Published on 7/21/2015 in the Prospect News Municipals Daily.
New Issue: New Hope Cultural Education brings $360.98 million of Texas A&M bonds
By Sheri Kasprzak
New York, July 21 – The New Hope Cultural Education Facilities Finance Corp. of Texas priced $360,975,000 of series 2015 student housing revenue bonds for Texas A&M University, according to a pricing sheet.
The deal included $338,915,000 of series 2015A tax-exempt bonds and $22.06 million of series 2015B taxable bonds.
The 2015A bonds are due 2022 to 2025 with term bonds due in 2030, 2035 and 2047. The serial coupons range from 3% to 5% with 3.21% to 3.79% yields. The 2030 bonds have a 5% coupon priced at 105.609 to yield 4.3% and the 2035 bonds have a 5% coupon priced at 103.642 to yield 4.54%. The 2047 bonds have a 5% coupon priced at 101.562 to yield 4.8%.
The 2015B bonds are due 2018 to 2022 with 3.33% to 4.625% coupons, all priced at par.
The bonds (Baa3/BBB-) were sold through Raymond James/Morgan Keegan.
Proceeds will be used to construct a new student housing facility and related facilities at the university’s College Station campus.
Issuer: | New Hope Cultural Education Facilities Finance Corp./Texas A&M University
|
Issue: | Series 2015 student housing revenue bonds
|
Amount: | $360,975,000
|
Type: | Negotiated
|
Underwriter: | Raymond James/Morgan Keegan
|
Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB-
|
Pricing date: | July 15
|
Settlement date: | July 24
|
|
$338,915,000 series 2015A tax-exempt bonds
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$4,045,000 | 2022 | Serial | 3% | 98.702 | 3.21%
|
$7,015,000 | 2023 | Serial | 5% | 111.044 | 3.40%
|
$7.37 million | 2024 | Serial | 5% | 110.533 | 3.61%
|
$7,735,000 | 2025 | Serial | 5% | 109.938 | 3.79%
|
$44.89 million | 2030 | Term | 5% | 105.609 | 4.30%
|
$57.28 million | 2035 | Term | 5% | 103.642 | 4.54%
|
$210.58 million 2047 | Term | 5% | 101.562 | 4.80%
|
|
$22.06 million series 2015B taxable bonds
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$2.93 million | 2018 | Serial | 3.33% | 100 | 3.335
|
$4,305,000 | 2019 | Serial | 3.78% | 100 | 3.78%
|
$5.61 million | 2020 | Serial | 4.125% | 100 | 4.125%
|
$6.49 million | 2021 | Serial | 4.375% | 100 | 4.375%
|
$2,725,000 | 2022 | Serial | 4.625% | 100 | 4.625%
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.