Published on 3/2/2016 in the Prospect News Municipals Daily.
New Issue: Kentucky Property and Buildings sells $677.33 million refunding bonds
By Sheri Kasprzak
New York, March 2 – The Kentucky Property and Buildings Commission sold $677.33 million of series 2016 revenue and refunding bonds, according to a pricing sheet.
The deal included $116.45 million of series 2016A project No. 112 revenue bonds and $560.88 million of series 2016B project No. 112 revenue refunding bonds.
The 2016A bonds are due 2017 to 2036 with 2% to 5% coupons. The 2016B bonds are due 2016 to 2028 with 3% to 5% coupons.
The bonds (Aa3//A+) were sold through senior managers Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC.
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.
| Issuer: | Kentucky Property and Buildings Commission
|
| Issue: | Series 2016 revenue and refunding bonds
|
| Amount: | $677.33 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC (lead), 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 (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Fitch: A+
|
| Pricing date: | March 1
|
| Settlement date: | March 23
|
|
|
| $116.45 million series 2016A project No. 112 revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.66 million | 2017 | Serial | 3% | 102.105
|
| $4,045,000 | 2018 | Serial | 2% | 101.908
|
| $4,125,000 | 2019 | Serial | 2% | 102.153
|
| $4.21 million | 2020 | Serial | 3% | 105.945
|
| $1.65 million | 2021 | Serial | 3% | 106.37
|
| $2,685,000 | 2021 | Serial | 5% | 115.669
|
| $500,000 | 2022 | Serial | 2.5% | 103.534
|
| $4.02 million | 2022 | Serial | 5% | 117.342
|
| $1,945,000 | 2023 | Serial | 2.5% | 102.54
|
| $2.79 million | 2023 | Serial | 5% | 118.424
|
| $3,025,000 | 2024 | Serial | 3% | 104.783
|
| $1,895,000 | 2024 | Serial | 5% | 119.063
|
| $1 million | 2025 | Serial | 3% | 103.948
|
| $4,105,000 | 2025 | Serial | 5% | 119.746
|
| $115,000 | 2026 | Serial | 3% | 102.929
|
| $5,225,000 | 2026 | Serial | 5% | 120.166
|
| $200,000 | 2027 | Serial | 3% | 101.796
|
| $5,405,000 | 2027 | Serial | 5% | 118.924
|
| $65,000 | 2028 | Serial | 3% | 101.021
|
| $5,815,000 | 2028 | Serial | 5% | 118.074
|
| $6,175,000 | 2029 | Serial | 5% | 117.324
|
| $6,485,000 | 2030 | Serial | 5% | 116.487
|
| $6.81 million | 2031 | Serial | 5% | 115.657
|
| $7.15 million | 2032 | Serial | 5% | 115.29
|
| $7,505,000 | 2033 | Serial | 5% | 115.016
|
| $7.88 million | 2034 | Serial | 5% | 114.743
|
| $8,275,000 | 2035 | Serial | 5% | 114.38
|
| $8.69 million | 2036 | Serial | 5% | 114.109
|
|
|
| $560.88 million series 2016B project No. 112 revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.84 million | 2016 | Serial | 3% | 100.295
|
| $4.54 million | 2017 | Serial | 3% | 103.78
|
| $8.64 million | 2018 | Serial | 5% | 110.125
|
| $20.31 million | 2019 | Serial | 5% | 112.99
|
| $19.33 million | 2020 | Serial | 5% | 115.614
|
| $46,115,000 | 2021 | Serial | 5% | 117.279
|
| $47,075,000 | 2022 | Serial | 5% | 118.611
|
| $75,715,000 | 2023 | Serial | 5% | 119.354
|
| $52 million | 2024 | Serial | 5% | 119.846
|
| $59,075,000 | 2025 | Serial | 5% | 120.47
|
| $85.51 million | 2026 | Serial | 5% | 120.778
|
| $86.22 million | 2027 | Serial | 5% | 119.758
|
| $51.51 million | 2028 | Serial | 5% | 118.75
|
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