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-
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| Pricing date: | July 15
|
| Settlement date: | July 24
|
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| $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%
|
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