By Sheri Kasprzak
New York, May 22 - The Maine Educational Loan Authority priced $210 million in series 2009A student loan revenue bonds, according to an official statement.
The sale included $56.5 million in series 2009A-1 bonds, $73.5 million in series 2009A-2 bonds and $80 million in series 2009A-3 bonds.
RBC Capital Markets Corp. was the lead manager.
All the bonds (Aa2/AAA/) are priced at par.
The 2009A-1 bonds are due 2010 to 2019 with a term bond 2022. The serials have coupons from 3.4% to 4.625%. The term bond has a 5.75% coupon.
The 2009A-2 bonds are due 2010 to 2019 with a term bond due 2027. The serials have coupons from 1.85% to 4.625%. The 2027 bonds have a 5.625% coupon.
The 2009A-3 bonds are due 2039 and have a 5.875% coupon.
Proceeds will be used to refund the authority's series 1996, 1998, 2000, 2005 and 2007 bonds, as well as to cancel the authority's series 2008 line of credit and make a deposit to a capital reserve fund.
| Issuer: | Maine Educational Loan Authority
|
| Issue: | Series 2009A student loan revenue bonds
|
| Amount: | $210 million
|
| Type: | Negotiated
|
| Underwriter: | RBC Capital markets Corp.
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AAA
|
| Pricing date: | May 20
|
| Settlement date: | May 27
|
|
|
| Series 2009A-1
|
| Maturity | Type | Coupon | Price
|
| 2010 | Serial | 3.4% | Par
|
| 2011 | Serial | 4% | Par
|
| 2012 | Serial | 4.3% | Par
|
| 2013 | Serial | 4.625% | Par
|
| 2014 | Serial | 4.95% | Par
|
| 2015 | Serial | 5.15% | Par
|
| 2016 | Serial | 5.25% | Par
|
| 2017 | Serial | 5.375% | Par
|
| 2018 | Serial | 5.5% | Par
|
| 2019 | Serial | 5.625% | Par
|
| 2022 | Term | 5.75% | Par
|
|
|
| Series 2009A-2
|
| Maturity | Type | Coupon | Price
|
| 2010 | Serial | 1.85% | Par
|
| 2011 | Serial | 2.4% | Par
|
| 2012 | Serial | 2.75% | Par
|
| 2013 | Serial | 3.125% | Par
|
| 2014 | Serial | 3.5% | Par
|
| 2015 | Serial | 3.875% | Par
|
| 2016 | Serial | 4.1% | Par
|
| 2017 | Serial | 4.25% | Par
|
| 2018 | Serial | 4.5% | Par
|
| 2019 | Serial | 4.625% | Par
|
| 2027 | Term | 5.625% | Par
|
|
|
| Series 2009A-3
|
| Maturity | Type | Coupon | Price
|
| 2039 | Term | 5.875% | Par
|
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