Published on 5/21/2014 in the Prospect News Municipals Daily.
New Issue: Kansas Development Finance brings $133.55 million of Kansas State bonds
By Sheri Kasprzak
New York, May 21 - The Kansas Development Finance Authority sold $133.55 million of series 2014D revenue bonds for the Kansas State University, said a pricing sheet.
The deal included $18,615,000 of series 2014D-1 Kansas State University College of Engineering project bonds and $114,935,000 of series 2014D-2 Kansas State University student housing project bonds.
The 2014D-1 bonds are due 2015 to 2029 with 3% to 5% coupons. The 2014D-2 bonds are due 2015 to 2035 with term bonds due in 2038 and 2044. The serial coupons range from 3% to 5%. The 2038 bonds have a 4% coupon and priced at 99.235, and the 2044 bonds have a 4% coupon and priced at 98.249.
The bonds (Aa2/AA-/) were sold competitively. Wells Fargo Bank, NA won at a 3.610007% true interest cost.
Proceeds will be used to finance the construction and equipment of a new engineering department building and the construction and equipment of student housing at the university's Manhattan campus.
| Issuer: | Kansas Development Finance Authority/Kansas State University
|
| Issue: | Series 2014D revenue bonds
|
| Amount: | $133.55 million
|
| Type: | Competitive
|
| Underwriter: | Wells Fargo Bank, NA
|
| TIC: | 3.610007%
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Pricing date: | May 21
|
| Settlement date: | June 5
|
|
|
| $18,615,000 series 2014D-1 Kansas State University College of Engineering project bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.01 million | 2015 | Serial | 5% | 103.856
|
| $915,000 | 2016 | Serial | 5% | 108.342
|
| $960,000 | 2017 | Serial | 4% | 108.911
|
| $1 million | 2018 | Serial | 5% | 114.556
|
| $1.05 million | 2019 | Serial | 5% | 116.626
|
| $1,105,000 | 2020 | Serial | 5% | 118.217
|
| $1.16 million | 2021 | Serial | 5% | 118.689
|
| $1,215,000 | 2022 | Serial | 5% | 120.017
|
| $1,275,000 | 2023 | Serial | 5% | 118.438
|
| $1.34 million | 2024 | Serial | 5% | 117.503
|
| $1,405,000 | 2025 | Serial | 5% | 116.653
|
| $1.48 million | 2026 | Serial | 3% | 98.526
|
| $1.52 million | 2027 | Serial | 3% | 97.598
|
| $1,565,000 | 2028 | Serial | 3.125% | 97.523
|
| $1,615,000 | 2029 | Serial | 3.25% | 97.691
|
|
|
| $114,935,000 series 2014D-2 Kanas State University housing project bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $260,000 | 2015 | Serial | 5% | 103.856
|
| $1.1 million | 2016 | Serial | 5% | 108.342
|
| $3,095,000 | 2017 | Serial | 4% | 108.911
|
| $3,225,000 | 2018 | Serial | 5% | 114.556
|
| $3,385,000 | 2019 | Serial | 5% | 116.626
|
| $3.55 million | 2020 | Serial | 5% | 118.217
|
| $3.74 million | 2021 | Serial | 5% | 118.689
|
| $3.92 million | 2022 | Serial | 5% | 120.017
|
| $4.11 million | 2023 | Serial | 5% | 118.438
|
| $4.32 million | 2024 | Serial | 5% | 117.503
|
| $4,535,000 | 2025 | Serial | 3% | 116.653
|
| $4,765,000 | 2026 | Serial | 3% | 98.526
|
| $4,905,000 | 2027 | Serial | 3% | 97.598
|
| $5,055,000 | 2028 | Serial | 3.125% | 97.523
|
| $5.21 million | 2029 | Serial | 3.25% | 97.691
|
| $5,385,000 | 2030 | Serial | 4% | 103.738
|
| $5,595,000 | 2031 | Serial | 3.5% | 97.508
|
| $5,785,000 | 2032 | Serial | 4% | 102.427
|
| $4.81 million | 2033 | Serial | 4% | 101.949
|
| $4,995,000 | 2034 | Serial | 4% | 101.202
|
| $2,765,000 | 2035 | Serial | 4% | 100.865
|
| $8,975,000 | 2038 | Term | 4% | 99.235
|
| $21.45 million | 2044 | Term | 4% | 98.249
|
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