Published on 9/3/2015 in the Prospect News Municipals Daily.
New Issue: University of South Carolina offers up $48.18 million of revenue bonds
By Sheri Kasprzak
New York, Sept. 3 – The University of South Carolina sold $48,175,000 of series 2015 higher education revenue bonds, according to a pricing sheet. The deal was downsized from $50 million.
The bonds (Aa2//AA) were sold through Barclays.
The bonds are due 2016 to 2035 with coupons from 3% to 5% and yields from 0.31% to 3.80%.
Proceeds will be used to renovate student residence halls at the university’s Columbia campus, as well as to refund the university’s series 2006A, 2008A, 2009A, 2010A, 2012 and 2013 revenue bonds.
| Issuer: | University of South Carolina
|
| Issue: | Series 2015 higher education revenue bonds
|
| Amount: | $48,175,000
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| Type: | Negotiated
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| Underwriter: | Barclays
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| Ratings: | Moody’s: Aa2
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| Fitch: AA
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| Pricing date: | Sept. 3
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| Settlement date: | Sept. 25
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $785,000 | 2016 | Serial | 3% | 101.611 | 0.31%
|
| $2.63 million | 2017 | Serial | 4% | 105.339 | 0.64%
|
| $3,315,000 | 2018 | Serial | 5% | 110.402 | 0.94%
|
| $3.14 million | 2019 | Serial | 5% | 112.97 | 1.30%
|
| $3.29 million | 2020 | Serial | 5% | 115.41 | 1.51%
|
| $3.46 million | 2021 | Serial | 5% | 116.972 | 1.80%
|
| $3.63 million | 2022 | Serial | 5% | 118.189 | 2.04%
|
| $3,815,000 | 2023 | Serial | 5% | 119.11 | 2.25%
|
| $4 million | 2024 | Serial | 5% | 120.178 | 2.39%
|
| $4,195,000 | 2025 | Serial | 5% | 121.027 | 2.52%
|
| $3.56 million | 2026 | Serial | 5% | 119.24 | 2.71%
|
| $3.75 million | 2027 | Serial | 5% | 118.589 | 2.78%
|
| $1.43 million | 2028 | Serial | 5% | 117.667 | 2.88%
|
| $1.5 million | 2029 | Serial | 5% | 116.754 | 2.98%
|
| $1,575,000 | 2030 | Serial | 5% | 116.029 | 3.06%
|
| $1.66 million | 2031 | Serial | 5% | 115.31 | 3.14%
|
| $580,000 | 2032 | Serial | 3.5% | 98.387 | 3.63%
|
| $600,000 | 2033 | Serial | 3.5% | 97.427 | 3.70%
|
| $620,000 | 2034 | Serial | 3.625% | 98.202 | 3.76%
|
| $640,000 | 2035 | Serial | 3.625% | 97.594 | 3.80%
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