Published on 4/2/2015 in the Prospect News Municipals Daily.
New Issue: Texas A&M University sells $289 million permanent university fund bonds
By Sheri Kasprzak
New York, April 2 – The Texas A&M University sold $289 million of series 2015 permanent university fund bonds, according to a term sheet.
The deal included $143,555,000 of series 2015A tax-exempt bonds and $145,445,000 of series 2015B taxable bonds.
The 2015A bonds are due 2015, 2017 to 2018 and 2024 to 2036 with 4% to 5.75% coupons and 0.12% to 3.22% yields.
The 2015B bonds are due 2015 to 2030 with term bonds due in 2034 and 2036. The serial coupons range from 1% to 3.29% and yields range from 0.12% to 3.29%. The 2034 bonds have a 3.56% coupon priced at par and the 2036 bonds have a 3.6% coupon priced at par.
The bonds (//AAA) were sold competitively, but the winning bidder was not immediately available by press time Thursday.
Proceeds will be used to finance capital projects and refund all or a portion of the university’s series 2006 permanent university fund bonds.
| Issuer: | Texas A&M University
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| Issue: | Series 2015 permanent university fund bonds
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| Amount: | $289 million
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| Type: | Competitive
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| Ratings: | Fitch: AAA
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| Pricing date: | April 2
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| Settlement date: | April 23
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| $143,555,000 series 2015A tax-exempt bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,295,000 | 2015 | Serial | 4% | 100.732 | 0.12%
|
| $830,000 | 2017 | Serial | 5% | 109.438 | 0.65%
|
| $875,000 | 2018 | Serial | 5.5% | 114.358 | 0.92%
|
| $8.55 million | 2024 | Serial | 5.75% | 131.724 | 1.96%
|
| $14,575,000 | 2025 | Serial | 5.5% | 131.574 | 2.05%
|
| $13,525,000 | 2026 | Serial | 5.5% | 130.289 | 2.17%
|
| $6.43 million | 2027 | Serial | 3.5% | 110.842 | 2.30%
|
| $6,375,000 | 2028 | Serial | 5.25% | 125.518 | 2.41%
|
| $8,675,000 | 2029 | Serial | 5.25% | 124.801 | 2.48%
|
| $8,645,000 | 2030 | Serial | 5.25% | 124.088 | 2.55%
|
| $19,905,000 | 2031 | Serial | 5.25% | 123.481 | 2.61%
|
| $20.45 million | 2032 | Serial | 4% | 107.989 | 3.08%
|
| $8,525,000 | 2033 | Serial | 4% | 107.26 | 3.12%
|
| $8.41 million | 2034 | Serial | 4% | 107.265 | 3.16%
|
| $8,285,000 | 2035 | Serial | 4% | 106.995 | 3.19%
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| $8,205,000 | 2036 | Serial | 4% | 106.725 | 3.22%
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| $145,445,000 series 2015B taxable bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.93 million | 2015 | Serial | 1% | 100.166 | 0.12%
|
| $7,595,000 | 2016 | Serial | 1% | 100.663 | 0.44%
|
| $7.73 million | 2017 | Serial | 1.25% | 101.214 | 0.69%
|
| $7.8 million | 2018 | Serial | 1.25% | 100.782 | 1.00%
|
| $7.74 million | 2019 | Serial | 1.5% | 100.649 | 1.34%
|
| $7,815,000 | 2020 | Serial | 1.75% | 100.544 | 1.64%
|
| $7.96 million | 2021 | Serial | 2% | 100.58 | 1.90%
|
| $8.16 million | 2022 | Serial | 2.25% | 100.661 | 2.15%
|
| $8.43 million | 2023 | Serial | 2.5% | 101.483 | 2.30%
|
| $55,000 | 2024 | Serial | 2.75% | 101.627 | 2.55%
|
| $545,000 | 2025 | Serial | 2.6% | 100 | 2.60%
|
| $2,965,000 | 2026 | Serial | 2.75% | 100 | 2.75%
|
| $10.63 million | 2027 | Serial | 2.9% | 100 | 2.90%
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| $10.81 million | 2028 | Serial | 3% | 100 | 3.00%
|
| $11,395,000 | 2029 | Serial | 3.1% | 100 | 3.10%
|
| $11,745,000 | 2030 | Serial | 3.29% | 100 | 3.29%
|
| $28,795,000 | 2034 | Term | 3.56% | 100 | 3.56%
|
| $1,345,000 | 2036 | Term | 3.6% | 100 | 3.60%
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