Published on 10/28/2010 in the Prospect News Municipals Daily.
New Issue: Kentucky State Property prices $323.38 million revenue bonds
By Sheri Kasprzak
New York, Oct. 28 - The Kentucky State Property and Buildings Commission priced $323.38 million in series 2010 project No. 99 revenue bonds on Tuesday, according to a pricing sheet.
The sale included $98.065 million in series 2010A bonds, $10.325 million in series 2010B federally taxable bonds and $214.99 million in series 2010C Build America Bonds.
The bonds (Aa2//AA-) were sold on a negotiated basis with Morgan Stanley & Co. Inc. as the senior manager. The co-managers were Citigroup Global Markets Inc.; J.J.B. Hilliard, W.L. Lyons LLC; Morgan Keegan & Co. Inc.; PNC Capital Markets LLC; Edward D. Jones & Co. LP; First Kentucky Securities Corp.; Stifel, Nicolaus & Co. Inc.; Ross, Sinclair & Associates Inc.; Sterne, Agee & Leach Inc.; and Bank of America Merrill Lynch.
The 2010A bonds are due 2012 to 2018 with a term bond due in 2021. The serial coupons range from 2% to 5%. The 2021 bonds have a 5% coupon priced at 113.325. The 2010B bonds are due 2012 and have a 1.65% coupon priced at par. The 2010C bonds are due 2019 to 2020 with term bonds due 2025 and 2030. The serial coupons range from 4.303% to 4.403% priced at par. The 2025 bonds have a 5.373% coupon priced at par, and the 2030 bonds have a 5.921% coupon, also priced at par.
Proceeds will be used to finance capital projects.
| Issuer: | Kentucky State Property and Buildings Commission
|
| Issue: | Series 2010 project No. 99 revenue bonds
|
| Amount: | $323.38 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead), Citigroup Global Markets Inc., J.J.B. Hilliard, W.L. Lyons LLC, Morgan Keegan & Co. Inc., PNC Capital Markets LLC, Edward D. Jones & Co. LP, First Kentucky Securities Corp., Stifel, Nicolaus Co. Inc., Ross, Sinclair & Associates Inc., Sterne, Agee & Leach Inc. and Bank of America Merrill Lynch (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA-
|
| Pricing date: | Oct. 26
|
| Settlement date: | Nov. 17
|
|
|
| $98.065 million series 2010A
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.365 million | 2012 | Serial | 4% | 106.055
|
| $2.855 million | 2013 | Serial | 2% | 102.315
|
| $700,000 | 2013 | Serial | 3% | 105.211
|
| $3.455 million | 2013 | Serial | 4% | 108.106
|
| $5.03 million | 2013 | Serial | 5% | 111.001
|
| $2.27 million | 2014 | Serial | 2% | 102.145
|
| $8.695 million | 2014 | Serial | 3% | 105.976
|
| $1.5 million | 2014 | Serial | 5% | 113.639
|
| $3.395 million | 2015 | Serial | 2% | 101.324
|
| $500,000 | 2015 | Serial | 3% | 106.054
|
| $9.025 million | 2015 | Serial | 5% | 115.516
|
| $655,000 | 2016 | Serial | 4% | 110.701
|
| $12,865 million | 2016 | Serial | 5% | 116.275
|
| $500,000 | 2017 | Serial | 4% | 109.923
|
| $13.71 million | 2017 | Serial | 5% | 116.285
|
| $14.935 million | 2018 | Serial | 5% | 116.055
|
| $16.61 million | 2021 | Term | 5% | 113.325
|
|
|
| $10.325 million series 2010B
|
| Amount | Maturity | Type | Coupon | Price
|
| $10.325 million | 2012 | Term | 1.65% | 100
|
|
|
| $214.99 million series 2010C
|
| Amount | Maturity | Type | Coupon | Price
|
| $15.59 million | 2019 | Serial | 4.303% | 100
|
| $16.05 million | 2020 | Serial | 4.403% | 100
|
| $73.785 million | 2025 | Term | 5.373% | 100
|
| $109.565 million | 2030 | Term | 5.921% | 100
|
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