Published on 9/16/2015 in the Prospect News Municipals Daily.
New Issue: Clifton Higher Education, Texas, sells $70.86 million education bonds
By Sheri Kasprzak
New York, Sept. 16 – The Clifton Higher Education Finance Corp. of Texas sold $70,855,000 of series 2015 education revenue bonds for IDEA Public Schools, according to a pricing sheet.
The bonds were sold through Baird & Co.
The bonds are due 2017 to 2039 with a term bond due in 2045. The serial coupons range from 3% to 5% with 0.86% to 3.7% yields. The 2045 bonds have a 4% coupon priced at 98.452 to yield 4.09%.
Proceeds will be used to finance capital improvements at the corporation’s North Mission, Judson, Waters Edge and Bluff Springs campuses.
| Issuer: | Clifton Higher Education Finance Corp./IDEA Public Schools
|
| Issue: | Series 2015 education revenue bonds
|
| Amount: | $70,855,000
|
| Type: | Negotiated
|
| Underwriters: | Baird & Co. (lead), Raymond James/Morgan Keegan and Wells Fargo Securities LLC (co-managers)
|
| Pricing date: | Sept. 16
|
| Settlement date: | Oct. 15
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.16 million | 2017 | Serial | 3% | 103.883 | 0.86%
|
| $1,195,000 | 2018 | Serial | 3% | 105.027 | 1.19%
|
| $1,245,000 | 2019 | Serial | 5% | 113.028 | 1.49%
|
| $1.31 million | 2020 | Serial | 5% | 114.797 | 1.79%
|
| $1,375,000 | 2021 | Serial | 4% | 110.204 | 2.13%
|
| $1.43 million | 2022 | Serial | 4% | 110.291 | 2.36%
|
| $1.5 million | 2023 | Serial | 5% | 117.215 | 2.56%
|
| $1,575,000 | 2024 | Serial | 5% | 118.223 | 2.67%
|
| $1.66 million | 2025 | Serial | 5% | 118.509 | 2.83%
|
| $1,745,000 | 2026 | Serial | 5% | 117.851 | 2.90%
|
| $1.84 million | 2027 | Serial | 5% | 117.011 | 2.99%
|
| $1,935,000 | 2028 | Serial | 5% | 116.178 | 3.08%
|
| $2,035,000 | 2029 | Serial | 5% | 115.352 | 3.17%
|
| $2.14 million | 2030 | Serial | 5% | 114.624 | 3.25%
|
| $2,255,000 | 2031 | Serial | 5% | 113.991 | 3.32%
|
| $2.37 million | 2032 | Serial | 5% | 113.452 | 3.38%
|
| $2,495,000 | 2033 | Serial | 5% | 113.006 | 3.43%
|
| $2,625,000 | 2034 | Serial | 5% | 112.207 | 3.52%
|
| $2,765,000 | 2035 | Serial | 5% | 111.854 | 3.56%
|
| $2.91 million | 2036 | Serial | 5% | 111.502 | 3.60%
|
| $3.06 million | 2037 | Serial | 5% | 111.152 | 3.64%
|
| $3.22 million | 2038 | Serial | 5% | 110.89 | 3.67%
|
| $3.39 million | 2039 | Serial | 5% | 110.629 | 3.70%
|
| $23.65 million | 2045 | Term | 4% | 98.452 | 4.09%
|
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