Published on 5/23/2013 in the Prospect News Municipals Daily.
New Issue: University of Southern Mississippi prices $51.88 million revenue bonds
By Sheri Kasprzak
New York, May 23 - The S.M. Educational Building Corp. sold $51,875,000 of series 2013 revenue bonds for the University of Southern Mississippi, according to a pricing sheet.
The bonds (Aa2) were sold through Morgan Stanley & Co. LLC.
The bonds are due 2014 to 2029 with term bonds due in 2033, 2038 and 2043. The serial coupons range from 2% to 4% and yields range from 0.27% to 3.35%. The 2033 bonds have a 5% coupon priced at 114.597 to yield 3.24%. The 2038 bonds have a 5% coupon priced at 112.991 to yield 3.42% and the 2043 bonds have a 5% coupon priced at 112.286 to yield 3.5%.
Proceeds will be used to finance certain improvements and capital expenditures including the construction and equipment of student residence halls on the main campus in Hattiesburg, Miss., as well as to demolish abandoned facilities and refund all of the university's series 1997A bonds.
| Issuer: | S.M. Educational Building Corp./University of Southern Mississippi
|
| Issue: | Series 2013 revenue bonds
|
| Amount: | $51,875,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Raymond James/Morgan Keegan and Duncan-Williams Inc. (co-managers)
|
| Ratings | Moody's: Aa2
|
| Pricing date: | May 22
|
| Settlement date: | June 4
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.53 million | 2014 | Serial | 2% | 101.28 | 0.27%
|
| $385,000 | 2015 | Serial | 3% | 104.365 | 0.48%
|
| $1,295,000 | 2016 | Serial | 3% | 106.29 | 0.68%
|
| $985,000 | 2017 | Serial | 3% | 107.632 | 0.92%
|
| $250,000 | 2018 | Serial | 3% | 108.464 | 1.16%
|
| $320,000 | 2019 | Serial | 3% | 108.565 | 1.44%
|
| $395,000 | 2020 | Serial | 3% | 108.312 | 1.69%
|
| $470,000 | 2021 | Serial | 4% | 114.816 | 1.93%
|
| $560,000 | 2022 | Serial | 4% | 114.754 | 2.14%
|
| $655,000 | 2023 | Serial | 4% | 114.382 | 2.34%
|
| $750,000 | 2024 | Serial | 2.5% | 98.973 | 2.61%
|
| $845,000 | 2025 | Serial | 2.75% | 98.71 | 2.88%
|
| $945,000 | 2026 | Serial | 3% | 99.055 | 3.09%
|
| $1,055,000 | 2027 | Serial | 3% | 97.896 | 3.19%
|
| $1,165,000 | 2028 | Serial | 3.125% | 98.311 | 3.27%
|
| $1.29 million | 2029 | Serial | 3.25% | 98.78 | 3.35%
|
| $6,665,000 | 2033 | Term | 5% | 114.597 | 3.24%
|
| $12,825,000 | 2038 | Term | 5% | 112.991 | 3.42%
|
| $19.49 million | 2043 | Term | 5% | 112.286 | 3.50%
|
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