Published on 7/8/2016 in the Prospect News Municipals Daily.
New Issue: Texas A&M University prices $384.31 million of revenue financing bonds
By Sheri Kasprzak
New York, July 8 – Texas A&M University priced $384,305,000 of series 2016 revenue financing system bonds, said a pricing sheet.
The deal included $207,445,000 of series 2016C bonds and $176.86 million of series 2016D taxable bonds.
The 2016C bonds are due 2017 to 2040 with 3% to 5% coupons and yields from 0.55% to 2.14%. The 2016D bonds are due 2017 to 2032 with term bonds due in 2036 and 2040 and all priced at par. The serial coupons range from 0.535% to 3.108%. The 2036 bonds have a 3.429% coupon, and the 2040 bonds have a 3.579% coupon.
The bonds (Aaa/AAA/AAA) were sold on a negotiated basis with Morgan Stanley & Co. LLC as the senior manager for the 2016C bonds and Wells Fargo Securities LLC as the senior manager for the 2016D bonds.
Proceeds will be used to finance construction projects and refund the university’s series 2009A-D revenue financing system bonds.
Issuer: | Texas A&M University
|
Issue: | Series 2016 revenue financing system bonds
|
Amount: | $384,305,000
|
Type: | Negotiated
|
Underwriters: | Morgan Stanley & Co. LLC (lead for 2016C), Wells Fargo Securities LLC (lead for 2016D), Mesirow Financial Inc., FTN Financial Capital Markets LLC and Backstrom McCarley Berry & Co. LLC (co-managers for 2016C), Hutchinson, Shockey, Erley & Co. and Blaylock Beal Van LLC (co-managers for 2016D)
|
Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
Pricing date: | June 28
|
Settlement date: | July 20
|
|
$207,445,000 series 2016C revenue financing system bonds
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$2.46 million | 2017 | Serial | 3% | 101.999 | 0.55%
|
$13.18 million | 2020 | Serial | 5% | 115.439 | 0.88%
|
$13,825,000 | 2021 | Serial | 5% | 118.825 | 0.99%
|
$14,505,000 | 2022 | Serial | 5% | 121.861 | 1.11%
|
$15,235,000 | 2023 | Serial | 5% | 124.808 | 1.20%
|
$16,005,000 | 2024 | Serial | 5% | 127.423 | 1.30%
|
$16.81 million | 2025 | Serial | 5% | 129.864 | 1.39%
|
$17.65 million | 2026 | Serial | 5% | 132.058 | 1.48%
|
$18.54 million | 2027 | Serial | 4% | 121.321 | 1.64%
|
$19,265,000 | 2028 | Serial | 4% | 120.416 | 1.73%
|
$20,055,000 | 2029 | Serial | 4% | 119.321 | 1.84%
|
$3,035,000 | 2030 | Serial | 4% | 118.433 | 1.93%
|
$3,155,000 | 2031 | Serial | 4% | 117.650 | 2.01%
|
$3,275,000 | 2032 | Serial | 4% | 116.584 | 2.12%
|
$3,415,000 | 2033 | Serial | 4% | 116.103 | 2.17%
|
$3,545,000 | 2034 | Serial | 5% | 127.031 | 1.96%
|
$3,725,000 | 2035 | Serial | 5% | 126.622 | 2.00%
|
$3,915,000 | 2036 | Serial | 5% | 126.215 | 2.04%
|
$4,105,000 | 2037 | Serial | 5% | 125.911 | 2.07%
|
$4,315,000 | 2038 | Serial | 5% | 125.608 | 2.10%
|
$4,535,000 | 2039 | Serial | 5% | 125.305 | 2.13%
|
$2,895,000 | 2040 | Serial | 5% | 125.205 | 2.14%
|
|
$176.86 million series 2016D taxable revenue financing system bonds
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$5.15 million | 2017 | Serial | 0.535% | 100 | 0.535%
|
$4 million | 2018 | Serial | 0.813% | 100 | 0.813%
|
$4.03 million | 2019 | Serial | 1.009% | 100 | 1.009%
|
$8,075,000 | 2020 | Serial | 1.25% | 100 | 1.25%
|
$8,195,000 | 2021 | Serial | 1.40% | 100 | 1.40%
|
$8.29 million | 2022 | Serial | 1.66% | 100 | 1.66%
|
$8,445,000 | 2023 | Serial | 1.86% | 100 | 1.86%
|
$8,595,000 | 2024 | Serial | 2.058% | 100 | 2.058%
|
$8,765,000 | 2025 | Serial | 2.158% | 100 | 2.158%
|
$8.96 million | 2026 | Serial | 2.208% | 100 | 2.208%
|
$9.15 million | 2027 | Serial | 2.508% | 100 | 2.508%
|
$9,375,000 | 2028 | Serial | 2.658% | 100 | 2.658%
|
$9,615,000 | 2029 | Serial | 2.808% | 100 | 2.808%
|
$7,305,000 | 2030 | Serial | 2.958% | 100 | 2.958%
|
$7,515,000 | 2031 | Serial | 3.008% | 100 | 3.008%
|
$7,735,000 | 2032 | Serial | 3.108% | 100 | 3.108%
|
$30,175,000 | 2036 | Term | 3.429% | 100 | 3.429%
|
$23,485,000 | 2040 | Term | 3.579% | 100 | 3.579%
|
© 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.