Published on 4/12/2012 in the Prospect News Municipals Daily.
New Issue: South Carolina brings $70.64 million of G.O. state institution bonds
By Sheri Kasprzak
New York, April 12 - The State of South Carolina came to market with $70.64 million of series 2012 general obligation state institution bonds, according to a pricing sheet.
The deal included $21,475,000 of series 2012A G.O. refunding bonds for the University of South Carolina, $12,645,000 of series 2012B G.O. refunding bonds for the Medical University of South Carolina, $21,135,000 of series 2012C G.O. refunding bonds for Clemson University, $13.14 million of series 2012D G.O. refunding bonds for Winthrop University and $2,245,000 of series 2012E G.O. bonds for Winthrop University.
The 2012A bonds are due 2013 to 2024 with 2.5% to 5% coupons. The 2012B bonds are due 2013 to 2024 with 2.5% to 5% coupons. The 2012C bonds are due 2013 to 2018 with 4% to 5% coupons. The 2012D bonds are due 2013 to 2022 with coupons from 4% to 5%. The 2012E bonds are due 2013 to 2024 with coupons from 2.5% to 5%.
The bonds were sold competitively. Calls to the state treasurer's office were not returned to determine the winning bidder.
Proceeds will be used to refund outstanding bonds.
| Issuer: | South Carolina
|
| Issue: | Series 2012 general obligation state institution bonds
|
| Amount: | $70.64 million
|
| Type: | Competitive
|
| Pricing date: | April 12
|
| Settlement date: | May 1
|
|
|
| $21,475,000 series 2012A University of South Carolina bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,935,000 | 2013 | Serial | 4% | 103.478
|
| $2,715,000 | 2014 | Serial | 4% | 106.806
|
| $3.16 million | 2015 | Serial | 5% | 112.764
|
| $3.36 million | 2016 | Serial | 5% | 116.204
|
| $1,185,000 | 2017 | Serial | 5% | 119.302
|
| $1,255,000 | 2018 | Serial | 5% | 121.703
|
| $1.32 million | 2019 | Serial | 5% | 123.503
|
| $1,395,000 | 2020 | Serial | 5% | 124.848
|
| $1.47 million | 2021 | Serial | 5% | 125.782
|
| $1,555,000 | 2022 | Serial | 5% | 126.451
|
| $1,635,000 | 2023 | Serial | 3% | 106.631
|
| $490,000 | 2024 | Serial | 2.5% | 100
|
|
|
| $12,645,000 series 2012B Medical University of South Carolina bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $520,000 | 2013 | Serial | 4% | 103.478
|
| $1.07 million | 2014 | Serial | 4% | 106.806
|
| $1,655,000 | 2015 | Serial | 5% | 112.764
|
| $1.75 million | 2016 | Serial | 5% | 116.204
|
| $1,835,000 | 2017 | Serial | 5% | 119.302
|
| $1.31 million | 2018 | Serial | 5% | 121.703
|
| $660,000 | 2019 | Serial | 5% | 123.503
|
| $695,000 | 2020 | Serial | 5% | 124.848
|
| $730,000 | 2021 | Serial | 5% | 125.782
|
| $775,000 | 2022 | Serial | 5% | 126.451
|
| $810,000 | 2023 | Serial | 3% | 106.631
|
| $835,000 | 2024 | Serial | 2.5% | 100
|
|
|
| $21,135,000 series 2012C Clemson University bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,095,000 | 2013 | Serial | 4% | 103.478
|
| $3.6 million | 2014 | Serial | 4% | 106.806
|
| $3,745,000 | 2015 | Serial | 5% | 112.764
|
| $3.93 million | 2016 | Serial | 5% | 116.204
|
| $4.13 million | 2017 | Serial | 5% | 119.302
|
| $2,635,000 | 2018 | Serial | 5% | 121.703
|
|
|
| $13.14 million series 2012D Winthrop University refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $375,000 | 2013 | Serial | 4% | 103.478
|
| $375,000 | 2014 | Serial | 4% | 106.806
|
| $655,000 | 2015 | Serial | 5% | 112.764
|
| $1.45 million | 2016 | Serial | 5% | 116.204
|
| $1,525,000 | 2017 | Serial | 5% | 119.302
|
| $1.61 million | 2018 | Serial | 5% | 121.703
|
| $1,715,000 | 2019 | Serial | 5% | 123.503
|
| $1,795,000 | 2020 | Serial | 5% | 124.848
|
| $1,905,000 | 2021 | Serial | 5% | 125.782
|
| $1,735,000 | 2022 | Serial | 5% | 126.451
|
|
|
| $2,245,000 series 2012E Winthrop University bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $150,000 | 2013 | Serial | 4% | 103.478
|
| $150,000 | 2014 | Serial | 4% | 106.806
|
| $155,000 | 2015 | Serial | 5% | 112.764
|
| $160,000 | 2016 | Serial | 5% | 116.204
|
| $170,000 | 2017 | Serial | 5% | 119.302
|
| $180,000 | 2018 | Serial | 5% | 121.703
|
| $190,000 | 2019 | Serial | 5% | 123.503
|
| $200,000 | 2020 | Serial | 5% | 124.848
|
| $205,000 | 2021 | Serial | 5% | 125.782
|
| $220,000 | 2022 | Serial | 5% | 126.451
|
| $230,000 | 2023 | Serial | 3% | 106.631
|
| $235,000 | 2024 | Serial | 2.5% | 100
|
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