By Sheri Kasprzak
New York, Sept. 15 - The University of Texas System priced Tuesday $644.095 million in series 2010 revenue financing system bonds (Aaa/AAA/AAA), said Terry Hull, finance director for the system.
The offering included $604.31 million in series 2010C Build America Bonds and $39.785 million in series 2010E tax-exempt refunding bonds.
The 2010C bonds are due 2018 to 2026 with term bonds due 2030 and 2046. The serial coupons range from 3.225% to 4.275%, all priced at par. The 2030 bonds have a 4.644% coupon, and the 2046 bonds have a 4.794% coupon. Both priced at par.
The 2010E bonds are due 2012 to 2018 with coupons from 2% to 5%.
J.P. Morgan Securities Inc. was the senior manager.
Proceeds will be used to refinance $21.3 million of tax-exempt commercial paper notes and fund capital improvement projects at the university's campuses.
The university system is based in Austin.
| Issuer: | University of Texas System
|
| Issue: | Series 2010 revenue financing system bonds
|
| Amount: | $644.095 million
|
| Type: | Negotiated
|
| Underwriter: | J.P. Morgan Securities Inc. (lead)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Sept. 14
|
| Settlement date: | Sept. 23
|
|
|
| Series 2010C
|
| Maturity | Type | Coupon | Price
|
| 2018 | Serial | 3.225% | 100
|
| 2019 | Serial | 3.305% | 100
|
| 2020 | Serial | 3.405% | 100
|
| 2021 | Serial | 3.575% | 100
|
| 2022 | Serial | 3.675% | 100
|
| 2023 | Serial | 3.825% | 100
|
| 2024 | Serial | 3.975% | 100
|
| 2025 | Serial | 4.125% | 100
|
| 2026 | Serial | 4.275% | 100
|
| 2030 | Term | 4.644% | 100
|
| 2046 | Term | 4.794% | 100
|
|
|
| Series 2010E
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 2% | 102.824
|
| 2013 | Serial | 3% | 106.608
|
| 2014 | Serial | 3% | 107.818
|
| 2014 | Serial | 4% | 111.633
|
| 2015 | Serial | 4% | 112.711
|
| 2016 | Serial | 4% | 113.146
|
| 2017 | Serial | 3% | 106.608
|
| 2017 | Serial | 4% | 113.025
|
| 2017 | Serial | 5% | 119.442
|
| 2018 | Serial | 3% | 105.618
|
| 2018 | Serial | 5% | 120.027
|
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