By Sheri Kasprzak
New York, March 16 - The University of Pittsburgh priced $428.52 million in series 2009 bonds, according to an official statement.
The bonds (Aa2/AA/) were sold March 11 through lead manager Barclays Capital Inc.
The co-managers were Merrill Lynch & Co. Inc., Depfa First Albany Securities LLC and Morgan Stanley & Co. Inc.
The sale included $143.52 million in series 2009A university refunding bonds and $285 million in series 2009B university capital project bonds.
The 2009A bonds are due 2010 to 2022 with coupons from 2.5% to 5.5% and yields from 1.1% to 4.59%. The 2009B serial bonds are due 2012 to 2024 with term bonds due 2028 and 2031. The serials have coupons from 4% to 5.5% with yields from 2.32% to 4.81%. The 2028 bonds have a 5% coupon to yield 5.02%, and the 2031 bonds have a 5% coupon to yield 5.1%.
Proceeds will be used to refund outstanding principal from the university's series 2007A capital project and refunding bonds. The rest will be used to finance university projects.
| Issuer: | University of Pittsburgh
|
| Issue: | Series 2009 bonds
|
| Amount: | $428.52 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Corp. (lead); Merrill Lynch & Co. Inc.; Depfa First Albany Securities LLC; and Morgan Stanley & Co. Inc.
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | March 11
|
| Settlement date: | March 31
|
|
|
| Series 2009A
|
| Maturity | Type | Coupon | Yield | Price
|
| 2010 | Serial | 2.5% | 1.10% | 102.015
|
| 2010 | Serial | 4% | 1.10% | 104.175
|
| 2011 | Serial | 2.5% | 1.76% | 101.770
|
| 2011 | Serial | 4% | 1.76% | 107.752
|
| 2012 | Serial | 2.75% | 2.32% | 101.419
|
| 2012 | Serial | 5% | 2.32% | 108.849
|
| 2014 | Serial | 3.5% | 3.18% | 101.590
|
| 2014 | Serial | 5% | 3.18% | 109.048
|
| 2015 | Serial | 3.5% | 3.40% | 100.574
|
| 2015 | Serial | 5% | 3.40% | 109.202
|
| 2016 | Serial | 3.75% | 3.70% | 100.321
|
| 2016 | Serial | 5% | 3.70% | 108.401
|
| 2017 | Serial | 4% | 3.875% | 100.892
|
| 2017 | Serial | 5% | 3.875% | 108.043
|
| 2018 | Serial | 4% | 4.00% | 100.000
|
| 2018 | Serial | 5% | 4.00% | 107.806
|
| 2019 | Serial | 4% | 4.15% | 98.736
|
| 2019 | Serial | 5% | 4.15% | 106.872
|
| 2020 | Serial | 4.25% | 4.30% | 99.549
|
| 2020 | Serial | 5.5% | 4.30% | 109.633
|
| 2021 | Serial | 4.375% | 4.46% | 99.192
|
| 2021 | Serial | 5.5% | 4.46% | 108.285
|
| 2022 | Serial | 4.25% | 4.59% | 96.612
|
| 2022 | Serial | 4.5% | 4.59% | 99.101
|
|
|
| Series 2009B
|
| Maturity | Type | Coupon | Yield | Price
|
| 2012 | Serial | 5% | 2.32% | 108.849
|
| 2014 | Serial | 5% | 3.18% | 109.048
|
| 2015 | Serial | 5% | 3.40% | 109.202
|
| 2016 | Serial | 4% | 3.70% | 101.937
|
| 2017 | Serial | 5% | 3.875% | 108.043
|
| 2018 | Serial | 4.5% | 4.00% | 103.902
|
| 2018 | Serial | 5% | 4.00% | 107.806
|
| 2019 | Serial | 5% | 4.15% | 106.872
|
| 2020 | Serial | 5.5% | 4.30% | 109.633
|
| 2021 | Serial | 5.5% | 4.46% | 108.285
|
| 2022 | Serial | 5.5% | 4.59% | 107.204
|
| 2023 | Serial | 5.5% | 4.70% | 106.300
|
| 2024 | Serial | 4.75% | 4.81% | 99.348
|
| 2024 | Serial | 5.5% | 4.81% | 105.405
|
| 2028 | Term | 5% | 5.02% | 99.750
|
| 2031 | Term | 5% | 5.10% | 98.669
|
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