Published on 3/22/2016 in the Prospect News Municipals Daily.
New Issue: Texas A&M University brings $417.09 million of financing system bonds
By Sheri Kasprzak
New York, March 22 – Texas A&M University priced $417,095,000 of series 2016 revenue financing system bonds, according to a pricing sheet.
The deal included $91.52 million of series 2016A taxable bonds and $325,575,000 of series 2016B taxable bonds.
The 2016A bonds are due 2016 to 2031 with a term bond due in 2037. The serial coupons range from 0.51% to 3.556% all priced at par. The 2037 bonds have a 3.993% coupon priced at par.
The 2016B bonds are due 2017 to 2031 with term bonds due in 2037 and 2045. The serial coupons range from 0.85% to 3.556% all priced at par. The 2037 bonds have a 3.993% coupon, and the 2045 bonds have a 4.113% coupon both priced at par.
The bonds (Aaa/AAA/) were sold on a negotiated basis. Raymond James/Morgan Keegan and Siebert Brandford Shank & Co. LLC was the senior manager for the 2016A bonds, and RBC Capital Markets LLC and Goldman, Sachs & Co. was the lead manager for the 2016B bonds.
Proceeds will be used to finance capital improvements to the university facilities and to refund the series 2008 revenue financing system bonds.
| Issuer: | Texas A&M University
|
| Issue: | Series 2016 revenue financing system bonds
|
| Amount: | $417,095,000
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan and Siebert Brandford Shank & Co. LLC (lead for 2016A), RBC Capital Markets LLC and Goldman, Sachs & Co. (lead for 2016B), Ramirez & Co. Inc. and Loop Capital Markets LLC (co-managers for 2016B)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Pricing date: | March 22
|
| Settlement date: | April 12
|
|
|
| $91.52 million series 2016A taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.63 million | 2016 | Serial | 0.51% | 100 | 0.51%
|
| $1,335,000 | 2017 | Serial | 1% | 100 | 1%
|
| $1,315,000 | 2018 | Serial | 1.222% | 100 | 1.222%
|
| $8,705,000 | 2019 | Serial | 1.445% | 100 | 1.445%
|
| $8,795,000 | 2020 | Serial | 1.678% | 100 | 1.678%
|
| $8.94 million | 2021 | Serial | 1.928% | 100 | 1.928%
|
| $8.97 million | 2022 | Serial | 2.246% | 100 | 2.246%
|
| $7,305,000 | 2023 | Serial | 2.396% | 100 | 2.396%
|
| $7,475,000 | 2024 | Serial | 2.566% | 100 | 2.566%
|
| $7.67 million | 2025 | Serial | 2.666% | 100 | 2.666%
|
| $7,875,000 | 2026 | Serial | 2.766% | 100 | 2.766%
|
| $8,085,000 | 2027 | Serial | 2.916% | 100 | 2.916%
|
| $1,415,000 | 2028 | Serial | 3.106% | 100 | 3.106%
|
| $1,145,000 | 2029 | Serial | 3.256% | 100 | 3.256%
|
| $1.19 million | 2030 | Serial | 3.406% | 100 | 3.406%
|
| $1,225,000 | 2031 | Serial | 3.556% | 100 | 3.556%
|
| $8,445,000 | 2037 | Term | 3.993% | 100 | 3.993%
|
|
|
| $325,575,000 series 2016B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4.67 million | 2017 | Serial | 0.85% | 100 | 0.85%
|
| $10,045,000 | 2018 | Serial | 1.222% | 100 | 1.222%
|
| $10.14 million | 2019 | Serial | 1.445% | 100 | 1.445%
|
| $10.3 million | 2020 | Serial | 1.678% | 100 | 1.678%
|
| $10,465,000 | 2021 | Serial | 1.928% | 100 | 1.928%
|
| $10.66 million | 2022 | Serial | 2.246% | 100 | 2.246%
|
| $10.91 million | 2023 | Serial | 2.396% | 100 | 2.396%
|
| $11,165,000 | 2024 | Serial | 2.566% | 100 | 2.566%
|
| $11,445,000 | 2025 | Serial | 2.666% | 100 | 2.666%
|
| $11.19 million | 2026 | Serial | 2.766% | 100 | 2.766%
|
| $11,505,000 | 2027 | Serial | 2.916% | 100 | 2.916%
|
| $11.84 million | 2028 | Serial | 3.106% | 100 | 3.106%
|
| $12.2 million | 2029 | Serial | 3.256% | 100 | 3.256%
|
| $12.61 million | 2030 | Serial | 3.406% | 100 | 3.406%
|
| $13,015,000 | 2031 | Serial | 3.556% | 100 | 3.556%
|
| $88.76 million | 2037 | Term | 3.993% | 100 | 3.993%
|
| $76,655,000 | 2045 | Term | 4.113% | 100 | 4.113%
|
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