Published on 5/20/2014 in the Prospect News Municipals Daily.
New Issue: South Carolina brings to market $113.2 million general obligation bonds
By Sheri Kasprzak
New York, May 20 - The State of South Carolina sold $113,205,000 of series 2014 general obligation bonds, said a pricing sheet.
The offering included $16,765,000 of series 2014A G.O. state institution bonds for the University of South Carolina, $33.03 million of series 2014B G.O. state institution bonds for Clemson University and $63.41 million of series 2014A G.O. highway refunding bonds.
The 2014A University of South Carolina bonds are due 2015 to 2034 with 3% to 5% coupons and 0.1% to 3.4% yields.
The 2014B Clemson bonds are due 2015 to 2034 with coupons from 3% to 5% coupons and yields from 0.1% to 3.4%.
The 2014A highway bonds are due 2016 to 2022 with 5% coupons and 0.37% to 1.93% yields.
The bonds (/AA+/) were sold competitively.
Proceeds will be used to reimburse the universities for capital projects, as well as to refund the state's series 2005A highway G.O. bonds.
| Issuer: | State of South Carolina
|
| Issue: | Series 2014 general obligation bonds
|
| Amount: | $113,205,000
|
| Type: | Competitive
|
| Rating: | Standard & Poor's: AA+
|
| Pricing date: | May 20
|
| Settlement date: | June 1
|
|
|
| $16,765,000 series 2014A G.O. state institution bonds for University of South Carolina
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $785,000 | 2015 | Serial | 4% | 103.15 | 0.1%
|
| $710,000 | 2016 | Serial | 5% | 108.545 | 0.26%
|
| $715,000 | 2017 | Serial | 5% | 112.383 | 0.55%
|
| $750,000 | 2018 | Serial | 5% | 115.558 | 0.84%
|
| $730,000 | 2019 | Serial | 5% | 118.111 | 1.12%
|
| $735,000 | 2020 | Serial | 5% | 120.198 | 1.37%
|
| $750,000 | 2021 | Serial | 5% | 121.631 | 1.63%
|
| $760,000 | 2022 | Serial | 5% | 122.964 | 1.83%
|
| $780,000 | 2023 | Serial | 5% | 124.024 | 2.01%
|
| $795,000 | 2024 | Serial | 5% | 125.38 | 2.12%
|
| $815,000 | 2025 | Serial | 5% | 124.278 | 2.23%
|
| $835,000 | 2026 | Serial | 4% | 112.325 | 2.57%
|
| $855,000 | 2027 | Serial | 4% | 111.407 | 2.67%
|
| $880,000 | 2028 | Serial | 3% | 100.251 | 2.97%
|
| $905,000 | 2029 | Serial | 3% | 99.287 | 3.06%
|
| $930,000 | 2030 | Serial | 3.25% | 101.003 | 3.13%
|
| $960,000 | 2031 | Serial | 3.25% | 100.415 | 3.2%
|
| $990,000 | 2032 | Serial | 3.5% | 101.913 | 3.27%
|
| $1,025,000 | 2033 | Serial | 3.5% | 101.325 | 3.34%
|
| $1.06 million | 2034 | Serial | 3.5% | 100.824 | 3.4%
|
|
|
| $33.03 million series 2014B G.O. state institution bonds for Clemson University
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,285,000 | 2015 | Serial | 4% | 103.15 | 0.1%
|
| $1.08 million | 2016 | Serial | 5% | 108.545 | 0.26%
|
| $1.13 million | 2017 | Serial | 5% | 112.383 | 0.55%
|
| $1.19 million | 2018 | Serial | 5% | 115.558 | 0.84%
|
| $1,245,000 | 2019 | Serial | 5% | 118.111 | 1.12%
|
| $1.31 million | 2020 | Serial | 5% | 120.198 | 1.37%
|
| $1,375,000 | 2021 | Serial | 5% | 121.631 | 1.63%
|
| $1,445,000 | 2022 | Serial | 5% | 122.964 | 1.83%
|
| $1,515,000 | 2023 | Serial | 5% | 124.024 | 2.01%
|
| $1.59 million | 2024 | Serial | 5% | 125.38 | 2.12%
|
| $1.67 million | 2025 | Serial | 5% | 124.278 | 2.23%
|
| $1,755,000 | 2026 | Serial | 4% | 112.325 | 2.57%
|
| $1,825,000 | 2027 | Serial | 4% | 111.407 | 2.67%
|
| $1.9 million | 2028 | Serial | 3% | 100.251 | 2.97%
|
| $1,955,000 | 2029 | Serial | 3% | 99.287 | 3.06%
|
| $2,015,000 | 2030 | Serial | 3.25% | 101.003 | 3.13%
|
| $2.08 million | 2031 | Serial | 3.25% | 100.415 | 3.2%
|
| $2,145,000 | 2032 | Serial | 3.5% | 101.913 | 3.27%
|
| $2.22 million | 2033 | Serial | 3.5% | 101.325 | 3.34%
|
| $2.3 million | 2034 | Serial | 3.5% | 100.824 | 3.4%
|
|
|
| $63.41 million series 2014A G.O. highway refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7.76 million | 2016 | Serial | 5% | 110.631 | 0.37%
|
| $8,155,000 | 2017 | Serial | 5% | 114.107 | 0.68%
|
| $8,575,000 | 2018 | Serial | 5% | 116.963 | 0.97%
|
| $9,015,000 | 2019 | Serial | 5% | 118.973 | 1.29%
|
| $9,475,000 | 2020 | Serial | 5% | 120.989 | 1.5%
|
| $9.96 million | 2021 | Serial | 5% | 122.279 | 1.74%
|
| $10.47 million | 2022 | Serial | 5% | 123.459 | 1.93%
|
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