Published on 4/29/2015 in the Prospect News Municipals Daily.
New Issue: Development Authority of Cobb County, Ga., prices $59.79 million bonds
By Sheri Kasprzak
New York, April 29 – The Development Authority of Cobb County, Ga., priced $59.79 million of series 2015 student housing revenue refunding bonds for Kennesaw State University, according to an official statement.
The deal included $24,465,000 of series 2015A senior series bonds (A1), $8,145,000 of series 2015B subordinate series bonds (A3) and $27.18 million of series 2015C junior series bonds (Baa2).
The 2015A bonds are due 2015 to 2035 with a term bond due in 2038. The serial coupons range from 3% to 5% with 0.39% to 3.57% yields. The 2038 bonds have a 5% coupon priced at 111.542 to yield 3.63%.
The 2015B bonds are due 2016 to 2035 with a term bond due in 2038. The serial coupons range from 2% to 3.75% with 0.65% to 3.90% yields. The 2038 bonds have a 4% coupon priced at 99.546 to yield 4.03%.
The 2015C bonds are due 2015 to 2025 with term bonds due in 2030, 2033 and 2038. The serial coupons range from 3% to 5% with yields from 0.7% to 3.42%. The 2030 bonds have a 5% coupon priced at 109.144 to yield 3.9%, and the 2033 bonds have a 5% coupon priced at 108.271 to yield 4%. The 2038 bonds have a 5% coupon priced at 107.407 to yield 4.1%.
The bonds were issued through senior manager Citigroup Global Markets Inc.
Proceeds will be used to refund the university’s series 2004D and 2007 revenue bonds.
| Issuer: | Development Authority of Cobb County, Ga./Kennesaw State University
|
| Issue: | Series 2015 student housing revenue refunding bonds
|
| Amount: | $59.79 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Fifth Third Securities Inc. and Raymond James/Morgan Keegan (co-managers)
|
| Pricing date: | April 23
|
| Settlement date: | May 20
|
|
|
| $24,465,000 series 2015A senior series bonds (A1)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $60,000 | 2015 | Serial | 3% | 100.397 | 0.39%
|
| $585,000 | 2016 | Serial | 3% | 102.811 | 0.55%
|
| $605,000 | 2017 | Serial | 4% | 106.46 | 0.96%
|
| $630,000 | 2018 | Serial | 5% | 111.227 | 1.35%
|
| $655,000 | 2019 | Serial | 5% | 113.261 | 1.68%
|
| $695,000 | 2020 | Serial | 5% | 115.145 | 1.90%
|
| $725,000 | 2021 | Serial | 5% | 116.528 | 2.12%
|
| $765,000 | 2022 | Serial | 5% | 117.71 | 2.30%
|
| $860,000 | 2023 | Serial | 4% | 111.232 | 2.47%
|
| $895,000 | 2024 | Serial | 5% | 119.253 | 2.62%
|
| $940,000 | 2025 | Serial | 5% | 119.614 | 2.77%
|
| $980,000 | 2026 | Serial | 3% | 99.527 | 3.05%
|
| $1,015,000 | 2027 | Serial | 5% | 116.342 | 3.11%
|
| $1,065,000 | 2028 | Serial | 5% | 115.213 | 3.23%
|
| $1,115,000 | 2029 | Serial | 5% | 114.56 | 3.30%
|
| $1,175,000 | 2030 | Serial | 5% | 113.912 | 3.37%
|
| $1.23 million | 2031 | Serial | 5% | 113.36 | 3.43%
|
| $1,295,000 | 2032 | Serial | 5% | 112.811 | 3.49%
|
| $1,355,000 | 2033 | Serial | 5% | 112.538 | 3.52%
|
| $1,425,000 | 2034 | Serial | 5% | 112.265 | 3.55%
|
| $1,495,000 | 2035 | Serial | 5% | 112.084 | 3.57%
|
| $4.9 million | 2038 | Term | 5% | 111.542 | 3.63%
|
|
|
| $8,145,000 series 2015B subordinate series refunding bonds (A3)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $240,000 | 2016 | Serial | 2% | 101.547 | 0.65%
|
| $240,000 | 2017 | Serial | 3% | 104.117 | 1.06%
|
| $250,000 | 2018 | Serial | 3% | 104.758 | 1.45%
|
| $260,000 | 2019 | Serial | 3% | 104.861 | 1.78%
|
| $270,000 | 2020 | Serial | 3% | 104.621 | 2.05%
|
| $275,000 | 2021 | Serial | 3% | 104.168 | 2.27%
|
| $285,000 | 2022 | Serial | 3% | 103.254 | 2.50%
|
| $310,000 | 2023 | Serial | 3% | 102.253 | 2.69%
|
| $315,000 | 2024 | Serial | 3% | 101.037 | 2.87%
|
| $330,000 | 2025 | Serial | 3% | 99.823 | 3.02%
|
| $335,000 | 2026 | Serial | 3% | 98.596 | 3.15%
|
| $350,000 | 2027 | Serial | 3% | 97.898 | 3.21%
|
| $355,000 | 2028 | Serial | 3.25% | 98.625 | 3.38%
|
| $370,000 | 2029 | Serial | 3.25% | 98.323 | 3.40%
|
| $380,000 | 2030 | Serial | 3.25% | 96.504 | 3.55%
|
| $395,000 | 2031 | Serial | 3.5% | 98.178 | 3.65%
|
| $405,000 | 2032 | Serial | 3.5% | 97.225 | 3.72%
|
| $425,000 | 2033 | Serial | 3.5% | 96.726 | 3.75%
|
| $435,000 | 2034 | Serial | 3.625% | 96.967 | 3.85%
|
| $450,000 | 2035 | Serial | 3.75% | 97.915 | 3.90%
|
| $1.47 million | 2038 | Term | 4% | 99.546 | 4.03%
|
|
|
| $27.18 million series 2015C junior series refunding bonds (Baa2)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $40,000 | 2015 | Serial | 3% | 100.349 | 0.70%
|
| $365,000 | 2016 | Serial | 3% | 102.402 | 0.90%
|
| $370,000 | 2017 | Serial | 4% | 105.58 | 1.36%
|
| $390,000 | 2018 | Serial | 5% | 109.924 | 1.75%
|
| $410,000 | 2019 | Serial | 5% | 111.556 | 2.08%
|
| $425,000 | 2020 | Serial | 5% | 112.786 | 2.35%
|
| $450,000 | 2021 | Serial | 5% | 113.439 | 2.62%
|
| $470,000 | 2022 | Serial | 5% | 113.473 | 2.90%
|
| $530,000 | 2023 | Serial | 5% | 113.283 | 3.14%
|
| $555,000 | 2024 | Serial | 3% | 97.489 | 3.32%
|
| $575,000 | 2025 | Serial | 3.125% | 97.484 | 3.42%
|
| $4.72 million | 2030 | Term | 5% | 109.144 | 3.90%
|
| $7.2 million | 2033 | Term | 5% | 108.271 | 4.00%
|
| $10.68 million | 2038 | Term | 5% | 107.407 | 4.10%
|
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