Published on 11/12/2015 in the Prospect News Municipals Daily.
New Issue: North Carolina Agricultural and Tech State prices $88.3 million bonds
By Sheri Kasprzak
New York, Nov. 12 – The North Carolina Agricultural and Technical State University sold $88,305,000 of series 2015 general revenue bonds, according to a pricing sheet. The deal was downsized from $92.23 million.
The bonds (A1//A+) were sold through Wells Fargo Securities LLC.
The deal included $77.57 million of series 2015A bonds and $10,735,000 of series 2015B taxable bonds.
The 2015A bonds are due 2017 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 2% to 5%. The 2040 bonds have a 5% coupon priced at 110.647, and the 2045 bonds have a 4% coupon priced at 99.134.
The 2015B bonds are due 2016 to 2022 with coupons from 0.8% to 3.169%, all priced at par.
Proceeds will be used to refinance two general revenue bond anticipation notes initially issued to finance the construction, equipment and improvement of a student center, as well as to finance the completion of the project.
| Issuer: | North Carolina Agricultural and Technical State University
|
| Issue: | Series 2015 general revenue bonds
|
| Amount: | $88,305,000
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC (lead), Blaylock Beal Van LLC, PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc. (co-managers)
|
| Ratings: | Moody’s: A1
|
| Fitch: A+
|
| Pricing date: | Nov. 10
|
| Settlement date: | Nov. 24
|
|
|
| $77.57 million series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $155,000 | 2017 | Serial | 2% | 102.053
|
| $155,000 | 2018 | Serial | 3% | 105.234
|
| $170,000 | 2019 | Serial | 3% | 106.057
|
| $160,000 | 2020 | Serial | 5% | 115.559
|
| $205,000 | 2021 | Serial | 3% | 105.95
|
| $1.12 million | 2022 | Serial | 3% | 105.388
|
| $2.04 million | 2023 | Serial | 4% | 111.615
|
| $2,115,000 | 2024 | Serial | 5% | 119.565
|
| $2.22 million | 2025 | Serial | 5% | 119.874
|
| $2,335,000 | 2026 | Serial | 5% | 118.258
|
| $2,595,000 | 2027 | Serial | 5% | 117.226
|
| $2,705,000 | 2028 | Serial | 3% | 97.8
|
| $2,785,000 | 2029 | Serial | 3.125% | 97.195
|
| $2,875,000 | 2030 | Serial | 3.25% | 97.347
|
| $2,995,000 | 2031 | Serial | 5% | 114.105
|
| $3.16 million | 2032 | Serial | 5% | 113.565
|
| $3.29 million | 2033 | Serial | 3.5% | 97.528
|
| $2,935,000 | 2034 | Serial | 5% | 112.671
|
| $3.09 million | 2035 | Serial | 5% | 112.227
|
| $17,975,000 | 2040 | Term | 5% | 110.647
|
| $22.49 million | 2045 | Term | 4% | 99.134
|
|
|
| $10,735,000 series 2015B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.54 million | 2016 | Serial | 0.80% | 100
|
| $1.56 million | 2017 | Serial | 1.466% | 100
|
| $1,585,000 | 2018 | Serial | 1.854% | 100
|
| $1.62 million | 2019 | Serial | 2.251% | 100
|
| $1.66 million | 2020 | Serial | 2.601% | 100
|
| $1,705,000 | 2021 | Serial | 2.919% | 100
|
| $1,065,000 | 2022 | Serial | 3.169% | 100
|
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