Published on 11/8/2013 in the Prospect News Municipals Daily.
New Issue: Ivy Tech Community College, Ind., sells $76.71 million student fee debt
By Sheri Kasprzak
New York, Nov. 8 - The Ivy Tech Community College of Indiana priced $76,705,000 of series 2013R student fee bonds, according to a pricing sheet.
The bonds consist of $64,925,000 of series 2013R-1 bonds and $11.78 million of series 2013R-2 bonds.
The bonds (/AA-/AA) were sold on a negotiated basis. Barclays and Raymond James/Morgan Keegan were the senior managers for the 2013R-1 bonds and Incapital LLC was the senior manager for the 2013R-2 bonds.
The 2013R-1 bonds are due 2014 to 2029 with 1% to 5% coupons with 0.175% to 3.93% yields.
The 2013R-2 bonds are due 2030 to 2032 with 4% to 4.2% coupons all priced at par.
Proceeds will be used to finance the construction of new facilities and improvements at the college's Anderson campus, the construction of new facilities at its Bloomington campus and the renovation of existing facilities at the Indianapolis campus.
| Issuer: | Ivy Tech Community College, Ind.
|
| Issue: | Series 2013R student fee bonds
|
| Amount: | $76,705,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays and Raymond James/Morgan Keegan (lead for 2013R-1), Cabrera Capital Markets LLC and Incapital LLC (co-managers for 2013R-1); Incapital (lead for 2013R-2)
|
| Ratings: | Standard & Poor's: AA-
|
| Fitch: AA
|
| Pricing date: | Oct. 30
|
| Settlement date: | Nov. 21 (for 2013R-1), Nov. 27 (for 2013R-2)
|
|
|
| $64,925,000 series 2013R-1 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5.35 million | 2014 | Serial | 1% | 100.091 | 0.175%
|
| $6,035,000 | 2014 | Serial | 2% | 101.092 | 0.21%
|
| $4.65 million | 2015 | Serial | 4% | 105.808 | 0.38%
|
| $4,855,000 | 2016 | Serial | 5% | 111.409 | 0.59%
|
| $5.11 million | 2017 | Serial | 5% | 114.380 | 0.94%
|
| $2.08 million | 2018 | Serial | 5% | 116.555 | 1.29%
|
| $5,075,000 | 2019 | Serial | 5% | 117.295 | 1.75%
|
| $2.29 million | 2020 | Serial | 5% | 117.406 | 2.16%
|
| $2,415,000 | 2021 | Serial | 5% | 117.000 | 2.53%
|
| $2.54 million | 2022 | Serial | 5% | 116.893 | 2.78%
|
| $2,665,000 | 2023 | Serial | 5% | 116.953 | 2.96%
|
| $5,545,000 | 2024 | Serial | 5% | 115.145 | 3.16%
|
| $2.95 million | 2025 | Serial | 5% | 113.283 | 3.37%
|
| $3,095,000 | 2026 | Serial | 5% | 112.062 | 3.51%
|
| $3.25 million | 2027 | Serial | 5% | 110.686 | 3.67%
|
| $3,425,000 | 2028 | Serial | 5% | 109.498 | 3.81%
|
| $3,595,000 | 2029 | Serial | 5% | 108.492 | 3.93%
|
|
|
| $11.78 million series 2013R-2 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.77 million | 2030 | Serial | 4% | 100
|
| $3,925,000 | 2031 | Serial | 4.1% | 100
|
| $4,085,000 | 2032 | Serial | 4.2% | 100
|
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