By Cristal Cody
Tupelo, Miss., June 5 – Yale University sold $1.5 billion of series 2020A taxable bonds (Aaa/AAA) in three tranches, according to a market source and an official statement.
A $500 million tranche of 0.873% bonds due April 15, 2025 priced at par to yield 55 basis points over Treasuries.
The university sold $500 million of 1.482% bonds due April 15, 2030 at par to yield Treasuries plus 80 bps.
Also, $500 million of 2.402% bonds due April 15, 2050 priced at par to yield 93 bps over Treasuries.
Barclays, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC were the underwriters.
Proceeds will be used for general purposes of the university.
The university is based in Stanford, Calif.
| Issuer: | Yale University
|
| Amount: | $1.5 billion
|
| Description: | Series 2020A taxable bonds
|
| Bookrunners: | Barclays, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
|
| Trade date: | June 2
|
| Settlement date: | June 9
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Distribution: | Section 3(a)(4) exempt
|
|
|
| Five-year bonds
|
| Amount: | $500 million
|
| Maturity: | April 15, 2025
|
| Coupon: | 0.873%
|
| Price: | Par
|
| Yield: | 0.873%
|
| Spread: | Treasuries plus 55 bps
|
| Call features: | Make-whole call before March 15, 2025 at Treasuries plus 10 bps; thereafter at par
|
|
|
| 10-year bonds
|
| Amount: | $500 million
|
| Maturity: | April 15, 2030
|
| Coupon: | 1.482%
|
| Price: | Par
|
| Yield: | 1.482%
|
| Spread: | Treasuries plus 80 bps
|
| Call features: | Make-whole call before Jan. 15, 2030 at Treasuries plus 15 bps; thereafter at par
|
|
|
| 30-year bonds
|
| Amount: | $500 million
|
| Maturity: | April 15, 2050
|
| Coupon: | 2.402%
|
| Price: | Par
|
| Yield: | 2.402%
|
| Spread: | Treasuries plus 93 bps
|
| Call features: | Make-whole call before Oct. 15, 2049 at Treasuries plus 15 bps; thereafter at par
|
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