Published on 2/12/2016 in the Prospect News Municipals Daily.
New Issue: South Carolina prices $260.32 million general obligation bonds
By Sheri Kasprzak
New York, Feb. 12 – The State of South Carolina sold $260,315,000 of series 2016 general obligation bonds, according to a pricing sheet.
The deal included $19.14 million of series 2016A state institution G.O. bonds for the South Carolina State University, $20,305,000 of series 2016B state institution G.O. refunding bonds for Winthrop University, $8,765,000 of series 2016C state institution G.O. refunding bonds for Midlands Technical College, $30,095,000 of series 2016D state institution G.O. refunding bonds for Medical University of South Carolina, $10,025,000 of series 2016E state institution G.O. refunding bonds for Coastal Carolina University, $65,915,000 of series 2016A state research university G.O. refunding bonds, $44.56 million of series 2016A state economic development G.O. refunding bonds, $31.77 million of series 2016B state economic development G.O. refunding bonds and $29.74 million of series 2016C taxable state economic development G.O. refunding bonds.
The 2016A South Carolina State University bonds are due 2018 to 2028 with 4% coupons and 0.55% to 1.96% yields.
The 2016B Winthrop University bonds are due 2017 to 2029 with 5% coupons and yields from 0.52% to 2.05%.
The 2016C Midlands Technical College bonds are due 2017 to 2027 with coupons from 5% coupons and 0.37% to 1.75% yields.
The 2016D Medical University of South Carolina bonds are due 2017 to 2036 with coupons from 3% to 5% and yields from 0.37% to 3.101%.
The 2016E Coastal Carolina University bonds are due 2017 to 2027 with 5% coupons and yields from 0.37% to 1.75%.
The 2016A state research university bonds are due 2016 to 2024 with 5% coupons and 0.2% to 1.4% yields.
The 2016A economic development bonds are due 2017 to 2030 with 3% to 5% coupons and 0.37% to 2.55% yields.
The 2016B economic development bonds are due 2016 to 2030 with coupons from 3% to 5% and yields from 0.2% to 2.35%.
The 2016C economic development bonds are due 2016 to 2020 with 2.05% to 4.85% coupons and yields from 0.45% to 1.25%.
The bonds (Aaa/AA+/AAA) were sold competitively, but the issuer did not respond to calls for the winning bidder Friday.
Proceeds will be used to refund the state’s series 2003G South Carolina State University G.O. bonds, 2006D South Carolina State University G.O.s, series 2005B Winthrop University G.O.s, 2006A Winthrop G.O.s, 2008B Winthrop G.O.s, 2009A Winthrop G.O.s, series 1998A Midlands Technical G.O. bonds, and series 2002C Midlands G.O. bonds.
Proceeds will also be used to refund the state’s 2007A Midlands Technical G.O. bonds, series 2005A Medical University of South Carolina G.O. bonds, 2002D Coastal Carolina G.O. bonds, 2006C Coastal Carolina G.O. bonds, series 2005A research university G.O.s, series 2005B state university infrastructure bonds, 2009A research university G.O. bonds, 2005C economic development bonds, series 2005F-G economic development bonds, 2006A economic development bonds, 2005A taxable economic development bonds and 2005D-E taxable economic development bonds.
| Issuer: | State of South Carolina
|
| Issue: | Series 2016 general obligation bonds
|
| Amount: | $260,315,000
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AA+
|
| Fitch: AAA
|
| Pricing date: | Feb. 11
|
| Settlement date: | March 1
|
|
|
| $19.14 million series 2016A state institution G.O. bonds for South Carolina State University
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.42 million | 2018 | Serial | 4% | 107.136 | 0.55%
|
| $1,475,000 | 2019 | Serial | 4% | 110.177 | 0.66%
|
| $1,535,000 | 2020 | Serial | 4% | 113.001 | 0.76%
|
| $1,595,000 | 2021 | Serial | 4% | 115.53 | 0.87%
|
| $1.66 million | 2022 | Serial | 4% | 117.339 | 1.05%
|
| $1,725,000 | 2023 | Serial | 4% | 118.809 | 1.22%
|
| $1,795,000 | 2024 | Serial | 4% | 119.889 | 1.39%
|
| $1.87 million | 2025 | Serial | 4% | 120.777 | 1.54%
|
| $1,945,000 | 2026 | Serial | 4% | 121.642 | 1.66%
|
| $2.02 million | 2027 | Serial | 4% | 121.79 | 1.82%
|
| $2.1 million | 2028 | Serial | 4% | 121.852 | 1.96%
|
|
|
| $20,305,000 series 2016B state institution G.O. refunding bonds for Winthrop University
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $15,000 | 2017 | Serial | 5% | NRO | NRO
|
| $65,000 | 2018 | Serial | 5% | 109.27 | 0.52%
|
| $745,000 | 2019 | Serial | 5% | 113.388 | 0.61%
|
| $1,445,000 | 2020 | Serial | 5% | 117.279 | 0.70%
|
| $1.52 million | 2021 | Serial | 5% | 120.88 | 0.80%
|
| $1,595,000 | 2022 | Serial | 5% | 123.749 | 0.97%
|
| $2,795,000 | 2023 | Serial | 5% | 126.194 | 1.14%
|
| $2,945,000 | 2024 | Serial | 5% | 128.037 | 1.33%
|
| $3,105,000 | 2025 | Serial | 5% | 129.714 | 1.49%
|
| $2 million | 2026 | Serial | 5% | 131.216 | 1.63%
|
| $1.62 million | 2027 | Serial | 5% | 132.612 | 1.75%
|
| $1,715,000 | 2028 | Serial | 5% | 133.327 | 1.90%
|
| $740,000 | 2029 | Serial | 5% | 133.701 | 2.05%
|
|
|
| $8,765,000 series 2016C state institution G.O. refunding bonds for Midlands Technical College
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $430,000 | 2017 | Serial | 5% | 105 | 0.37%
|
| $635,000 | 2018 | Serial | 5% | 109.27 | 0.52%
|
| $665,000 | 2019 | Serial | 5% | 113.388 | 0.61%
|
| $715,000 | 2020 | Serial | 5% | 117.279 | 0.70%
|
| $760,000 | 2021 | Serial | 5% | 120.88 | 0.80%
|
| $805,000 | 2022 | Serial | 5% | 123.749 | 0.97%
|
| $850,000 | 2023 | Serial | 5% | 126.194 | 1.14%
|
| $900,000 | 2024 | Serial | 5% | 128.037 | 1.33%
|
| $950,000 | 2025 | Serial | 5% | 129.714 | 1.49%
|
| $1,005,000 | 2026 | Serial | 5% | 131.216 | 1.63%
|
| $1.05 million | 2027 | Serial | 5% | 132.612 | 1.75%
|
|
|
| $30,095,000 series 2016D state institution G.O. refunding bonds for Medical University of South Carolina
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,325,000 | 2017 | Serial | 5% | 105 | 0.37%
|
| $2,515,000 | 2018 | Serial | 5% | 109.27 | 0.52%
|
| $2.61 million | 2019 | Serial | 5% | 113.388 | 0.61%
|
| $2,705,000 | 2020 | Serial | 5% | 117.279 | 0.70%
|
| $880,000 | 2021 | Serial | 5% | 120.88 | 0.80%
|
| $925,000 | 2022 | Serial | 5% | 123.749 | 0.97%
|
| $970,000 | 2023 | Serial | 5% | 126.194 | 1.14%
|
| $1,015,000 | 2024 | Serial | 5% | 128.037 | 1.33%
|
| $1.07 million | 2025 | Serial | 5% | 129.714 | 1.49%
|
| $1.12 million | 2026 | Serial | 5% | 131.216 | 1.63%
|
| $1.18 million | 2027 | Serial | 5% | 130.243 | 1.72%
|
| $1,235,000 | 2028 | Serial | 5% | 129.279 | 1.81%
|
| $1.3 million | 2029 | Serial | 3% | 106.266 | 2.30%
|
| $1,335,000 | 2030 | Serial | 3% | 103.977 | 2.55%
|
| $1.38 million | 2031 | Serial | 3% | 102.187 | 2.75%
|
| $1.42 million | 2032 | Serial | 3% | 100.867 | 2.90%
|
| $1.46 million | 2033 | Serial | 3% | 100 | 3.00%
|
| $1,505,000 | 2034 | Serial | 3% | 99.5 | 3.036%
|
| $1.55 million | 2035 | Serial | 3% | 99 | 3.07%
|
| $1,595,000 | 2036 | Serial | 3% | 98.5 | 3.101%
|
|
|
| $10,025,000 series 2016E state institution G.O. refunding bonds for Coastal Carolina University
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $310,000 | 2017 | Serial | 5% | 105 | 0.37%
|
| $765,000 | 2018 | Serial | 5% | 109.27 | 0.52%
|
| $805,000 | 2019 | Serial | 5% | 113.388 | 0.61%
|
| $840,000 | 2020 | Serial | 5% | 117.279 | 0.70%
|
| $890,000 | 2021 | Serial | 5% | 120.88 | 0.80%
|
| $935,000 | 2022 | Serial | 5% | 123.749 | 0.97%
|
| $985,000 | 2023 | Serial | 5% | 126.194 | 1.14%
|
| $1,035,000 | 2024 | Serial | 5% | 128.037 | 1.33%
|
| $1,095,000 | 2025 | Serial | 5% | 129.714 | 1.49%
|
| $1,155,000 | 2026 | Serial | 5% | 131.216 | 1.63%
|
| $1.21 million | 2027 | Serial | 5% | 132.612 | 1.75%
|
|
|
| $65,915,000 series 2016A state research university G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $9.08 million | 2016 | Serial | 5% | 101.997 | 0.20%
|
| $9,245,000 | 2017 | Serial | 5% | 106.447 | 0.43%
|
| $9.8 million | 2018 | Serial | 5% | 110.667 | 0.55%
|
| $10,465,000 | 2019 | Serial | 5% | 114.711 | 0.64%
|
| $14.92 million | 2020 | Serial | 5% | 118.476 | 0.74%
|
| $2,875,000 | 2021 | Serial | 5% | 121.923 | 0.85%
|
| $3.01 million | 2022 | Serial | 5% | 124.588 | 1.03%
|
| $3.16 million | 2023 | Serial | 5% | 126.644 | 1.23%
|
| $3.36 million | 2024 | Serial | 5% | 128.487 | 1.40%
|
|
|
| $44.56 million series 2016A state economic development bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,125,000 | 2017 | Serial | 5% | 105 | 0.37%
|
| $2.4 million | 2018 | Serial | 5% | 109.27 | 0.52%
|
| $2.52 million | 2019 | Seral | 5% | 113.388 | 0.61%
|
| $2,645,000 | 2020 | Serial | 5% | 117.279 | 0.70%
|
| $2.78 million | 2021 | Serial | 5% | 120.88 | 0.80%
|
| $2.92 million | 2022 | Serial | 5% | 123.749 | 0.97%
|
| $3,065,000 | 2023 | Serial | 5% | 126.194 | 1.14%
|
| $3,215,000 | 2024 | Serial | 5% | 128.037 | 1.33%
|
| $3,375,000 | 2025 | Serial | 5% | 129.714 | 1.49%
|
| $3,545,000 | 2026 | Serial | 5% | 131.216 | 1.63%
|
| $3,725,000 | 2027 | Serial | 5% | 130.243 | 1.72%
|
| $3.91 million | 2028 | Serial | 5% | 129.279 | 1.81%
|
| $4,105,000 | 2029 | Serial | 3% | 106.266 | 2.30%
|
| $4.23 million | 2030 | Serial | 3% | 103.977 | 2.55%
|
|
|
| $31.77 million series 2016B state economic development G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4,275,000 | 2016 | Serial | 5% | 101.997 | 0.20%
|
| $4,385,000 | 2017 | Serial | 5% | 106.447 | 0.43%
|
| $1,785,000 | 2018 | Serial | 5% | 110.667 | 0.55%
|
| $1.88 million | 2019 | Serial | 5% | 114.711 | 0.64%
|
| $105,000 | 2020 | Serial | 5% | 118.476 | 0.74%
|
| $2,005,000 | 2023 | Serial | 5% | 126.644 | 1.23%
|
| $2,125,000 | 2024 | Serial | 5% | 128.487 | 1.40%
|
| $2.24 million | 2025 | Serial | 5% | 130.118 | 1.55%
|
| $2.36 million | 2026 | Serial | 4% | 121.339 | 1.75%
|
| $2,465,000 | 2027 | Serial | 4% | 120.283 | 1.85%
|
| $2.58 million | 2028 | Serial | 4% | 119.239 | 1.95%
|
| $2.71 million | 2029 | Serial | 4% | 118.205 | 2.05%
|
| $2,855,000 | 2030 | Serial | 3% | 105.973 | 2.35%
|
|
|
| $29.74 million series 2016C taxable economic development refunding G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6,995,000 | 2016 | Serial | 4% | 102.654 | 0.45%
|
| $7.17 million | 2017 | Serial | 4.65% | 106.948 | 0.65%
|
| $5,455,000 | 2018 | Serial | 4.85% | 110.848 | 0.85%
|
| $5.6 million | 2019 | Serial | 1.05% | 100 | 1.05%
|
| $4.52 million | 2020 | Serial | 1.25% | 100 | 1.25%
|
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