Published on 4/25/2013 in the Prospect News Municipals Daily.
New Issue: National Public Radio, D.C., offers $87.43 million of bonds
By Sheri Kasprzak
New York, April 25 - The District of Columbia came to market with $87.43 million of series 2013 refunding revenue bonds for National Public Radio, according to a pricing sheet.
The bonds (Aa3/AA-/) were sold through senior manager Morgan Stanley & Co. LLC.
The bonds are due 2017 to 2026 with term bonds due in 2034, 2037 and 2042. The serial coupons range from 3% to 5% with 1.01% to 2.8% yields. The 2034 bonds have a 5% coupon priced at 113.367 to yield 3.40%. The 2037 bonds have a 4% coupon priced at par. The 2042 bonds have a 4% coupon priced at 97.484 to yield 4.15%.
Proceeds will be used to refund NPR's series 2010 revenue bonds.
| Issuer: | District of Columbia/National Public Radio
|
| Issue: | Series 2013 refunding revenue bonds
|
| Amount: | $87.43 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Loop Capital Markets LLC and J.P. Morgan Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | April 19
|
| Settlement date: | May 2
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $85,000 | 2017 | Serial | 3% | 107.617 | 1.01%
|
| $90,000 | 2018 | Serial | 3% | 108.364 | 1.24%
|
| $90,000 | 2019 | Serial | 4% | 114.279 | 1.47%
|
| $95,000 | 2020 | Serial | 4% | 114.731 | 1.73%
|
| $100,000 | 2021 | Serial | 4% | 114.649 | 1.99%
|
| $105,000 | 2022 | Serial | 4% | 114.322 | 2.22%
|
| $105,000 | 2023 | Serial | 4% | 114.040 | 2.41%
|
| $935,000 | 2024 | Serial | 5% | 121.535 | 2.53%
|
| $985,000 | 2025 | Serial | 5% | 120.271 | 2.66%
|
| $1,035,000 | 2026 | Serial | 5% | 118.927 | 2.80%
|
| $13,595,000 | 2034 | Term | 5% | 113.367 | 3.40%
|
| $22 million | 2037 | Term | 4% | 100 | 4.00%
|
| $48.12 million | 2042 | Term | 4% | 97.484 | 4.15%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
