Published on 5/14/2013 in the Prospect News Municipals Daily.
New Issue: Wayne State University, Mich., prices $81.74 million general revenue bonds
By Sheri Kasprzak
New York, May 14 - The Wayne State University of Michigan sold $81.74 million of series 2013A general revenue bonds, according to a pricing sheet.
The bonds (Aa2/AA-/) were sold through senior managers BofA Merrill Lynch and PNC Capital Markets LLC.
The bonds are due 2015 to 2032 with term bonds due in 2034, 2040 and 2044. The serial coupons range from 3% to 5%. The 2034 bonds have a 5% coupon, the 2040 bonds have a 5% coupon and the 2044 bonds have a 4% coupon. None of the term bonds were reoffered.
Proceeds will be used to construct and equip a multidisciplinary biomedical research center, renovate classrooms, construct a new laboratory and make upgrades to the electrical system.
Issuer: | Wayne State University
|
Issue: | Series 2013A general revenue bonds
|
Amount: | $81.74 million
|
Type: | Negotiated
|
Underwriters: | BofA Merrill Lynch and PNC Capital Markets LLC (lead)
|
Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
Pricing date: | May 14
|
Settlement date: | June 12
|
|
Amount | Maturity | Type | Coupon | Price
|
$1,285,000 | 2015 | Serial | 4% | 108.374
|
$1.35 million | 2016 | Serial | 5% | 114.27
|
$1.41 million | 2017 | Serial | 5% | 117.034
|
$1.48 million | 2018 | Serial | 5% | 119.03
|
$1.55 million | 2019 | Serial | 4% | 114.203
|
$1.63 million | 2020 | Serial | 5% | 121.063
|
$1.7 million | 2021 | Serial | 4% | 114.102
|
$1.78 million | 2022 | Serial | 5% | 122.19
|
$500,000 | 2023 | Serial | 4% | 113.492
|
$1,365,000 | 2023 | Serial | 5% | 122.61
|
$1,955,000 | 2024 | Serial | 5% | NRO
|
$2,055,000 | 2025 | Serial | 5% | NRO
|
$2,165,000 | 2026 | Serial | 5% | NRO
|
$2.27 million | 2027 | Serial | 3% | 98.384
|
$2.35 million | 2028 | Serial | 3% | 96.63
|
$2.42 million | 2029 | Serial | 3.25% | 97.998
|
$2.53 million | 2030 | Serial | 3.25% | 96.503
|
$2.66 million | 2031 | Serial | 3.375% | 97.249
|
$2.8 million | 2032 | Serial | 3.5% | 98.197
|
$5.95 million | 2034 | Term | 5% | NRO
|
$22 million | 2040 | Term | 5% | NRO
|
$18,535,000 | 2044 | Term | 4% | NRO
|
© 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.