Published on 9/24/2014 in the Prospect News Municipals Daily.
New Issue: University of Vermont brings $68.24 million of general obligation bonds
By Sheri Kasprzak
New York, Sept. 24 – The University of Vermont and State Agricultural College priced $68.24 million of series 2014 general obligation bonds, according to a pricing sheet.
The bonds (Aa3/A+/) were sold through BofA Merrill Lynch and Citigroup Global Markets Inc.
The bonds are due 2016 to 2034 with a term bond due in 2037. The serial coupons range from 3.5% to 5% with 0.37% to 3.64% yields. The 2037 bonds have a 4% coupon priced at 101.472 to yield 3.82%.
Proceeds will be used to refund a portion of the university’s series 2005 G.O. bonds.
| Issuer: | University of Vermont and State Agricultural College
|
| Issue: | Series 2014 general obligation bonds
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| Amount: | $68.24 million
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| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Citigroup Global Markets Inc.
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| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: A+
|
| Pricing date: | Sept. 24
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| Settlement date: | Oct. 30
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.28 million | 2016 | Serial | 5% | 108.847 | 0.37%
|
| $1,445,000 | 2017 | Serial | 5% | 112.528 | 0.66%
|
| $1,515,000 | 2018 | Serial | 5% | 115.336 | 1.00%
|
| $1.6 million | 2019 | Serial | 5% | 117.367 | 1.34%
|
| $1,775,000 | 2020 | Serial | 5% | 118.693 | 1.67%
|
| $1,865,000 | 2021 | Serial | 5% | 119.294 | 2.00%
|
| $1.96 million | 2022 | Serial | 5% | 119.764 | 2.26%
|
| $2.07 million | 2023 | Serial | 5% | 120.229 | 2.46%
|
| $2.16 million | 2024 | Serial | 5% | 120.863 | 2.60%
|
| $2.28 million | 2025 | Serial | 5% | 119.607 | 2.73%
|
| $2.4 million | 2026 | Serial | 5% | 118.556 | 2.84%
|
| $5.77 million | 2028 | Serial | 5% | 117.047 | 3.00%
|
| $6.07 million | 2029 | Serial | 5% | 116.487 | 3.06%
|
| $6,355,000 | 2030 | Serial | 4% | 104.413 | 3.47%
|
| $3.82 million | 2031 | Serial | 3.5% | 98.989 | 3.58%
|
| $3,935,000 | 2032 | Serial | 3.5% | 98.166 | 3.64%
|
| $4.09 million | 2033 | Serial | 5% | 114.097 | 3.32%
|
| $4.29 million | 2034 | Serial | 5% | 113.734 | 3.36%
|
| $13.56 million | 2037 | Term | 4% | 101.472 | 3.82%
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