Published on 1/22/2016 in the Prospect News Municipals Daily.
New Issue: University of Southern Mississippi prices $58.87 million revenue bonds
By Sheri Kasprzak
New York, Jan. 22 – The University of Southern Mississippi sold $58.87 million of series 2016 revenue refunding bonds, according to a pricing sheet.
The bonds (Aa2) were sold through senior managers Raymond James/Morgan Keegan.
The bonds are due 2016 to 2036 with a term bond due in 2039. The serial coupons range from 2% to 5% with yields from 0.62% to 2.86%. The 2039 bonds have a 3.375% coupon priced at 99.115 to yield 3.43%.
Proceeds will be used to refund the university’s series 2009 revenue bonds and its series 2009 certificates of participation.
| Issuer: | University of Southern Mississippi
|
| Issue: | Series 2016 revenue refunding bonds
|
| Amount: | $58.87 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead), Morgan Stanley & Co. LLC (co-manager)
|
| Rating: | Moody’s: Aa2
|
| Pricing date: | Jan. 22
|
| Settlement date: | Feb. 17
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $310,000 | 2016 | Serial | 2% | 100.741 | 0.62%
|
| $335,000 | 2017 | Serial | 2% | 101.939 | 0.73%
|
| $345,000 | 2018 | Serial | 2% | 102.576 | 0.97%
|
| $350,000 | 2019 | Serial | 2% | 103.009 | 1.13%
|
| $1.2 million | 2020 | Serial | 4% | 112.05 | 1.26%
|
| $1.38 million | 2021 | Serial | 4% | 113.981 | 1.37%
|
| $1.57 million | 2022 | Serial | 5% | 121.582 | 1.52%
|
| $1.8 million | 2023 | Serial | 5% | 123.177 | 1.71%
|
| $2.03 million | 2024 | Serial | 5% | 124.595 | 1.87%
|
| $2,195,000 | 2025 | Serial | 5% | 125.835 | 2.01%
|
| $2.55 million | 2026 | Serial | 5% | 126.747 | 2.15%
|
| $2,835,000 | 2027 | Serial | 5% | 124.821 | 2.33%
|
| $3.15 million | 2028 | Serial | 5% | 124.187 | 2.39%
|
| $3.48 million | 2029 | Serial | 5% | 123.452 | 2.46%
|
| $3.83 million | 2030 | Serial | 5% | 122.827 | 2.52%
|
| $4,205,000 | 2031 | Serial | 5% | 121.689 | 2.63%
|
| $4.61 million | 2032 | Serial | 5% | 121.176 | 2.68%
|
| $5.04 million | 2033 | Serial | 5% | 120.666 | 2.73%
|
| $5,495,000 | 2034 | Serial | 5% | 120.057 | 2.79%
|
| $5.99 million | 2035 | Serial | 5% | 119.553 | 2.84%
|
| $3.7 million | 2036 | Serial | 5% | 119.351 | 2.86%
|
| $2.47 million | 2039 | Term | 3.375% | 99.115 | 3.43%
|
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