Published on 1/28/2014 in the Prospect News Municipals Daily.
New Issue: East Carolina University, N.C., brings $53.69 million of revenue bonds
By Sheri Kasprzak
New York, Jan. 28 - The East Carolina University of North Carolina sold $53,685,000 of series 2014A general revenue bonds, said a pricing sheet.
The bonds (Aa2/AA-/) were sold through senior managers Wells Fargo Securities LLC and Raymond James/Morgan Keegan.
The bonds are due 2016 to 2036 with term bonds due in 2041 and 2043. The serial coupons range from 2% to 5% with 0.51% to 4.22% yields. The 2041 bonds have a 5% coupon priced at 106.198 to yield 4.21%, and the 2043 bonds have a 4.25% coupon priced at 97.687 to yield 4.39%.
Proceeds will be used to demolish a residence hall on campus in Greenville, N.C., and construct a new hall.
| Issuer: | East Carolina University
|
| Issue: | Series 2014A general revenue bonds
|
| Amount: | $53,685,000
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC and Raymond James/Morgan Keegan (lead)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 13
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $970,000 | 2016 | Serial | 2% | 103.892 | 0.51%
|
| $995,000 | 2017 | Serial | 3% | 107.936 | 0.78%
|
| $1.03 million | 2018 | Serial | 4% | 112.918 | 1.13%
|
| $1,075,000 | 2019 | Serial | 5% | 118.837 | 1.5%
|
| $1.13 million | 2020 | Serial | 5% | 118.889 | 1.95%
|
| $1.19 million | 2021 | Serial | 5% | 119.109 | 2.26%
|
| $1.25 million | 2022 | Serial | 5% | 118.704 | 2.57%
|
| $1,315,000 | 2023 | Serial | 5% | 118.924 | 2.75%
|
| $1,385,000 | 2024 | Serial | 5% | 117.72 | 2.88%
|
| $1.44 million | 2025 | Serial | 3% | 98.45 | 3.16%
|
| $1.5 million | 2026 | Serial | 5% | 114.193 | 3.27%
|
| $1,575,000 | 2027 | Serial | 5% | 113.485 | 3.35%
|
| $1,655,000 | 2028 | Serial | 5% | 112.52 | 3.46%
|
| $1.74 million | 2029 | Serial | 5% | 111.652 | 3.56%
|
| $1.83 million | 2030 | Serial | 5% | 110.877 | 3.65%
|
| $1,925,000 | 2031 | Serial | 5% | 110.109 | 3.74%
|
| $2,025,000 | 2032 | Serial | 5% | 109.431 | 3.82%
|
| $2,125,000 | 2033 | Serial | 5% | 108.758 | 3.9%
|
| $2,225,000 | 2034 | Serial | 4% | 98.338 | 4.12%
|
| $2,315,000 | 2035 | Serial | 4% | 97.588 | 4.17%
|
| $2.41 million | 2036 | Serial | 4.125% | 98.619 | 4.22%
|
| $13.98 million | 2041 | Term | 5% | 106.198 | 4.21%
|
| $6.6 million | 2043 | Term | 4.25% | 97.687 | 4.39%
|
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