Published on 6/14/2012 in the Prospect News Municipals Daily.
New Issue: West Virginia Higher Education Policy sells $132.17 million revenue and refunding bonds
By Sheri Kasprzak
New York, June 14 - The West Virginia Higher Education Policy Commission sold $132,165,000 of series 2012 revenue and refunding higher education bonds, according to a pricing sheet.
The deal included $124.19 million of series 2012A refunding bonds and $7,975,000 of series 2012B revenue bonds.
The 2012A bonds are due 2013 and 2015 to 2029 with a term bond due in 2034. The serial coupons range from 2% to 5%. The 2034 bonds have a 4% coupon priced at 97.858. The 2012B bonds are due 2013 to 2029 with a term bond due in 2034. The serial coupons range from 2% to 4%. The 2034 bonds have a 4% coupon priced at 97.858.
The bonds (Aa3/A+/) were sold through lead manager Citigroup Global Markets Inc.
Proceeds will be used to finance loans to higher education facilities for capital improvements and to refund existing debt.
| Issuer: | West Virginia Higher Education Policy Commission
|
| Issue: | Series 2012 revenue and refunding higher education bonds
|
| Amount: | $132,165,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Pricing date: | June 13
|
| Settlement date: | June 26
|
|
|
| $124.19 million series 2012A refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,425,000 | 2013 | Serial | 2% | 101.149
|
| $3.74 million | 2015 | Serial | 5% | 110.586
|
| $3,925,000 | 2016 | Serial | 5% | 113.664
|
| $4,125,000 | 2017 | Serial | 5% | 115.881
|
| $4,325,000 | 2018 | Serial | 5% | 117.263
|
| $4,545,000 | 2019 | Serial | 5% | 117.986
|
| $4,775,000 | 2020 | Serial | 5% | 117.925
|
| $5.01 million | 2021 | Serial | 5% | 117.668
|
| $5.26 million | 2022 | Serial | 5% | 118.021
|
| $5.52 million | 2023 | Serial | 5% | 116.63
|
| $5.8 million | 2024 | Serial | 5% | 115.259
|
| $6,085,000 | 2025 | Serial | 5% | 114.266
|
| $6,395,000 | 2026 | Serial | 5% | 113.461
|
| $6.71 million | 2027 | Serial | 5% | 112.839
|
| $7.05 million | 2028 | Serial | 5% | 112.222
|
| $7.4 million | 2029 | Serial | 5% | 111.608
|
| $42.1 million | 2034 | Term | 4% | 97.858
|
|
|
| $7.975 mm series 2012B revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $200,000 | 2013 | Serial | 2% | 101.103
|
| $235,000 | 2014 | Serial | 3% | 103.63
|
| $275,000 | 2015 | Serial | 3% | 105.157
|
| $280,000 | 2016 | Serial | 3% | 106.337
|
| $285,000 | 2017 | Serial | 3% | 106.727
|
| $300,000 | 2018 | Serial | 3% | 106.37
|
| $305,000 | 2019 | Serial | 4% | 111.718
|
| $315,000 | 2020 | Serial | 4% | 110.895
|
| $330,000 | 2021 | Serial | 2.625% | 99.261
|
| $340,000 | 2022 | Serial | 2.75% | 98.982
|
| $350,000 | 2023 | Serial | 3% | 99.087
|
| $360,000 | 2024 | Serial | 3.2% | 99.028
|
| $375,000 | 2025 | Serial | 3.375% | 98.718
|
| $385,000 | 2026 | Serial | 3.5% | 98.918
|
| $400,000 | 2027 | Serial | 3.6% | 98.307
|
| $410,000 | 2028 | Serial | 3.7% | 99.169
|
| $430,000 | 2029 | Serial | 3.75% | 98.525
|
| $2.4 million | 2034 | Term | 4% | 97.858
|
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