By Aaron Hochman-Zimmerman
New York, June 24 - The University of North Carolina Board of Governors priced $127.405 million series 2009 system pool revenue bonds, according to Merrill Lynch & Co. Inc. vice president Sarah Strickland.
The issuer priced $45.115 million series 2009A bonds (Aa3) at a true interest cost of 4.46% and an average coupon of 4.92%. Serial maturities range from 2010 to 2029, and term bonds mature from 2030 to 2034.
Proceeds will be used to build residence and dining halls, to build a softball field as well as to refund $2.8 million of outstanding debt for Eastern Carolina University.
The issuer priced $21.615 million series 2009B bonds (A1) at a true interest cost of 4.61% and an average coupon of 4.69%. Serial maturities range from 2010 to 2029, and term bonds mature from 2030 to 2034.
Proceeds will be used to build new residence and athletic facilities as well as to refund $6.2 million of outstanding debt for Appalachian State University and the University of North Carolina Charlotte.
The issuer priced $60.675 million series 2009C bonds (A3) at a true interest cost of 5.27% and an average coupon of 5.23%. Serial maturities range from 2010 to 2029 and term bonds mature from 2030 to 2034.
Proceeds of the tranche will be used to build a residence hall, to build a parking facility and improve a physical education facility for North Carolina Central University.
The three tranches carry a par call in 2020.
Merrill Lynch acted as lead underwriter for the negotiated deal. Jackson Securities Inc., Loop Capital Markets LLC and Wachovia Securities LLC acted as co-managers.
The University of North Carolina Board of Governors is based in Wilmington, N.C.
| Issuer: | University of North Carolina Board of Governors
|
| Issue: | Series 2009 system pool revenue bonds
|
| Amount: | $127.405 million
|
| Maturities: | Serial bonds due 2010 to 2029, term bonds due 2030 to 2034
|
| Call features: | Callable at par in 2020
|
| Underwriters: | Merrill Lynch & Co. Inc., Jackson Securities Inc., Loop Capital Markets LLC, Wachovia Securities LLC
|
| Type: | Negotiated
|
| Pricing date: | June 24
|
|
|
| Series 2009A bonds
|
| Issue: | Series 2009A system pool revenue bonds
|
| Amount: | $45.115 million
|
| Average coupon: | 4.92%
|
| True interest cost: | 4.46%
|
| Rating: | Moody's: Aa1
|
|
|
| Series 2009B bonds
|
| Issue: | Series 2009B system pool revenue bonds
|
| Amount: | $21.615 million
|
| Average coupon: | 4.69%
|
| True interest cost: | 4.61%
|
| Rating: | Moody's: A1
|
|
|
| Series 2009C bonds
|
| Issue: | Series 2009C system pool revenue bonds
|
| Amount: | $60.675 million
|
| Average coupon: | 5.23%
|
| True interest cost: | 5.27%
|
| Rating: | Moody's: A3
|
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