Published on 1/12/2016 in the Prospect News Municipals Daily.
New Issue: East Carolina University, N.C., prices $143.43 million of revenue bonds
By Sheri Kasprzak
New York, Jan. 12 – The board of governors of the University of North Carolina priced $143.43 million of series 2016 general revenue bonds for East Carolina University, according to a term sheet.
The deal included $139.92 million of series 2016A bonds and $3.51 million of series 2016B taxable bonds.
The 2016A bonds are due 2017 to 2043 with a term bond due in 2045. The serial coupons range from 2% to 5% and yields from 0.73% to 3.659%. The 2045 bonds have a 4% coupon priced at 104.508 to yield 3.47%.
The 2016B bonds are due 2017 to 2018 with 5% coupons and 1.05% to 1.27% yields.
The bonds (Aa2/AA-/) were sold competitively.
Proceeds will be used to construct and equip a student union building and renovate three residence halls.
Issuer: | East Carolina University/Board of Governors of the University of North Carolina
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Issue: | Series 2016 general revenue bonds
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Amount: | $143.43 million
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Type: | Competitive
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Ratings: | Moody’s: Aa2
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| Standard & Poor’s: AA-
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Pricing date: | Jan. 12
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Settlement date: | Jan. 27
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$139.92 million series 2016A bonds
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Amount | Maturity | Type | Coupon | Price | Yield
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$1,495,000 | 2017 | Serial | 2% | 102.113 | 0.73%
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$1,775,000 | 2018 | Serial | 2% | 102.822 | 0.93%
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$3,525,000 | 2019 | Serial | 5% | 114.056 | 1.09%
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$3.71 million | 2020 | Serial | 5% | 117.084 | 1.23%
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$3.9 million | 2021 | Serial | 5% | 120.368 | 1.27%
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$4,105,000 | 2022 | Serial | 5% | 122.729 | 1.42%
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$4.31 million | 2023 | Serial | 5% | 124.388 | 1.61%
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$4,535,000 | 2024 | Serial | 5% | 125.782 | 1.78%
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$4.77 million | 2025 | Serial | 5% | 127.283 | 1.90%
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$3.76 million | 2026 | Serial | 2.25% | 102.012 | 2.03%
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$3,895,000 | 2027 | Serial | 5% | 125.924 | 2.15%
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$4.09 million | 2028 | Serial | 5% | 124.887 | 2.25%
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$4.31 million | 2029 | Serial | 5% | 124.167 | 2.32%
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$4.5 million | 2030 | Serial | 4% | 112.541 | 2.59%
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$4,665,000 | 2031 | Serial | 3% | 100 | 3.00%
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$4,805,000 | 2032 | Serial | 3% | 99 | 3.077%
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$4.95 million | 2033 | Serial | 3% | 98.25 | 3.129%
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$5,105,000 | 2034 | Serial | 3% | 97.5 | 3.178%
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$5,265,000 | 2035 | Serial | 3.125% | 98 | 3.263%
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$5.43 million | 2036 | Serial | 3.25% | 98.5 | 3.351%
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$5.61 million | 2037 | Serial | 3.25% | 97.75 | 3.397%
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$5,795,000 | 2038 | Serial | 3.25% | 97 | 3.441%
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$6 million | 2039 | Serial | 3.375% | 97.75 | 3.516%
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$12,415,000 | 2041 | Serial | 3.5% | 98.25 | 3.605%
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$6.43 million | 2042 | Serial | 3.5% | 97.75 | 3.632%
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$6.66 million | 2043 | Serial | 3.5% | 97.25 | 3.659%
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$14.11 million | 2045 | Term | 4% | 104.508 | 3.47%
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$3.51 million series 2016B taxable bonds
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Amount | Maturity | Type | Coupon | Price | Yield
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$1,865,000 | 2017 | Serial | 5% | 100.331 | 1.05%
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$1,645,000 | 2018 | Serial | 5% | 100.078 | 1.27%
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