By Sheri Kasprzak
New York, May 18 - The Panhandle-Plains Higher Education Authority of Texas sold $483.2 million of series 2011A taxable Libor floating-rate bonds (AAA/AAA), said an official statement.
The offering included $167.2 million of series 2011A-1 bonds, $170 million of series 2011A-2 bonds and $146 million of series 2011A-3 bonds.
The 2011A-1 bonds are due Oct. 1, 2018 and bear interest at Libor plus 50 basis points priced at 99.89864. The 2011A-2 bonds are due July 1, 2024 and bear interest at Libor plus 95 bps priced at 98.84085. The 2011A-3 bonds are due Oct. 1, 2037 and bear interest at Libor plus 95 bps priced at 94.78389.
Bank of America Merrill Lynch and UBS Investment Bank were the senior managers.
Proceeds will be used to refund all advances under a Bank of America line of credit, as well as to refund other existing indentures.
| Issuer: | Panhandle-Plains Higher Education Authority
|
| Issue: | Series 2011A taxable Libor floating-rate bonds
|
| Amount: | $483.2 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and UBS Investment Bank
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | May 13
|
| Settlement date: | May 24
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $167.2 million | Oct. 1, 2018 | Term | Libor plus 50 bps | 99.89864
|
| $170 million | July 1, 2040 | Term | Libor plus 95 bps | 98.84085
|
| $146 million | Oct 1, 2037 | Term | Libor plus 95 bps | 94.78389
|
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