Published on 3/2/2016 in the Prospect News Municipals Daily.
New Issue: California Statewide prices $282.84 million University of Irvine bonds
By Sheri Kasprzak
New York, March 2 – The California Statewide Communities Development Authority sold $282.84 million of series 2016 student housing refunding revenue bonds for the University of Irvine’s Irvine East Campus Apartments, according to a pricing sheet.
The bonds (Baa1) were sold through senior managers Barclays and Loop Capital Markets LLC.
The bonds are due 2016 to 2036 with a term bond due in 2040. The serial coupons range from 3% to 5% and yields range from 0.4% to 3.6%. The 2040 bonds have a 5% coupon priced at 113.467 to yield 3.42%.
Proceeds will be used to refund the authority’s series 2004, 2006 and 2008 student housing revenue bonds, which were issued to construct student apartments at the University of Irvine.
| Issuer: | California Statewide Communities Development Authority/University of Irvine, Irvine East Campus Apartments
|
| Issue: | Series 2016 student housing refunding revenue bonds
|
| Amount: | $282.84 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays and Loop Capital Markets LLC
|
| Rating: | Moody’s: Baa1
|
| Pricing date: | March 1
|
| Settlement date: | March 15
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $755,000 | 2016 | Serial | 3% | 100.432 | 0.40%
|
| $6,785,000 | 2017 | Serial | 4% | 103.85 | 0.68%
|
| $7,055,000 | 2018 | Serial | 5% | 108.776 | 0.90%
|
| $7.41 million | 2019 | Serial | 5% | 112.103 | 1.10%
|
| $7,775,000 | 2020 | Serial | 5% | 115.045 | 1.28%
|
| $8,165,000 | 2021 | Serial | 5% | 117.499 | 1.47%
|
| $8,575,000 | 2022 | Serial | 5% | 119.239 | 1.70%
|
| $9.01 million | 2023 | Serial | 5% | 120.379 | 1.94%
|
| $9,455,000 | 2024 | Serial | 5% | 121.155 | 2.16%
|
| $9.93 million | 2025 | Serial | 5% | 121.92 | 2.33%
|
| $10.42 million | 2026 | Serial | 5% | 122.519 | 2.48%
|
| $10,945,000 | 2027 | Serial | 5% | 121.018 | 2.63%
|
| $11.33 million | 2028 | Serial | 5% | 119.833 | 2.75%
|
| $12,065,000 | 2029 | Serial | 5% | 118.759 | 2.86%
|
| $12,675,000 | 2030 | Serial | 5% | 118.082 | 2.93%
|
| $13.3 million | 2031 | Serial | 3.25% | 98.23 | 3.40%
|
| $13.74 million | 2032 | Serial | 5% | 116.361 | 3.11%
|
| $14.42 million | 2033 | Serial | 5% | 115.888 | 3.1%
|
| $15,145,000 | 2034 | Serial | 5% | 115.418 | 3.21%
|
| $15,905,000 | 2035 | Serial | 5% | 115.137 | 3.24%
|
| $16.7 million | 2036 | Serial | 3.5% | 98.571 | 3.60%
|
| $61.28 million | 2040 | Term | 5% | 113.467 | 3.42%
|
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