408
|
|
|
| $4.82 million series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $80,000 | 2013 | Serial | 0.55% | 100
|
| $150,000 | 2014 | Serial | 0.75% | 100
|
| $180,000 | 2015 | Serial | 0.95% | 100
|
| $175,000 | 2016 | Serial | 1.20% | 100
|
| $180,000 | 2017 | Serial | 1.50% | 100
|
| $185,000 | 2018 | Serial | 1.90% | 100
|
| $190,000 | 2019 | Serial | 2.20% | 100
|
| $195,000 | 2020 | Serial | 2.50% | 100
|
| $200,000 | 2021 | Serial | 2.80% | 100
|
| $205,000 | 2022 | Serial | 3.00% | 100
|
| $210,000 | 2023 | Serial | 3.20% | 100
|
| $1.16 million | 2028 | Term | 3.65% | 100
|
| $1.71 million | 2034 | Term | 4.05% | 100
|
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