Published on 8/12/2015 in the Prospect News Municipals Daily.
New Issue: Kansas Development prices $1.01 billion of taxable pension revenue bonds
By Sheri Kasprzak
New York, Aug. 12 – The Kansas Development Finance Authority sold $1,005,230,000 of series 2015H taxable State of Kansas – Public Employees Retirement System revenue bonds, according to a pricing sheet.
The bonds (Aa3/AA-/) were sold through BofA Merrill Lynch and Wells Fargo Securities LLC.
The bonds are due 2017 to 2030 with term bonds due in 2037 and 2045. The serial coupons range from 1.435% to 4.391% all priced at par. The 2037 bonds have a 4.727% coupon and the 2045 bonds have a 4.927% coupon, both priced at par.
Proceeds will be used to finance state employee pensions.
| Issuer: | Kansas Development Finance Authority
|
| Issue: | Series 2015H taxable State of Kansas – Public Employees Retirement System revenue bonds
|
| Amount: | $1,005,230,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Wells Fargo Securities LLC (lead), Citigroup Global Markets Inc., Hutchinson, Shockey, Erley & Co., Piper Jaffray & Co. and Stifel, Nicolaus & Co. (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
|
| Pricing date: | Aug. 12
|
| Settlement date: | Aug. 20
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $18.15 million | 2017 | Serial | 1.435% | 100
|
| $20,265,000 | 2018 | Serial | 1.877% | 100
|
| $20.67 million | 2019 | Serial | 2.258% | 100
|
| $21.14 million | 2020 | Serial | 2.608% | 100
|
| $21.7 million | 2021 | Serial | 2.927% | 100
|
| $22.34 million | 2022 | Serial | 3.227% | 100
|
| $23,065,000 | 2023 | Serial | 3.491% | 100
|
| $23,875,000 | 2024 | Serial | 3.641% | 100
|
| $24,745,000 | 2025 | Serial | 3.741% | 100
|
| $25,675,000 | 2026 | Serial | 3.941% | 100
|
| $26.69 million | 2027 | Serial | 4.091% | 100
|
| $27.79 million | 2028 | Serial | 4.191% | 100
|
| $28,955,000 | 2029 | Serial | 4.291% | 100
|
| $30,205,000 | 2030 | Serial | 4.391% | 100
|
| $254.69 million 2037 | Term | 4.727% | 100
|
| $415,275,000 | 2045 | Term | 4.927% | 100
|
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