Published on 2/23/2012 in the Prospect News Municipals Daily.
New Issue: University of Texas sells $238.14 million of financing system bonds
By Sheri Kasprzak
New York, Feb. 23 - The University of Texas System sold $238,135,000 of series 2012B revenue financing system refunding bonds, according to a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold through Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. The co-managers were Fidelity Capital Markets LLC, Goldman, Sachs & Co., Loop Capital Markets LLC, Piper Jaffray & Co., Ramirez & Co. Inc. and Raymond James & Associates Inc.
The bonds are due 2013 to 2035 with a term bond due in 2043. The serial coupons range from 2% to 5%. The 2043 bonds have a 5% coupon priced at 113.726.
Proceeds will be used to make capital improvements to the university, refinance outstanding commercial paper notes and refund other debt.
| Issuer: | University of Texas System
|
| Issue: | Series 2012B revenue financing system refunding bonds
|
| Amount: | $238,135,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. (lead); Fidelity Capital Markets LLC, Goldman, Sachs & Co., Loop Capital Markets LLC, Piper Jaffray & Co., Ramirez & Co. Inc. and Raymond James & Associates Inc. (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Feb. 23
|
| Settlement date: | March 21
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,065,000 | 2013 | Serial | 2% | 102.529
|
| $4,315,000 | 2014 | Serial | 4% | 108.866
|
| $4.52 million | 2015 | Serial | 5% | 115.188
|
| $4.73 million | 2016 | Serial | 5% | 119.125
|
| $4,965,000 | 2017 | Serial | 5% | 122.449
|
| $5.2 million | 2018 | Serial | 5% | 124.036
|
| $5,465,000 | 2019 | Serial | 5% | 125.301
|
| $5.73 million | 2020 | Serial | 5% | 125.996
|
| $6,015,000 | 2021 | Serial | 5% | 126.963
|
| $6,305,000 | 2022 | Serial | 5% | 127.609
|
| $6,645,000 | 2023 | Serial | 5% | 126.006
|
| $6.97 million | 2024 | Serial | 5% | 125.055
|
| $7.33 million | 2025 | Serial | 5% | 124.322
|
| $7.66 million | 2026 | Serial | 5% | 123.283
|
| $8.05 million | 2027 | Serial | 5% | 122.357
|
| $8.44 million | 2028 | Serial | 5% | 121.439
|
| $8.85 million | 2029 | Serial | 5% | 120.53
|
| $9.31 million | 2030 | Serial | 5% | 119.628
|
| $10.03 million | 2031 | Serial | 5% | 118.735
|
| $10,535,000 | 2032 | Serial | 5% | 118.045
|
| $9,385,000 | 2033 | Serial | 5% | 117.166
|
| $9,015,000 | 2034 | Serial | 5% | 116.198
|
| $8.75 million | 2035 | Serial | 5% | 115.335
|
| $76,855,000 | 2043 | Term | 5% | 113.726
|
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