Published on 3/5/2015 in the Prospect News Municipals Daily.
New Issue: Arizona State University offers up $362.26 million of refunding bonds
By Sheri Kasprzak
New York, March 5 – Arizona State University priced $362.26 million of series 2015 refunding bonds, said a pricing sheet. The deal was upsized from $352.01 million.
The offering included $182,645,000 of series 2015A refunding green bonds, $164,615,000 of series 2015B refunding bonds and $15 million of series 2015C taxable bonds.
The 2015A bonds are due 2015 and 2019 to 2036 with term bonds due in 2041 and 2046. The serial coupons range from 2% to 5% with 0.10% to 3.22%. The 2041 bonds have a 5% coupon priced at 114.563 to yield 3.31%, and the 2046 bonds have a 4% coupon priced at 101.677 to yield 3.80%.
The 2015B bonds are due 2015 to 2036 with term bonds due in 2041 and 2046. The serial coupons range from 2% to 5% with 0.10% to 3.22% yields. The 2041 bonds have a 5% coupon priced at 114.563 to yield 3.31%, and the 2046 bonds have a 4% coupon priced at 101.677 to yield 3.80%.
The 2015C bonds are due 2016 to 2021 with 0.40% to 2.58% coupons, all priced at par.
The bonds (Aa3/AA/) were sold through Wells Fargo Securities LLC.
Proceeds will be used to refund existing debt.
| Issuer: | Arizona State University
|
| Issue: | Series 2015 refunding bonds
|
| Amount: | $362.26 million
|
| Type: | Negotiated
|
| Underwriter: | Wells Fargo Securities LLC (lead)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA
|
| Pricing date: | March 5
|
| Settlement date: | April 7
|
|
|
| $182,645,000 series 2015A refunding green bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.61 million | 2015 | Serial | 2% | 100.443 | 0.10%
|
| $25,000 | 2019 | Serial | 2% | 102.789 | 1.32%
|
| $7,345,000 | 2020 | Serial | 5% | 117.11 | 1.58%
|
| $8.1 million | 2021 | Serial | 5% | 119.175 | 1.74%
|
| $10,065,000 | 2022 | Serial | 5% | 120.107 | 2.00%
|
| $10,565,000 | 2023 | Serial | 5% | 121.313 | 2.16%
|
| $11,105,000 | 2024 | Serial | 5% | 121.97 | 2.34%
|
| $11,655,000 | 2025 | Serial | 5% | 123.055 | 2.44%
|
| $12.23 million | 2026 | Serial | 5% | 121.539 | 2.59%
|
| $12.85 million | 2027 | Serial | 5% | 120.441 | 2.70%
|
| $14.46 million | 2028 | Serial | 5% | 119.158 | 2.83%
|
| $3,305,000 | 2029 | Serial | 5% | 118.378 | 2.91%
|
| $3,475,000 | 2030 | Serial | 5% | 117.796 | 2.97%
|
| $3,645,000 | 2031 | Serial | 5% | 117.314 | 3.02%
|
| $3,835,000 | 2032 | Serial | 5% | 116.834 | 3.07%
|
| $4,025,000 | 2033 | Serial | 5% | 116.452 | 3.11%
|
| $4.23 million | 2034 | Serial | 5% | 116.071 | 3.15%
|
| $4,435,000 | 2035 | Serial | 5% | 115.692 | 3.19%
|
| $4,655,000 | 2036 | Serial | 5% | 115.408 | 3.22%
|
| $22.67 million | 2041 | Term | 5% | 114.563 | 3.31%
|
| $28.36 million | 2046 | Term | 4% | 101.677 | 3.80%
|
|
|
| $164,615,000 series 2015B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,405,000 | 2015 | Serial | 2% | 100.443 | 0.10%
|
| $185,000 | 2016 | Serial | 3% | 103.195 | 0.04%
|
| $220,000 | 2017 | Serial | 3% | 104.973 | 0.75%
|
| $250,000 | 2018 | Serial | 3% | 105.919 | 1.13%
|
| $8,475,000 | 2019 | Serial | 5% | 115.1 | 1.32%
|
| $9.79 million | 2020 | Serial | 5% | 117.11 | 1.58%
|
| $11,515,000 | 2021 | Serial | 5% | 119.175 | 1.74%
|
| $7.08 million | 2022 | Serial | 5% | 120.107 | 2.00%
|
| $7,475,000 | 2023 | Serial | 5% | 121.313 | 2.16%
|
| $7.86 million | 2024 | Serial | 5% | 121.97 | 2.34%
|
| $8,305,000 | 2025 | Serial | 5% | 123.055 | 2.44%
|
| $11.64 million | 2026 | Serial | 5% | 121.539 | 2.59%
|
| $9,545,000 | 2027 | Serial | 5% | 120.441 | 2.70%
|
| $4,745,000 | 2028 | Serial | 5% | 119.158 | 2.83%
|
| $4.93 million | 2029 | Serial | 5% | 118.378 | 2.91%
|
| $5,195,000 | 2030 | Serial | 5% | 117.796 | 2.97%
|
| $5,505,000 | 2031 | Serial | 5% | 117.314 | 3.02%
|
| $5,815,000 | 2032 | Serial | 5% | 116.834 | 3.07%
|
| $6.14 million | 2033 | Serial | 5% | 116.452 | 3.11%
|
| $6,485,000 | 2034 | Serial | 5% | 116.071 | 3.15%
|
| $6.83 million | 2035 | Serial | 5% | 115.692 | 3.19%
|
| $2,985,000 | 2036 | Serial | 5% | 115.408 | 3.22%
|
| $14.32 million | 2041 | Term | 5% | 114.563 | 3.31%
|
| $17.92 million | 2046 | Term | 4% | 101.677 | 3.80%
|
|
|
| $15 million series 2015C taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,245,000 | 2016 | Serial | 0.40% | 100
|
| $3,025,000 | 2017 | Serial | 1.119% | 100
|
| $3,065,000 | 2018 | Serial | 1.559% | 100
|
| $3,115,000 | 2019 | Serial | 2.048% | 100
|
| $3.03 million | 2020 | Serial | 2.348% | 100
|
| $1.52 million | 2021 | Serial | 2.58% | 100
|
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