Published on 2/11/2015 in the Prospect News Municipals Daily.
New Issue: Washington State University prices $151.84 million revenue bonds
By Sheri Kasprzak
New York, Feb. 11 – The Washington State University sold $151.84 million of series 2015 general revenue and refunding bonds, according to a term sheet. The offering size was cut from $171.12 million.
The bonds (Aa2/AA-/) were offered through J.P. Morgan Securities LLC.
The bonds are due 2016 to 2035 with a term bond due in 2040. The serial coupons range from 3% to 5%. The 2040 bonds have a 5% coupon priced at 114.906.
Proceeds will be used to construct a digital classroom facility, a medical clinic facility, a police station, renovate a building for student health services, as well as to refund the university’s series 2005 housing and dining revenue refunding bonds, a portion of its series 2005 parking system revenue refunding bonds, a portion of its series 2006A student fee revenue bonds, a portion of its series 2007 athletic facilities revenue bonds and, subject to market conditions, its series 2008 housing and dining system revenue bonds.
| Issuer: | Washington State University
|
| Issue: | Series 2015 general revenue and refunding bonds
|
| Amount: | $151.84 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Barclays and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA-
|
| Pricing date: | Feb. 11
|
| Settlement date: | March 11
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.74 million | 2016 | Serial | 3% | 102.897
|
| $3.52 million | 2017 | Serial | 4% | 106.957
|
| $3.67 million | 2018 | Serial | 4% | 109.449
|
| $3,815,000 | 2019 | Serial | 5% | 115.341
|
| $3,995,000 | 2020 | Serial | 5% | 117.778
|
| $4,195,000 | 2021 | Serial | 5% | 119.42
|
| $4.41 million | 2022 | Serial | 5% | 120.378
|
| $575,000 | 2023 | Serial | 4% | 113.854
|
| $4.06 million | 2023 | Serial | 5% | 121.223
|
| $730,000 | 2024 | Serial | 4% | 113.737
|
| $4,125,000 | 2024 | Serial | 5% | 121.866
|
| $4,395,000 | 2025 | Serial | 5% | 122.704
|
| $3,845,000 | 2026 | Serial | 5% | 121.312
|
| $4,035,000 | 2027 | Serial | 5% | 120.036
|
| $7,045,000 | 2028 | Serial | 5% | 118.777
|
| $7.65 million | 2029 | Serial | 5% | 118.201
|
| $8,035,000 | 2030 | Serial | 5% | 117.723
|
| $7.37 million | 2031 | Serial | 5% | 117.248
|
| $7,735,000 | 2032 | Serial | 5% | 116.775
|
| $8.13 million | 2033 | Serial | 5% | 116.399
|
| $8,535,000 | 2034 | Serial | 5% | 116.023
|
| $8,965,000 | 2035 | Serial | 5% | 115.65
|
| $40,265,000 | 2040 | Term | 5% | 114.906
|
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