Published on 4/8/2014 in the Prospect News Municipals Daily.
New Issue: University of Connecticut sells $201.99 million general obligation debt
By Sheri Kasprzak
New York, April 8 - The University of Connecticut sold $201.99 million of series 2014 general obligation bonds, according to a pricing sheet.
The offering included $109.05 million of series 2014A G.O. bonds and $92.94 million of series 2014B G.O. refunding bonds.
The 2014A bonds are due 2015 to 2034 with coupons from 2% to 5% and yields from 0.12% to 3.67%.
The 2014B bonds are due 2015 to 2025 with coupons from 2% to 5% and yields from 0.12% to 2.91%.
The bonds (Aa3/AA/AA-) were sold through senior manager Wells Fargo Bank N.A.
Proceeds will be used to finance capital improvements at the university and to refund existing G.O. debt.
| Issuer: | University of Connecticut
|
| Issue: | Series 2014 general obligation bonds
|
| Amount: | $201.99 million
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Bank N.A. (lead); Jefferies & Co.; Piper Jaffray & Co.; J.P. Morgan Securities LLC; BofA Merrill Lynch; Blaylock Beal Van LLC; Cabrera Capital Markets LLC; Estrada Hinojosa & Co. Inc.; Fidelity Capital Markets LLC; Goldman, Sachs & Co.; Morgan Stanley & Co. LLC; Ramirez & Co. LLC; Raymond James/Morgan Keegan; RBC Capital Markets LLC; Roosevelt & Cross Inc.; Siebert Brandford Shank & Co. LLC; and U.S. Bancorp Investments Inc. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA-
|
| Pricing date: | April 8
|
| Settlement date: | April 22
|
|
|
| $109.05 million series 2014A G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5.45 million | 2015 | Serial | 2% | 101.528 | 0.12%
|
| $2.6 million | 2016 | Serial | 3% | 104.712 | 0.39%
|
| $2,855,000 | 2016 | Serial | 5% | 108.323 | 0.39%
|
| $5,455,000 | 2017 | Serial | 4% | 109.178 | 0.70%
|
| $5,455,000 | 2018 | Serial | 5% | 114.768 | 1.04%
|
| $5,455,000 | 2019 | Serial | 2% | 102.83 | 1.39%
|
| $5,455,000 | 2020 | Serial | 4% | 112.09 | 1.80%
|
| $3.61 million | 2021 | Serial | 3% | 105.554 | 2.12%
|
| $1,845,000 | 2021 | Serial | 5% | 118.179 | 2.12%
|
| $3.21 million | 2022 | Serial | 2.5% | 100.706 | 2.40%
|
| $2,245,000 | 2022 | Serial | 5% | 118.421 | 2.40%
|
| $5,455,000 | 2023 | Serial | 4% | 110.878 | 2.61%
|
| $5,455,000 | 2024 | Serial | 5% | 119.138 | 2.76%
|
| $5,455,000 | 2025 | Serial | 3% | 100.505 | 2.94%
|
| $5.45 million | 2026 | Serial | 5% | 116.704 | 3.02%
|
| $5.45 million | 2027 | Serial | 5% | 115.691 | 3.13%
|
| $5.45 million | 2028 | Serial | 5% | 114.78 | 3.23%
|
| $5.45 million | 2029 | Serial | 5% | 113.968 | 3.32%
|
| $5.45 million | 2030 | Serial | 5% | 113.162 | 3.41%
|
| $5.45 million | 2031 | Serial | 5% | 112.54 | 3.48%
|
| $5.45 million | 2032 | Serial | 5% | 111.922 | 3.55%
|
| $5.45 million | 2033 | Serial | 5% | 111.308 | 3.62%
|
| $5.45 million | 2034 | Serial | 5% | 110.872 | 3.67%
|
|
|
| $92.94 million series 2014B G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $32,455,000 | 2015 | Serial | 2% | 101.528 | 0.12%
|
| $10,175,000 | 2016 | Serial | 4% | 106.518 | 0.39%
|
| $17,365,000 | 2016 | Serial | 5% | 108.323 | 0.39%
|
| $19.26 million | 2017 | Serial | 5% | 111.959 | 0.70%
|
| $4.01 million | 2018 | Serial | 4% | 111.038 | 1.04%
|
| $5.6 million | 2020 | Serial | 5% | 117.586 | 1.80%
|
| $95,000 | 2022 | Serial | 3% | 104.249 | 2.40%
|
| $3.98 million | 2025 | Serial | 5% | 117.726 | 2.91%
|
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