By Sheri Kasprzak
New York, March 24 - The Clifton Higher Education Finance Corp. of Texas sold $102.98 million of series 2011 tax-exempt revenue and refunding bonds for Baylor University, said a pricing sheet.
The bonds (/AA-/AA-) were sold through Barclays Capital Inc. and Merrill Lynch.
The bonds are due 2012 to 2030 with a term bond due in 2032. The serial coupons range from 3% to 5.25%. The 2032 bonds have a 5.25% coupon priced at 101.69.
Proceeds will be used to finance the construction of a new athletic-academic complex on the Baylor campus, acquire real property for the university, refund the university's series 2008B bonds and refinance the university's series A commercial paper.
| Issuer: | Clifton Higher Education Finance Corp./Baylor University
|
| Issue: | Series 2011 tax-exempt revenue and refunding bonds
|
| Amount: | $102.98 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. and Merrill Lynch
|
| Ratings: | Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | March 24
|
| Settlement date: | April 14
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.835 million | 2012 | Serial | 3% | NRO
|
| $2.9 million | 2013 | Serial | 4% | 105.554
|
| $3.015 million | 2014 | Serial | 4% | 107.314
|
| $3.14 million | 2015 | Serial | 5% | 111.581
|
| $3.295 million | 2016 | Serial | 5% | 112.591
|
| $3.46 million | 2017 | Serial | 5% | 112.889
|
| $25,000 | 2018 | Serial | 3% | 100.617
|
| $3.605 million | 2018 | Serial | 5% | 113.01
|
| $4.6 million | 2019 | Serial | 5% | 112.595
|
| $150,000 | 2020 | Serial | 4% | 104.484
|
| $4.605 million | 2020 | Serial | 5% | 112.09
|
| $4.91 million | 2021 | Serial | 5% | 111.285
|
| $5.075 million | 2022 | Serial | 5% | 109.373
|
| $5.23 million | 2023 | Serial | 5.25% | 109.687
|
| $5.415 million | 2024 | Serial | 5.25% | 108.246
|
| $5.6 million | 2025 | Serial | 5.25% | NRO
|
| $390,000 | 2026 | Serial | 4.5% | 100
|
| $5.405 million | 2026 | Serial | 5.25% | 105.924
|
| $5.995 million | 2027 | Serial | 5.25% | 105.19
|
| $6.18 million | 2028 | Serial | 5.25% | 104.462
|
| $6.39 million | 2029 | Serial | 5.25% | 103.741
|
| $6.605 million | 2030 | Serial | 5.25% | 102.946
|
| $14.155 million | 2032 | Serial | 5.25% | 101.69
|
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