Published on 1/7/2015 in the Prospect News Municipals Daily.
New Issue: Texas A&M University sells $383.75 million revenue financing bonds
By Sheri Kasprzak
New York, Jan. 7 – The Texas A&M University sold $383.75 million of series 2015 revenue financing system bonds on Wednesday, according to a pricing sheet.
The offering included $64.67 million of series 2015A bonds, $142,155,000 of series 2015B bonds and $176,925,000 of series 2015C taxable bonds.
The 2015A and 2015B bonds were offered through senior manager Citigroup Global Markets Inc., and the 2015C bonds were sold through J.P. Morgan Securities LLC.
The bonds (Aaa/AA+/AA+) will be used to refund the university’s series 2005A-B revenue financing system bonds.
The 2015A bonds are due 2015 to 2025 with 2% to 5% coupons and 0.09% to 2.03% yields.
The 2015B bonds are due 2015 to 2035 with term bonds due in 2039 and 2044. The serial coupons range from 2% to 5% with yields from 0.09% to 2.96%. The 2039 bonds have a 3.5% coupon priced at par, and the 2044 bonds have a 4% coupon priced at 105.158 to yield 3.28%.
The 2015C bonds are due 2015 to 2029 with a term bond due in 2034. The serial coupons range from 0.12% to 3.233%, all priced at par. The 2034 bonds have a 3.451% coupon priced at par.
| Issuer: | Texas A&M University
|
| Issue: | Series 2015 revenue financing system bonds
|
| Amount: | $383.75 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead for 2015A-B), Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Raymond James/Morgan Keegan and Wells Fargo Securities LLC (co-managers for 2015A-B), J.P. Morgan Securities LLC (lead for 2015C), Goldman Sachs & Co., RBC Capital Markets LLC, Piper Jaffray & Co. and Siebert Brandford Shank & Co. LLC (co-managers for 2015C)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AA+
|
| Fitch: AA+
|
| Pricing date: | Jan. 7
|
| Settlement date: | Jan. 27
|
|
|
| $64.67 million series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $995,000 | 2015 | Serial | 2% | 100.461 | 0.09%
|
| $12,065,000 | 2016 | Serial | 3% | 103.28 | 0.35%
|
| $11,375,000 | 2017 | Serial | 4% | 107.442 | 0.65%
|
| $4.23 million | 2018 | Serial | 5% | 112.965 | 0.93%
|
| $4,445,000 | 2019 | Serial | 5% | 115.712 | 1.19%
|
| $4.66 million | 2020 | Serial | 5% | 118.242 | 1.38%
|
| $4.9 million | 2021 | Serial | 5% | 120.579 | 1.53%
|
| $5,145,000 | 2022 | Serial | 5% | 122.24 | 1.72%
|
| $5.4 million | 2023 | Serial | 4% | 115.617 | 1.94%
|
| $5,615,000 | 2024 | Serial | 4% | 114.878 | 2.03%
|
| $5.84 million | 2025 | Serial | 5% | 122.772 | 1.99%
|
|
|
| $142,155,000 series 2015B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.48 million | 2015 | Serial | 2% | 100.461 | 0.09%
|
| $4,675,000 | 2016 | Serial | 3% | 103.28 | 0.35%
|
| $4,805,000 | 2017 | Serial | 4% | 107.442 | 0.65%
|
| $5 million | 2018 | Serial | 5% | 112.965 | 0.93%
|
| $3.85 million | 2019 | Serial | 5% | 115.712 | 1.19%
|
| $4.04 million | 2020 | Serial | 5% | 118.242 | 1.38%
|
| $4,235,000 | 2021 | Serial | 5% | 120.579 | 1.53%
|
| $4.46 million | 2022 | Serial | 5% | 122.24 | 1.72%
|
| $4,685,000 | 2023 | Serial | 4% | 115.617 | 1.94%
|
| $4.87 million | 2024 | Serial | 4% | 114.878 | 2.03%
|
| $4,835,000 | 2025 | Serial | 5% | 122.772 | 1.99%
|
| $5.07 million | 2026 | Serial | 5% | 122.007 | 2.08%
|
| $5.33 million | 2027 | Serial | 4% | 110.87 | 2.53%
|
| $5.56million | 2028 | Serial | 4% | 109.933 | 2.65%
|
| $5,785,000 | 2029 | Serial | 5% | 120.662 | 2.24%
|
| $5,395,000 | 2030 | Serial | 4% | 109.158 | 2.75%
|
| $5.61 million | 2031 | Serial | 4% | 108.697 | 2.81%
|
| $5.84 million | 2032 | Serial | 4% | 108.314 | 2.86%
|
| $6.07 million | 2033 | Serial | 4% | 107.932 | 2.91%
|
| $6.32 million | 2034 | Serial | 4% | 107.552 | 2.96%
|
| $6,285,000 | 2035 | Serial | 5% | 118.103 | 2.55%
|
| $24.91 million | 2039 | Term | 3.5% | 100 | 3.50%
|
| $12,045,000 | 2044 | Term | 4% | 105.158 | 3.28%
|
|
|
| $176,925,000 series 2015C taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.49 million | 2015 | Serial | 0.12% | 100
|
| $17,875,000 | 2016 | Serial | 0.607% | 100
|
| $18,005,000 | 2017 | Serial | 1.025% | 100
|
| $16.31 million | 2018 | Serial | 1.536% | 100
|
| $16.49 million | 2019 | Serial | 1.943% | 100
|
| $16.79 million | 2020 | Serial | 2.193% | 100
|
| $14,425,000 | 2021 | Serial | 2.418% | 100
|
| $11.01 million | 2022 | Serial | 2.588% | 100
|
| $11.3 million | 2023 | Serial | 2.683% | 100
|
| $11.16 million | 2024 | Serial | 2.783% | 100
|
| $11.46 million | 2025 | Serial | 2.883% | 100
|
| $5.6 million | 2026 | Serial | 2.933% | 100
|
| $5.76 million | 2027 | Serial | 3.033% | 100
|
| $5.92 million | 2028 | Serial | 3.133% | 100
|
| $6,105,000 | 2029 | Serial | 3.233% | 100
|
| $7,225,000 | 2034 | Term | 3.451% | 100
|
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