Published on 1/14/2015 in the Prospect News Municipals Daily.
New Issue: Wayne State University, Mich., offers up $50.62 million revenue bonds
By Sheri Kasprzak
New York, Jan. 14 – The Wayne State University of Michigan sold $50.62 million of series 2015A general revenue and refunding bonds, said a pricing sheet.
The bonds (Aa3/AA-/) were sold through BofA Merrill Lynch.
The bonds are due 2015 to 2034 with a term bond due in 2036. The serial coupons range from 3% to 5%. The 2036 bonds have a 3.5% coupon priced at 98.05 and a 4% coupon priced at 103.853.
Proceeds will be used to renovate university research laboratories and to acquire properties for use by the university, as well as to refund the university’s series 2006 general revenue bonds.
| Issuer: | Wayne State University
|
| Issue: | Series 2015A general revenue and refunding bonds
|
| Amount: | $50.62 million
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
|
| Pricing date: | Jan. 14
|
| Settlement date: | Feb. 5
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $250,000 | 2015 | Serial | 3% | 101.858
|
| $255,000 | 2016 | Serial | 4% | 105.91
|
| $1.54 million | 2017 | Serial | 5% | 111.075
|
| $1.61 million | 2018 | Serial | 5% | 113.952
|
| $1.7 million | 2019 | Serial | 5% | 116.026
|
| $1,785,000 | 2020 | Serial | 5% | 118.024
|
| $1,875,000 | 2021 | Serial | 5% | 119.343
|
| $1,975,000 | 2022 | Serial | 5% | 120.388
|
| $2.07 million | 2023 | Serial | 5% | 121.79
|
| $2,185,000 | 2024 | Serial | 5% | 122.438
|
| $2,295,000 | 2025 | Serial | 5% | 121.176
|
| $2.41 million | 2026 | Serial | 5% | 119.74
|
| $2,515,000 | 2027 | Serial | 5% | 119.077
|
| $2,615,000 | 2028 | Serial | 5% | 118.605
|
| $2,715,000 | 2029 | Serial | 3% | 98.235
|
| $2.83 million | 2030 | Serial | 5% | 117.67
|
| $2.98 million | 2031 | Serial | 5% | 117.205
|
| $3.12 million | 2032 | Serial | 3.25% | 98.138
|
| $3,245,000 | 2033 | Serial | 5% | 116.282
|
| $3,395,000 | 2034 | Serial | 3.375% | 98.223
|
| $2,755,000 | 2036 | Term | 3.5% | 98.05
|
| $4.5 million | 2036 | Term | 4% | 103.853
|
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