Published on 11/19/2014 in the Prospect News Municipals Daily.
New Issue: University of Texas System prices $250.7 million revenue financing deal
By Sheri Kasprzak
New York, Nov. 19 – The Board of Regents of the University of Texas System sold $250.7 million of series 2014B revenue financing system refunding bonds, according to an official statement.
The bonds (Aaa/AAA/AAA) were sold through senior manager Morgan Stanley & Co. LLC.
The bonds are due 2015 to 2037 with a term bond due in 2035. The serial coupons range from 2% to 5% with 0.12% to 3.46% yields. The 2035 bonds have a 5.7% coupon priced at par.
Proceeds will be used to refund the system’s series 2006B, 2006D and 2006F revenue financing system bonds.
| Issuer: | Board of Regents of the University of Texas System
|
| Issue: | Series 2014B revenue financing system refunding bonds
|
| Amount: | $250.7 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Estrada Hinojosa & Co. Inc., Fidelity Capital Markets Inc., Frost Bank, George K. Baum & Co., RBC Capital Markets LLC and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Fitch: AAA
|
| Pricing date: | Nov. 13
|
| Settlement date: | Nov. 24
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $2.65 million | 2015 | Serial | 2% | 0.12%
|
| $710,000 | 2016 | Serial | 2% | 0.34%
|
| $950,000 | 2017 | Serial | 3% | 0.57%
|
| $970,000 | 2018 | Serial | 4% | 0.84%
|
| $925,000 | 2019 | Serial | 4% | 1.13%
|
| $500,000 | 2020 | Serial | 4% | 1.44%
|
| $535,000 | 2021 | Serial | 4% | 1.73%
|
| $550,000 | 2022 | Serial | 4% | 1.98%
|
| $4.66 million | 2023 | Serial | 5% | 2.16%
|
| $705,000 | 2024 | Serial | 5% | 2.27%
|
| $36.51 million | 2025 | Serial | 5% | 2.48%
|
| $37,835,000 | 2026 | Serial | 5% | 2.63%
|
| $23 million | 2027 | Serial | 5% | 2.61%
|
| $18.19 million | 2028 | Serial | 5% | 2.69%
|
| $14.59 million | 2029 | Serial | 5% | 2.74%
|
| $14,665,000 | 2030 | Serial | 5% | 2.79%
|
| $15,415,000 | 2031 | Serial | 5% | 2.84%
|
| $13,135,000 | 2036 | Serial | 4% | 3.43%
|
| $7,965,000 | 2037 | Serial | 4% | 3.46%
|
| $56.24 million | 2035 | Term | 5.7% | 5.70%
|
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