By Sheri Kasprzak
New York, May 2 - The Clarion Industrial Development Authority of Pennsylvania sold $60.45 million of series 2014 student housing revenue bonds for the Clarion University, according to an official statement.
The deal included $12,905,000 of series 2014A bonds, $2,545,000 of series 2014B bonds and $45 million of series 2014C-1 bond anticipation notes.
The 2014A bonds are due July 1, 2034 and July 1, 2045 with 5% coupons and 4.95% to 5.1% yields.
The 2014B bonds are due July 1, 2025 and have a 5% coupon priced at 98.732 to yield 5.15%.
The 2014C-1 notes are due May 1, 2016 and have a 1.05% coupon priced at par.
The bonds (Baa3/MIG1) were sold through senior manager Raymond James/Morgan Keegan.
Proceeds will be used to finance the construction, rehabilitation and furnishing of student housing at Clarion University.
Issuer: | Clarion County Industrial Development Authority/Clarion University
|
Issue: | Series 2014 student housing revenue bonds
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Amount: | $60.45 million
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Type: | Negotiated
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Underwriter: | Raymond James/Morgan Keegan (lead)
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Rating: | Moody's: Baa3/MIG1
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Pricing date: | April 29
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Settlement date: | May 7
|
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$12,905,000 series 2014A bonds
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Amount | Maturity | Type | Coupon | Price | Yield
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$4.31 million | July 1, 2034 | Term | 5% | 100.388 | 4.95%
|
$8,595,000 | July 1, 2045 | Term | 5% | 98.441 | 5.10%
|
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$2,545,000 series 2014B bonds
|
Maturity | Type | Coupon | Price | Yield
|
July 1, 2025 | Term | 5% | 98.732 | 5.15%
|
|
$45 million series 2014C-1 bond anticipation notes
|
Maturity | Type | Coupon | Price
|
May 1, 2016 | Term | 1.05% | 100
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