Kentucky Property and Buildings to sell $663.45 million bonds

By Sheri Kasprzak

New York, Feb. 17 – The Kentucky Property and Buildings Commission is set to price $663.45 million of series 2016 revenue and refunding bonds, according to a preliminary official statement.

The offering includes $112,805,000 of series 2016A project No. 112 revenue bonds and $550,645,000 of series 2016B project No. 112 revenue refunding bonds.

The bonds (Aa3//A+) will be sold on a negotiated basis with Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC as the lead managers. The co-managers are Raymond James/Morgan Keegan; J.J.B. Hilliard, W.L. Lyons LLC; PNC Capital Markets LLC; First Kentucky Securities Corp.; Fifth Third Securities LLC; FTN Financial Capital Markets; and Ross, Sinclaire & Associates.

The 2016A bonds are due 2017 to 2036, and the 2016B bonds are due 2016 to 2028.

Proceeds will be used to construct a new research building for the University of Kentucky, as well as to refund the commission’s project Nos. 87, 88, 89, 90 and 93 revenue bonds.

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