Published on 5/9/2013 in the Prospect News Municipals Daily.
New Issue: University of Rhode Island brings $51.41 million revenue refunding bonds
By Sheri Kasprzak
New York, May 9 - The Rhode Island Health and Educational Building Corp. sold $51,405,000 of series 2013 higher educational facilities revenue refunding bonds for the University of Rhode Island, according to a pricing sheet.
The deal included $6,195,000 of series 2013A educational and general revenue refunding bonds (Aa3/A+/), $9,475,000 of series 2013B educational and general revenue refunding bonds (A1), $23,695,000 of series 2013C auxiliary enterprise revenue refunding bonds (Aa3/A+/) and $12.04 million of series 2013D auxiliary enterprise revenue refunding bonds (A2).
The 2013A bonds are due 2013 to 2023 with 2% to 3% coupons and 0.5% to 2.6% yields.
The 2013B bonds are due 2013 to 2023 with coupons from 2% to 3% and yields from 0.65% to 2.7%
The 2013C bonds are due 2013 to 2024 with 2% to 5% coupons and 0.448% to 2.71% yields.
The 2013D bonds are due 2013 to 2023 with coupons from 2% to 5% and yields from 0.5% to 2.75%.
The bonds were sold through senior manager Raymond James/Morgan Keegan.
Proceeds will be used to construct an addition to the university's social science and multicultural center, design and construct 1,000 parking spaces, construct a controlled-access parking lot and to current refund the university's series 1997 bonds.
| Issuer: | Rhode Island Health and Educational Building Corp./University of Rhode Island
|
| Issue: | Series 2013 higher educational facilities revenue refunding bonds
|
| Amount: | $51,405,000
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead), Oppenheimer & Co. and Roosevelt & Cross Inc. (co-managers)
|
| Pricing date: | May 9
|
| Settlement date: | June 18
|
|
|
| $6,195,000 series 2013A educational and general revenue refunding bonds (Aa3/A+/)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $580,000 | 2013 | Serial | 2% | 100.361 | 0.50%
|
| $545,000 | 2014 | Serial | 2% | 101.666 | 0.65%
|
| $555,000 | 2015 | Serial | 3% | 104.785 | 0.84%
|
| $570,000 | 2016 | Serial | 3% | 106.263 | 1.03%
|
| $590,000 | 2017 | Serial | 3% | 107.464 | 1.19%
|
| $610,000 | 2018 | Serial | 3% | 107.794 | 1.45%
|
| $625,000 | 2019 | Serial | 3% | 107.85 | 1.67%
|
| $645,000 | 2020 | Serial | 3% | 107.127 | 1.94%
|
| $670,000 | 2021 | Serial | 3% | 105.998 | 2.20%
|
| $685,000 | 2022 | Serial | 3% | 104.69 | 2.43%
|
| $120,000 | 2023 | Serial | 3% | 103.573 | 2.60%
|
|
|
| $9,475,000 series 2013B educational and general revenue refunding bonds (A1)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $810,000 | 2013 | Serial | 2% | 100.324 | 0.65%
|
| $760,000 | 2014 | Serial | 2% | 101.628 | 0.68%
|
| $775,000 | 2015 | Serial | 3% | 104.444 | 0.99%
|
| $805,000 | 2016 | Serial | 3% | 105.836 | 1.16%
|
| $830,000 | 2017 | Serial | 3% | 106.906 | 1.32%
|
| $855,000 | 2018 | Serial | 3% | 107.271 | 1.55%
|
| $880,000 | 2019 | Serial | 2.25% | 102.823 | 1.77%
|
| $895,000 | 2020 | Serial | 3% | 106.43 | 2.04%
|
| $925,000 | 2021 | Serial | 3% | 105.225 | 2.30%
|
| $955,000 | 2022 | Serial | 3% | 103.849 | 2.53%
|
| $985,000 | 2023 | Serial | 3% | 102.666 | 2.70%
|
|
|
| $23,695,000 series 2013C auxiliary enterprise revenue refunding bonds (Aa3/A+/)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.82 million | 2013 | Serial | 2% | 100.374 | 0.448%
|
| $1.6 million | 2014 | Serial | 4% | 104.097 | 0.68%
|
| $1.65 million | 2015 | Serial | 4% | 106.932 | 0.87%
|
| $1.71 million | 2016 | Serial | 4% | 109.342 | 1.06%
|
| $1.79 million | 2017 | Serial | 5% | 115.667 | 1.20%
|
| $1.87 million | 2018 | Serial | 4% | 112.932 | 1.43%
|
| $1.95 million | 2019 | Serial | 5% | 119.657 | 1.67%
|
| $2.05 million | 2020 | Serial | 5% | 120.577 | 1.94%
|
| $2.15 million | 2021 | Serial | 5% | 120.996 | 2.20%
|
| $2,255,000 | 2022 | Serial | 5% | 121.154 | 2.43%
|
| $2,365,000 | 2023 | Serial | 5% | 121.454 | 2.60%
|
| $2,485,000 | 2024 | Serial | 5% | 120.356 | 2.71%
|
|
|
| $12.04 million series 2013D auxiliary enterprise revenue refunding bonds (A2)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $995,000 | 2013 | Serial | 2% | 100.361 | 0.50%
|
| $885,000 | 2014 | Serial | 4% | 103.906 | 0.83%
|
| $925,000 | 2015 | Serial | 5% | 108.796 | 1.02%
|
| $970,000 | 2016 | Serial | 5% | 112.01 | 1.21%
|
| $1.02 million | 2017 | Serial | 5% | 114.906 | 1.37%
|
| $1.07 million | 2018 | Serial | 4% | 112.018 | 1.60%
|
| $1.11 million | 2019 | Serial | 5% | 118.679 | 1.82%
|
| $1,175,000 | 2020 | Serial | 5% | 119.458 | 2.09%
|
| $1.23 million | 2021 | Serial | 5% | 119.746 | 2.35%
|
| $1.3 million | 2022 | Serial | 5% | 119.781 | 2.58%
|
| $1.36 million | 2023 | Serial | 5% | 119.96 | 2.75%
|
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