Published on 9/23/2014 in the Prospect News Municipals Daily.
New Issue: Clifton Higher Education Finance, Texas, sells $90.6 million of bonds
By Sheri Kasprzak
New York, Sept. 23 – The Clifton Higher Education Finance Corp. of Texas sold $90.6 million of series 2014 education revenue and refunding bonds, according to a pricing sheet.
The bonds were sold through Baird & Co.
The bonds are due 2016 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 2% to 5% with 0.42% to 3.74% yields. The 2039 bonds have a 5% coupon priced at 112.628 to yield 3.47% and the 2044 bonds have a 4% coupon priced at par.
Proceeds will be used to finance the acquisition and development of the corporation’s MLK, Brownsville and Austin campuses; acquire land for future campuses in San Antonio and Mission, as well as acquire a new headquarters.
| Issuer: | Clifton Higher Education Finance Corp., Texas
|
| Issue: | Series 2014 education revenue and refunding bonds
|
| Amount: | $90.6 million
|
| Type: | Negotiated
|
| Underwriters: | Baird & Co. (lead), Raymond James/Morgan Keegan and RBC Capital Markets LLC (co-managers)
|
| Pricing date: | Sept. 19
|
| Settlement date: | Oct. 1
|
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.05 million | 2016 | Serial | 2% | 102.851 | 0.42%
|
| $1,075,000 | 2017 | Serial | 3% | 106.31 | 0.73%
|
| $1,115,000 | 2018 | Serial | 4% | 111.078 | 1.03%
|
| $2.1 million | 2019 | Serial | 4% | 112.21 | 1.37%
|
| $2,195,000 | 2020 | Serial | 5% | 118.07 | 1.72%
|
| $2,305,000 | 2021 | Serial | 5% | 118.808 | 2.03%
|
| $2,425,000 | 2022 | Serial | 5% | 119.364 | 2.28%
|
| $2.55 million | 2023 | Serial | 5% | 120.012 | 2.46%
|
| $2,685,000 | 2024 | Serial | 5% | 120.666 | 2.60%
|
| $2,825,000 | 2025 | Serial | 5% | 119.804 | 2.69%
|
| $2.97 million | 2026 | Serial | 5% | 119.043 | 2.77%
|
| $3,125,000 | 2027 | Serial | 5% | 118.289 | 2.85%
|
| $3.28 million | 2028 | Serial | 5% | 117.54 | 2.93%
|
| $3,455,000 | 2029 | Serial | 5% | 116.889 | 3.00%
|
| $3,635,000 | 2030 | Serial | 5% | 115.966 | 3.10%
|
| $3,825,000 | 2031 | Serial | 5% | 115.235 | 3.18%
|
| $3.99 million | 2032 | Serial | 3.5% | 98.172 | 3.64%
|
| $4.13 million | 2033 | Serial | 3.5% | 97.435 | 3.69%
|
| $4.28 million | 2034 | Serial | 3.5% | 96.658 | 3.74%
|
| $20,105,000 | 2039 | Term | 5% | 112.628 | 3.47%
|
| $17.48 million | 2044 | Term | 4% | 100 | 4.00%
|
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