Published on 8/22/2013 in the Prospect News Municipals Daily.
New Issue: Johnson & Wales University, Colo., prices $112.16 million revenue bonds
By Sheri Kasprzak
New York, Aug. 22 - The Colorado Educational and Cultural Facilities Authority priced $112,155,000 of series 2013 revenue bonds for Johnson & Wales University, according to a pricing sheet.
The deal included $30.26 million of series 2013A bonds and $81,895,000 of series 2013B refunding bonds.
The 2013A bonds are due 2014 to 2033 with term bonds due in 2037 and 2043. The serial coupons range from 2% to 5% coupons with 0.53% to 5.22% yields. The 2037 bonds have a 5.25% coupon priced at 98.931 to yield 5.33%. The 2043 bonds have a 5.25% coupon priced at 97.363 to yield 5.43%.
The 2013B bonds are due 2014 to 2033 with coupons from 3% to 5% with 0.53% to 5.22% yields.
The bonds (A2//) were sold through Morgan Stanley & Co. LLC.
Proceeds will be used to finance capital expenditures for the university's Denver campus, as well as to refund existing revenue bonds.
| Issuer: | Colorado Educational and Cultural Facilities Authority/Johnson & Wales University
|
| Issue: | Series 2013 revenue bonds
|
| Amount: | $112,155,000
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC (lead)
|
| Rating: | Moody's: A2
|
| Pricing date: | Aug. 22
|
| Settlement date: | Sept. 18
|
|
|
| $30.26 million series 2013A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $285,000 | 2014 | Serial | 2% | 100.785 | 0.53%
|
| $535,000 | 2015 | Serial | 3% | 103.149 | 0.93%
|
| $555,000 | 2016 | Serial | 4% | 106.662 | 1.32%
|
| $575,000 | 2017 | Serial | 4% | 107.646 | 1.76%
|
| $600,000 | 2018 | Serial | 4% | 107.55 | 2.24%
|
| $620,000 | 2019 | Serial | 4% | 106.536 | 2.72%
|
| $645,000 | 2020 | Serial | 4% | 104.924 | 3.16%
|
| $670,000 | 2021 | Serial | 4% | 103.085 | 3.53%
|
| $700,000 | 2022 | Serial | 4% | 101.518 | 3.79%
|
| $725,000 | 2023 | Serial | 4% | 100.392 | 3.95%
|
| $755,000 | 2024 | Serial | 4% | 98.728 | 4.15%
|
| $785,000 | 2025 | Serial | 4% | 96.938 | 4.34%
|
| $820,000 | 2026 | Serial | 4.25% | 97.342 | 4.53%
|
| $850,000 | 2027 | Serial | 4.5% | 98.011 | 4.70%
|
| $890,000 | 2028 | Serial | 4.5% | 96.579 | 4.83%
|
| $2.93 million | 2031 | Serial | 5% | 98.733 | 5.11%
|
| $1,075,000 | 2032 | Serial | 5% | 97.986 | 5.17%
|
| $1.13 million | 2033 | Serial | 5% | 97.323 | 5.22%
|
| $5.14 million | 2037 | Term | 5.25% | 98.931 | 5.33%
|
| $9,975,000 | 2043 | Term | 5.25% | 97.363 | 5.43%
|
|
|
| $81,895,000 series 2013B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7.88 million | 2014 | Serial | 3% | 101.32 | 0.53%
|
| $5,405,000 | 2015 | Serial | 4% | 104.671 | 0.93%
|
| $4.94 million | 2016 | Serial | 5% | 109.148 | 1.32%
|
| $5,185,000 | 2017 | Serial | 5% | 111.059 | 1.76%
|
| $5,455,000 | 2018 | Serial | 5% | 111.84 | 2.24%
|
| $5.72 million | 2019 | Serial | 5% | 111.643 | 2.72%
|
| $9,165,000 | 2020 | Serial | 5% | 110.787 | 3.16%
|
| $4,715,000 | 2021 | Serial | 5% | 109.651 | 3.53%
|
| $4,955,000 | 2022 | Serial | 5% | 108.752 | 3.79%
|
| $2.94 million | 2023 | Serial | 5% | 108.274 | 3.95%
|
| $3,085,000 | 2024 | Serial | 5% | 106.636 | 4.15%
|
| $3.24 million | 2025 | Serial | 5% | 105.107 | 4.34%
|
| $3.4 million | 2026 | Serial | 5% | 103.605 | 4.53%
|
| $2,975,000 | 2027 | Serial | 5% | 102.282 | 4.70%
|
| $3.12 million | 2028 | Serial | 5% | 101.284 | 4.83%
|
| $6.34 million | 2031 | Serial | 5% | 98.733 | 5.11%
|
| $1,645,000 | 2032 | Serial | 5% | 97.986 | 5.17%
|
| $1.73 million | 2033 | Serial | 5% | 97.323 | 5.22%
|
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