Published on 2/22/2012 in the Prospect News Municipals Daily.
New Issue: Kansas Development prices $54.25 million refunding bonds for University of Kansas
By Sheri Kasprzak
New York, Feb. 22 - The Kansas Development Finance Authority sold $54.25 million of series 2012D refunding revenue bonds for the University of Kansas, according to a term sheet.
The bonds (Aa1/AA/) were sold competitively with Bank of America Merrill Lynch winning the bid. The true interest cost came in at 2.674841%.
The bonds are due 2012 to 2029 with 2% to 4.5% coupons.
Proceeds will refund the university's series 1999C, 2002A, 2002D, 2003C and 2003J revenue bonds.
| Issuer: | Kansas Development Finance Authority/University of Kansas
|
| Issue: | Series 2012D refunding revenue bonds
|
| Amount: | $54.25 million
|
| Type: | Competitive
|
| Underwriter: | Bank of America Merrill Lynch (winner)
|
| True interest cost: | 2.674841%
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Pricing date: | Feb. 22
|
| Settlement date: | March 7
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $155,000 | 2012 | Serial | 2% | 100.277
|
| $1.58 million | 2013 | Serial | 3% | 103.191
|
| $1,625,000 | 2014 | Serial | 4% | 107.788
|
| $1,695,000 | 2015 | Serial | 4% | 110.692
|
| $1,755,000 | 2016 | Serial | 4% | 113.386
|
| $2.39 million | 2017 | Serial | 4% | 115.51
|
| $2.48 million | 2018 | Serial | 4% | 116.293
|
| $2,575,000 | 2019 | Serial | 4% | 116.519
|
| $3,235,000 | 2020 | Serial | 4% | 116.44
|
| $3.37 million | 2021 | Serial | 4% | 116.282
|
| $3.52 million | 2022 | Serial | 4.5% | 119.811
|
| $3.69 million | 2023 | Serial | 4% | 115.251
|
| $3.85 million | 2024 | Serial | 4% | 114.839
|
| $4.02 million | 2025 | Serial | 4% | 114.187
|
| $3,145,000 | 2026 | Serial | 4% | 113.686
|
| $3.27 million | 2027 | Serial | 3% | 98.201
|
| $3.37 million | 2028 | Serial | 3.125% | 98.436
|
| $3,475,000 | 2029 | Serial | 3.25% | 98.829
|
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