Published on 7/7/2015 in the Prospect News Municipals Daily.
New Issue: FSU Financial Assistance, Fla., sells $84.5 million improvement bonds
By Sheri Kasprzak
New York, July 7 – The FSU Financial Assistance Inc. of Florida State University priced $84.5 million of series 2015 educational facilities improvement revenue bonds, according to a pricing sheet.
The deal included $63.53 million of series 2015A bonds, $9,005,000 of series 2015B taxable bonds and $11,965,000 of series 2015C bonds.
The 2015A bonds are due 2028 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 3.5% to 5%. The 2040 bonds have a 4.125% coupon priced at 96.571, and the 2045 bonds have a 4.25% coupon priced at 97.501.
The 2015B bonds are due 2017 to 2028 with 1.5% to 4.375% coupons, all priced at par.
The 2015C bonds are due 2017 to 2026 with 3% to 5% coupons.
The bonds (A1//A) were sold through BofA Merrill Lynch and J.P. Morgan Securities LLC.
Proceeds will be used to finance improvements at the south end zone of the university’s football stadium, including the construction of premium club seats and conference suites.
| Issuer: | FSU Financial Assistance Inc.
|
| Issue: | Series 2015 educational facilities improvement revenue bonds
|
| Amount: | $84.5 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and J.P. Morgan Securities LLC (lead)
|
| Ratings: | Moody’s: A1
|
| Fitch: A
|
| Pricing date: | July 7
|
| Settlement date: | July 21
|
|
|
| $63.53 million series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,355,000 | 2028 | Serial | 3.5% | 98.746
|
| $2,485,000 | 2029 | Serial | 3.5% | 97.156
|
| $2,595,000 | 2030 | Serial | 5% | 111.491
|
| $2.73 million | 2031 | Serial | 5% | 110.951
|
| $2.87 million | 2032 | Serial | 5% | 110.503
|
| $3 million | 2033 | Serial | 4% | 98.975
|
| $3,125,000 | 2034 | Serial | 4% | 98.675
|
| $3.25 million | 2035 | Serial | 4% | 98.226
|
| $18.41 million | 2040 | Term | 4.125% | 96.571
|
| $22.71 million | 2045 | Term | 4.25% | 97.501
|
|
|
| $9,005,000 series 2015B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $585,000 | 2017 | Serial | 1.50% | 100
|
| $600,000 | 2018 | Serial | 2.05% | 100
|
| $610,000 | 2019 | Serial | 2.60% | 100
|
| $630,000 | 2020 | Serial | 3.00% | 100
|
| $650,000 | 2021 | Serial | 3.30% | 100
|
| $670,000 | 2022 | Serial | 3.60% | 100
|
| $695,000 | 2023 | Serial | 3.85% | 100
|
| $725,000 | 2024 | Serial | 4.00% | 100
|
| $750,000 | 2025 | Serial | 4.15% | 100
|
| $785,000 | 2026 | Serial | 4.125% | 100
|
| $2.31 million | 2027 | Serial | 4.25% | 100
|
| $45,000 | 2028 | Serial | 4.375% | 100
|
|
|
| $11,965,000 series 2015C bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $990,000 | 2017 | Serial | 3% | 104.063
|
| $1.02 million | 2018 | Serial | 3% | 104.692
|
| $1,055,000 | 2019 | Serial | 3% | 104.991
|
| $1,095,000 | 2020 | Serial | 5% | 114.41
|
| $1.15 million | 2021 | Serial | 5% | 115.128
|
| $1.21 million | 2022 | Serial | 5% | 115.297
|
| $1,275,000 | 2023 | Serial | 5% | 115.768
|
| $1.34 million | 2024 | Serial | 5% | 115.963
|
| $1,395,000 | 2025 | Serial | 3% | 98.612
|
| $1,435,000 | 2026 | Serial | 3.125% | 98.462
|
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