By Sheri Kasprzak
New York, March 3 - University of Akron in Ohio priced recently $114.235 million in series 2008B general receipt bonds.
The bonds were priced on Feb. 27 in a serial structure from 2011 to 2027 with coupons from 3.75% to 5.25% and yields from 2.91% to 4.95%.
The offering also included $8.215 million in 5.25% term bonds due 2023 priced at 103.561 and $74.425 million in 5% term bonds due 2028 priced at 96.978.
Morgan Stanley was the lead manager for the negotiated sale with Fifth Third Securities, NatCity Investments, KeyBanc Capital Markets and SBK-Brooks Investment Corp. as the co-managers.
Proceeds will be used for various capital projects on campus, including the construction of a stadium, student residential facility and parking facility. The rest will be used to convert a hotel into a dormitory and to refund the university's series 2003A and 2003B general receipts rental notes.
Issuer: | University of Akron
|
Issue: | Series 2008B general receipt bonds
|
Amount: | $114.235 million
|
Type: | Negotiated
|
Underwriters: | Morgan Stanley (lead); Fifth Third Securities; NatCity Investments; KeyBanc Capital Markets; SBK-Brooks Investment Corp.
|
Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
Pricing date: | Feb. 27
|
|
Maturity | Type | Coupon | Yield | Price
|
2011 | Serial | 3.75% | 2.91%
|
2012 | Serial | 3.75% | 3.15%
|
2013 | Serial | 3.75% | 3.36%
|
2013 | Serial | 5% | 3.36
|
2014 | Serial | 4% | 3.55%
|
2015 | Serial | 4% | 3.73%
|
2016 | Serial | 4% | 3.89%
|
2017 | Serial | 4% | 4.05%
|
2018 | Serial | 5.25 | 4.20%
|
2019 | Serial | 5.25% | 4.39%
|
2020 | Serial | 5.25% | 4.51%
|
2024 | Serial | 5.25% | 4.77%
|
2025 | Serial | 5.25% | 4.84%
|
2026 | Serial | 5.25% | 4.90%
|
2027 | Serial | 5.25% | 4.95%
|
2023 | Term | 5.25% | 103.561
|
2028 | Term | 5% | 96.978
|
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