Published on 7/8/2015 in the Prospect News Municipals Daily.
New Issue: South Carolina Jobs – Economic Development brings $64 million bonds
By Sheri Kasprzak
New York, July 8 – The South Carolina Jobs – Economic Development Authority priced $63,995,000 of series 2015 revenue and revenue refunding bonds for Furman University, according to a pricing sheet.
The bonds (A1//AA-) were sold through BofA Merrill Lynch.
The bonds are due 2017 to 2033 with term bonds due in 2035, 2038 and 2045. The serial coupons range from 3% to 5%. The 2035 bonds have a 4% coupon priced at 99.585, and the 2038 bonds have a 4% coupon priced at 98.806. The 2045 bonds have a 5% coupon priced at 109.569.
Proceeds will be used to renovate and rehabilitate student housing facilities at the university and refund the authority’s series 2006A revenue bonds, which were lent to the university to finance capital improvements.
| Issuer: | South Carolina Jobs – Economic Development Authority/Furman University
|
| Issue: | Series 2015 revenue and revenue refunding bonds
|
| Amount: | $63,995,000
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch
|
| Ratings: | Moody’s: A1
|
| Fitch: AA-
|
| Pricing date: | July 7
|
| Settlement date: | Aug. 13
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $500,000 | 2017 | Serial | 4% | 106.535
|
| $520,000 | 2018 | Serial | 5% | 111.715
|
| $545,000 | 2019 | Serial | 4% | 110.32
|
| $570,000 | 2020 | Serial | 5% | 116.101
|
| $595,000 | 2021 | Serial | 4% | 111.366
|
| $625,000 | 2022 | Serial | 5% | 117.667
|
| $1,275,000 | 2023 | Serial | 4% | 111.053
|
| $1,335,000 | 2024 | Serial | 5% | 119.039
|
| $1,395,000 | 2025 | Serial | 5% | 118.901
|
| $3,425,000 | 2027 | Serial | 3% | 97.507
|
| $3.57 million | 2028 | Serial | 5% | 115.189
|
| $3.73 million | 2029 | Serial | 3.5% | 98.897
|
| $3.89 million | 2030 | Serial | 5% | 113.614
|
| $4,085,000 | 2031 | Serial | 5% | 112.882
|
| $4,295,000 | 2032 | Serial | 5% | 112.427
|
| $4,495,000 | 2033 | Serial | 4% | 100.826
|
| $4.87 million | 2035 | Term | 4% | 99.585
|
| $16,075,000 | 2038 | Term | 4% | 98.806
|
| $8.2 million | 2045 | Term | 5% | 109.569
|
|
|
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