Published on 6/23/2015 in the Prospect News Municipals Daily.
New Issue: East Carolina University, N.C., brings $71.67 million of revenue bonds
By Sheri Kasprzak
New York, June 23 – East Carolina University of North Carolina sold $71.67 million of series 2015 general revenue bonds, said a pricing sheet.
The deal included $66.25 million of series 2015A bonds and $5.42 million of series 2015B taxable bonds.
The 2015A bonds are due 2015 to 2038 with term bonds due in 2041 and 2044. The serial coupons range from 3%to 5% with yields from 0.75% to 3.8%. The 2041 bonds have a 3.75% coupon priced at 97.548 to yield 3.9%, and the 2044 bonds have a 4% coupon priced at par.
The 2015B bonds are due 2015 to 2021 with 3% to 4% coupons and yields from 0.3% to 2.45%.
The bonds (Aa2/AA-/) were sold competitively. The issuer did not immediately respond to calls for the winning bidder.
Proceeds will be used to finance the construction of a new student services building at the health sciences campus in Greenville, as well as to refund the university’s series 2006A and 2009A revenue bonds.
| Issuer: | East Carolina University
|
| Issue: | Series 2015 general revenue bonds
|
| Amount: | $71.67 million
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA-
|
| Pricing date: | June 23
|
| Settlement date: | July 23
|
|
|
| $66.25 million series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $580,000 | 2015 | Serial | 5% | 100.799 | 0.75%
|
| $700,000 | 2016 | Serial | 5% | 105.326 | 0.5%
|
| $845,000 | 2017 | Serial | 5% | 108.865 | 0.9%
|
| $895,000 | 2018 | Serial | 5% | 111.685 | 1.25%
|
| $935,000 | 2019 | Serial | 5% | 114.375 | 1.45%
|
| $2.55 million | 2020 | Serial | 5% | 116.159 | 1.73%
|
| $2.68 million | 2021 | Serial | 5% | 117.379 | 2%
|
| $2,795,000 | 2022 | Serial | 3% | 105.086 | 2.23%
|
| $2,905,000 | 2023 | Serial | 5% | 119.632 | 2.35%
|
| $3.05 million | 2024 | Serial | 5% | 120.407 | 2.5%
|
| $3,205,000 | 2025 | Serial | 5% | 121.058 | 2.63%
|
| $3.37 million | 2026 | Serial | 5% | 119.772 | 2.76%
|
| $3,515,000 | 2027 | Serial | 3% | 100 | 3%
|
| $3.61 million | 2028 | Serial | 3% | 98.921 | 3.1%
|
| $3.73 million | 2029 | Serial | 3% | 97.73 | 3.2%
|
| $3,205,000 | 2030 | Serial | 3.125% | 97.919 | 3.3%
|
| $3.31 million | 2031 | Serial | 3.25% | 98.141 | 3.4%
|
| $3,415,000 | 2032 | Serial | 3.25% | 96.788 | 3.5%
|
| $3,525,000 | 2033 | Serial | 3.3% | 96.667 | 3.55%
|
| $3.41 million | 2034 | Serial | 3.375% | 96.898 | 3.6%
|
| $1,185,000 | 2035 | Serial | 3.375% | 96.092 | 3.65%
|
| $1,225,000 | 2036 | Serial | 3.5% | 97.076 | 3.7%
|
| $1.27 million | 2037 | Serial | 3.5% | 96.252 | 3.75%
|
| $1,315,000 | 2038 | Serial | 3.625% | 97.314 | 3.8%
|
| $4.25 million | 2041 | Term | 3.75% | 97.548 | 3.9%
|
| $4,775,000 | 2044 | Term | 4% | 100 | 4%
|
|
|
| $5.42 million series 2015B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $100,000 | 2015 | Serial | 4% | 100.697 | 0.3%
|
| $100,000 | 2016 | Serial | 4% | 103.96 | 0.65%
|
| $1.14 million | 2017 | Serial | 3% | 104.097 | 1.1%
|
| $1.17 million | 2018 | Serial | 3% | 104.652 | 1.5%
|
| $940,000 | 2019 | Serial | 3% | 104.613 | 1.85%
|
| $970,000 | 2020 | Serial | 3% | 103.9 | 2.2%
|
| $1 million | 2021 | Serial | 3% | 103.138 | 2.45%
|
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