Published on 6/5/2015 in the Prospect News Municipals Daily.
New Issue: Georgia Higher Education prices $85.57 million revenue refunding bonds
By Sheri Kasprzak
New York, June 5 – The Georgia Higher Education Facilities Authority sold $85.57 million of series 2015 refunding revenue bonds for the USG Real Estate Foundation I LLC, said a pricing sheet.
The bonds (A1/A+/) were sold through Loop Capital Markets LLC.
The bonds are due 2016 to 2033 with term bonds due in 2035 and 2040. The serial coupons range from 2% to 5% with 0.55% to 4.05% yields. The 2035 bonds have a 4% coupon and priced at 98.642 to yield 4.10%, and the 2040 bonds have a 4.125% coupon and priced at 98.236 to yield 4.24%.
Proceeds will be used to refund the authority’s series 2008 bonds issued for USG. The bonds were initially sold to finance improvements to facilities rented to the University of Georgia.
Foundation
| Issuer: | Georgia Higher Education Facilities Authority/USG Real Estate Foundation I LLC
|
| Issue: | Series 2015 refunding revenue bonds
|
| Amount: | $85.57 million
|
| Type: | Negotiated
|
| Underwriters: | Loop Capital Markets LLC (lead) and BofA Merrill Lynch (co-manager)
|
| Ratings: | Moody’s A1
|
| Standard & Poor’s: A+
|
| Pricing date: | May 29
|
| Settlement date: | June 9
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.05 million | 2016 | Serial | 2% | 101.467 | 0.55%
|
| $1,235,000 | 2017 | Serial | 4% | 105.974 | 1.00%
|
| $1,425,000 | 2018 | Serial | 5% | 110.253 | 1.51%
|
| $1,635,000 | 2019 | Serial | 5% | 122.304 | 1.81%
|
| $2,175,000 | 2020 | Serial | 5% | 113.944 | 2.06%
|
| $2,495,000 | 2021 | Serial | 5% | 114.726 | 2.36%
|
| $2.71 million | 2022 | Serial | 5% | 115.649 | 2.55%
|
| $2,895,000 | 2023 | Serial | 5% | 116.557 | 2.69%
|
| $3,035,000 | 2024 | Serial | 5% | 116.902 | 2.86%
|
| $3,195,000 | 2025 | Serial | 5% | 117.381 | 2.98%
|
| $3,345,000 | 2026 | Serial | 3% | 98.337 | 3.18%
|
| $3,445,000 | 2027 | Serial | 3.125% | 97.498 | 3.38%
|
| $3.56 million | 2028 | Serial | 4% | 104.279 | 3.49%
|
| $3.7 million | 2029 | Serial | 5% | 112.761 | 3.48%
|
| $3,885,000 | 2030 | Serial | 5% | 112.042 | 3.56%
|
| $4.08 million | 2031 | Serial | 3.75% | 97.874 | 3.93%
|
| $4,225,000 | 2032 | Serial | 4% | 100 | 4.00%
|
| $4,405,000 | 2033 | Serial | 4% | 99.364 | 4.05%
|
| $9.34 million | 2035 | Term | 4% | 98.642 | 4.10%
|
| $23,735,000 | 2040 | Term | 4.125% | 98.236 | 4.24%
|
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