Published on 2/10/2011 in the Prospect News Municipals Daily.
New Issue: South Carolina prices $120.28 million of bonds for state universities
By Sheri Kasprzak
New York, Feb. 10 - The State of South Carolina priced $120.275 million of series 2011 state institution bonds for several universities on Thursday, said pricing sheets.
The sale included $62.37 million of series 2011B state institution bonds for Clemson University, $15 million of series 2011C state institution bonds for Midlands Technical College, $18.95 million of series 2011D state institution bonds for the Medical University of South Carolina and $23.955 million of series 2011E state institution bonds for the University of South Carolina.
The bonds (Aaa/AA+/AAA) were sold competitively.
The bonds are due 2012 to 2031 with coupons from 2% to 5%.
Proceeds will be used to finance capital improvements to the higher educational facilities as well as refund existing debt.
| Issuer: | State of South Carolina
|
| Issue: | Series 2011 state institution bonds
|
| Amount: | $120.275 million
|
| Type: | Competitive
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Fitch: AAA
|
| Pricing date: | Feb. 10
|
| Settlement date: | March 1
|
|
|
| $62.37 million series 2011B Clemson University bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $200,000 | 2012 | Serial | 2% | 101.586
|
| $200,000 | 2013 | Serial | 2.25% | 102.963
|
| $200,000 | 2014 | Serial | 3% | 105.460
|
| $200,000 | 2015 | Serial | 3% | 105.277
|
| $200,000 | 2016 | Serial | 2.25% | 101.564
|
| $200,000 | 2017 | Serial | 3% | 104.240
|
| $200,000 | 2018 | Serial | 3% | 102.736
|
| $2.43 million | 2019 | Serial | 5% | 115.042
|
| $5 million | 2020 | Serial | 5% | 114.308
|
| $5 million | 2021 | Serial | 5% | 113.370
|
| $4.295 million | 2022 | Serial | 5% | 111.664
|
| $4.51 million | 2023 | Serial | 5% | 110.163
|
| $4.735 million | 2024 | Serial | 5% | 108.859
|
| $5 million | 2025 | Serial | 5% | 107.659
|
| $5 million | 2026 | Serial | 4.125% | 98.080
|
| $5 million | 2027 | Serial | 4.375% | NRO
|
| $5 million | 2028 | Serial | 4.5% | NRO
|
| $5 million | 2029 | Serial | 5% | NRO
|
| $5 million | 2030 | Serial | 5% | NRO
|
| $5 million | 2031 | Serial | 5% | NRO
|
|
|
| $15 million series 2011C Midlands Technical College bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $580,000 | 2012 | Serial | 2% | 101.586
|
| $580,000 | 2013 | Serial | 2.25% | 102.963
|
| $585,000 | 2014 | Serial | 3% | 105.460
|
| $590,000 | 2015 | Serial | 3% | 105.277
|
| $600,000 | 2016 | Serial | 2.25% | 101.564
|
| $615,000 | 2017 | Serial | 3% | 104.240
|
| $630,000 | 2018 | Serial | 3% | 102.736
|
| $650,000 | 2019 | Serial | 5% | 115.042
|
| $670,000 | 2020 | Serial | 5% | 114.476
|
| $690,000 | 2021 | Serial | 5% | 113.552
|
| $720,000 | 2022 | Serial | 5% | 111.664
|
| $750,000 | 2023 | Serial | 5% | 110.163
|
| $780,000 | 2024 | Serial | 5% | 108.859
|
| $815,000 | 2025 | Serial | 5% | 107.659
|
| $850,000 | 2026 | Serial | 4.125% | 98.080
|
| $890,000 | 2027 | Serial | 4.375% | 99.714
|
| $930,000 | 2028 | Serial | 4.5% | 100
|
| $975,000 | 2029 | Serial | 5% | 104.152
|
| $1.025 million | 2030 | Serial | 5% | NRO
|
| $1.075 million | 2031 | Serial | 5% | NRO
|
|
|
| $18.95 million series 2011D Medical University of South Carolina bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $730,000 | 2012 | Serial | 2% | 101.616
|
| $730,000 | 2013 | Serial | 2.25% | 102.963
|
| $740,000 | 2014 | Serial | 3% | 105.460
|
| $750,000 | 2015 | Serial | 3% | 105.277
|
| $760,000 | 2016 | Serial | 2.25% | 101.564
|
| $775,000 | 2017 | Serial | 3% | 104.240
|
| $795,000 | 2018 | Serial | 3% | 102.736
|
| $820,000 | 2019 | Serial | 5% | 115.042
|
| $845,000 | 2020 | Serial | 5% | 114.476
|
| $875,000 | 2021 | Serial | 5% | 113.552
|
| $910,000 | 2022 | Serial | 5% | 111.664
|
| $945,000 | 2023 | Serial | 5% | 110.163
|
| $985,000 | 2024 | Serial | 5% | 108.859
|
| $1.025 million | 2025 | Serial | 5% | 107.659
|
| $1.075 million | 2026 | Serial | 4.125% | 98.080
|
| $1.125 million | 2027 | Serial | 4.375% | 99.714
|
| $1.175 million | 2028 | Serial | 4.5% | 100
|
| $1.235 million | 2029 | Serial | 5% | 104.152
|
| $1.295 million | 2030 | Serial | 5% | 103.662
|
| $1.36 million | 2031 | Serial | 5% | 103.014
|
|
|
| $23.955 million series 2011E University of South Carolina bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $830,000 | 2012 | Serial | 2% | 101.586
|
| $855,000 | 2013 | Serial | 2.25% | 102.963
|
| $875,000 | 2014 | Serial | 3% | 105.460
|
| $900,000 | 2015 | Serial | 3% | 105.277
|
| $925,000 | 2016 | Serial | 2.25% | 101.564
|
| $945,000 | 2017 | Serial | 3% | 104.240
|
| $975,000 | 2018 | Serial | 3% | 102.736
|
| $1.005 million | 2019 | Serial | 5% | 115.042
|
| $1.055 million | 2020 | Serial | 5% | 114.476
|
| $1.105 million | 2021 | Serial | 5% | 113.552
|
| $1.16 million | 2022 | Serial | 5% | 111.664
|
| $1.22 million | 2023 | Serial | 5% | 110.163
|
| $1.28 million | 2024 | Serial | 5% | 108.859
|
| $1.345 million | 2025 | Serial | 5% | 107.659
|
| $1.415 million | 2026 | Serial | 4.125% | 98.080
|
| $1.47 million | 2027 | Serial | 4.375% | 99.714
|
| $1.535 million | 2028 | Serial | 4.5% | 100
|
| $1.605 million | 2029 | Serial | 5% | NRO
|
| $1.685 million | 2030 | Serial | 5% | NRO
|
| $1.77 million | 2031 | Serial | 5% | NRO
|
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