Published on 7/1/2016 in the Prospect News Municipals Daily.
New Issue: Wayne State University sells $101.26 million revenue refunding bonds
By Cristal Cody
Eureka Springs, Ark., July 1 – The Board of Governors of Wayne State University priced $101.26 million of general revenue refunding bonds (Aa3/A+), according to a new issue statement.
The deal included $89,975,000 of series 2016A tax-exempt bonds and $11,285,000 of series 2016B taxable bonds.
BofA Merrill Lynch was the bookrunner for the negotiated transaction.
Proceeds will be used to pay upon call for redemption certain portions of the board’s outstanding series 2007A general revenue bonds, series 2008 general revenue refunding bonds and series 2009A general revenue refunding bonds.
| Issuer: | Board of Governors of Wayne State University
|
| Issue: | General revenue refunding bonds
|
| Amount: | $101.26 million
|
| Type: | Negotiated
|
| Bookrunner: | BofA Merrill Lynch
|
| Co-managers: | J.P. Morgan Securities LLC and Siebert Brandford Shank & Co., LLC
|
| Ratings: | Moody’s: Aa3
|
| S&P: A+
|
| Pricing date: | June 22
|
| Settlement date: | July 27
|
|
|
| Series 2016A bonds
|
| Maturity | Type | Amount | Coupon | Yield
|
| 2019 | Serial | $355,000 | 3% | 1.14%
|
| 2020 | Serial | $2.89 million | 5% | 1.29%
|
| 2021 | Serial | $3,035,000 | 5% | 1.47%
|
| 2022 | Serial | $5.88 million | 5% | 1.63%
|
| 2023 | Serial | $6.18 million | 5% | 1.77%
|
| 2024 | Serial | $6,185,000 | 5% | 1.88%
|
| 2025 | Serial | $6.5 million | 5% | 2.01%
|
| 2026 | Serial | $3.56 million | 5% | 2.13%
|
| 2027 | Serial | $6,935,000 | 5% | 2.27%
|
| 2028 | Serial | $7.29 million | 5% | 2.31%
|
| 2029 | Serial | $7.2 million | 5% | 2.36%
|
| 2030 | Serial | $4.5 million | 2.5% | 2.75%
|
| 2031 | Serial | $4.93 million | 5% | 2.46%
|
| 2032 | Serial | $5,185,000 | 5% | 2.51%
|
| 2033 | Serial | $5,445,000 | 4% | 2.81%
|
| 2034 | Serial | $5,675,000 | 4% | 2.86%
|
| 2035 | Serial | $5.91 million | 3% | 3.08%
|
| 2036 | Serial | $1,145,000 | 3% | 3.10%
|
| 2037 | Serial | $1,175,000 | 3.125% | 3.16%
|
|
|
|
|
| Series 2016B bonds
|
| Maturity | Type | Amount Coupon | Yield
|
| 2018 | Serial | $970,000 | 1.5% | 1.55%
|
| 2019 | Serial | $600,000 | 1.65% | 1.70%
|
| 2020 | Serial | $460,000 | 1.8% | 1.85%
|
| 2021 | Serial | $465,000 | 2.125% | 2.17%
|
| 2022 | Serial | $480,000 | 2.35% | 2.40%
|
| 2023 | Serial | $490,000 | 2.55% | 2.60%
|
| 2024 | Serial | $285,000 | 2.85% | 2.90%
|
| 2025 | Serial | $300,000 | 2.95% | 3.00%
|
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