New Issue: Georgia Private Colleges and Universities sells $87.34 million refunding bonds

By Sheri Kasprzak

New York, Feb. 15 - The Georgia Private Colleges and Universities Authority priced $87,335,000 of series 2012 revenue refunding bonds for Mercer University, according to a term sheet.

The bonds (Baa2) were sold through George K. Baum & Co. Inc.

The sale included $77,545,000 of series 2012A bonds and $9.79 million of series 2012B taxable bonds.

The 2012A bonds are due 2012 to 2021 with term bonds due in 2027 and 2032. The serial coupons range from 4% to 5%. The 2027 bonds have a 5.25% coupon to yield 4.55%. The 2032 bonds have a 5% coupon priced at par.

The 2012B bonds are due Oct. 1, 2029 and have a 4% coupon priced at par.

Proceeds will be used to refund existing revenue bonds.

Issuer:	Georgia Private Colleges and Universities Authority/Mercer University
Issue:	Series 2012 revenue refunding bonds
Amount:	$87,335,000
Type:	Negotiated
Underwriter:	George K. Baum & Co. Inc. (lead)
Rating:	Moody's: Baa2
Pricing date:	Feb. 9
Settlement date:	Feb. 16
$77,545,000 series 2012A bonds
Amount	Maturity	Type	Coupon	Price/Yield
$2.47 million	2012	Serial	4%	101.768
$2.81 million	2013	Serial	4%	103.751
$2,925,000	2014	Serial	4%	104.956
$3,035,000	2015	Serial	4%	105.271
$3.16 million	2016	Serial	4%	105.391
$3,285,000	2017	Serial	4%	105.137
$3,415,000	2018	Serial	5%	110.351
$3.59 million	2019	Serial	5%	109.538
$3.77 million	2020	Serial	5%	108.673
$3,955,000	2021	Serial	5%	107.919
$28.46 million	2027	Term	5.25%	4.55%
$16.67 million	2032	Term	5%	100
$9.79 million series 2012B taxable bonds
Maturity	Type	Coupon	Price
Oct. 1, 2029	Term	4%	100

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