Published on 7/26/2016 in the Prospect News Municipals Daily.
New Issue: Pennsylvania Higher Educational prices $117.13 million of Drexel bonds
By Sheri Kasprzak
New York, July 26 – The Pennsylvania Higher Educational Facilities Authority sold $117.13 million of series 2016 revenue refunding bonds for Drexel University, said a pricing sheet.
The bonds (A3/A) were sold through Wells Fargo Securities LLC.
The bonds are due 2022 to 2037 with 2% to 5% coupons and yields from 1.46% to 3.11%.
Proceeds will be used to refund the university’s series 2005A and 2007A revenue bonds.
| Issuer: | Pennsylvania Higher Educational Facilities Authority/Drexel University
|
| Issue: | Series 2016 revenue refunding bonds
|
| Amount: | $117.13 million
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC (lead), J.P. Morgan Securities LLC and Ramirez & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: A3
|
| S&P: A
|
| Pricing date: | July 21
|
| Settlement date: | Aug. 2
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $10,000 | 2022 | Serial | 2% | 102.965 | 1.46%
|
| $720,000 | 2023 | Serial | 5% | 121.875 | 1.57%
|
| $2,565,000 | 2024 | Serial | 5% | 123.774 | 1.71%
|
| $2,705,000 | 2025 | Serial | 5% | 125.237 | 1.86%
|
| $2,845,000 | 2026 | Serial | 5% | 126.445 | 2.00%
|
| $2.99 million | 2027 | Serial | 5% | 125.338 | 2.11%
|
| $3.14 million | 2028 | Serial | 5% | 124.242 | 2.22%
|
| $3.29 million | 2029 | Serial | 5% | 123.354 | 2.31%
|
| $1.5 million | 2030 | Serial | 5% | 122.864 | 2.36%
|
| $5.24 million | 2031 | Serial | 5% | 122.473 | 2.40%
|
| $5,755,000 | 2032 | Serial | 5% | 121.697 | 2.48%
|
| $14.81 million | 2033 | Serial | 5% | 121.311 | 2.52%
|
| $16,645,000 | 2034 | Serial | 5% | 120.926 | 2.56%
|
| $17.48 million | 2035 | Serial | 5% | 120.734 | 2.58%
|
| $18,355,000 | 2036 | Serial | 4% | 109.189 | 2.91%
|
| $19.08 million | 2037 | Serial | 3% | 98.324 | 3.11%
|
|
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