By Cristal Cody
Tupelo, Miss., Nov. 23 – Southern New Hampshire University priced $144,715,000 of taxable bonds (A) in four tranches, according to market sources.
The university sold $19,715,000 of bonds due Jan. 1, 2025 at par to yield 1.95%.
A $10 million tranche of 2.5% bonds due Jan. 1, 2030 priced at par to yield 2.5%.
The university priced a $40 million tranche of bonds due Jan. 1, 2040 at par to yield 3.25%.
In the final tranche, $75 million of bonds due Jan. 1, 2050 priced at par to yield 3.5%.
Citigroup Global Markets Inc. was the bookrunner.
Proceeds will be used for eligible corporate purposes, including to refund outstanding bonds.
The private university is based in Manchester.
| Issuer: | Southern New Hampshire University
|
| Amount: | $144,715,000
|
| Description: | Series 2020A taxable bonds
|
| Bookrunners: | Citigroup Global Markets Inc.
|
| Co-managers: | BofA Securities, Inc. and J.P. Morgan Securities LLC
|
| Trade date: | Nov. 17
|
| Settlement date: | Nov. 24
|
| Rating: | S&P: A
|
| Distribution: | Section 3(a)(4) exempt
|
|
|
| Bonds due 2025
|
| Amount: | $19,715,000
|
| Maturity: | Jan. 1, 2025
|
| Coupon: | 1.95%
|
| Price: | Par
|
| Yield: | 1.95%
|
| Call features: | Make-whole call before Oct. 1, 2024 at Treasuries plus 25 bps; par thereafter
|
|
|
| Bonds due 2030
|
| Amount: | $10 million
|
| Maturity: | Jan. 1, 2030
|
| Coupon: | 2.5%
|
| Price: | Par
|
| Yield: | 2.5%
|
| Call features: | Make-whole call before Oct. 1, 2029 at Treasuries plus 25 bps; par thereafter
|
|
|
| Bonds due 2040
|
| Amount: | $40 million
|
| Maturity: | Jan. 1, 2040
|
| Coupon: | 3.25%
|
| Price: | Par
|
| Yield: | 3.25%
|
| Call features: | Make-whole call before July 21, 2039 at Treasuries plus 25 bps; par thereafter
|
|
|
| Bonds due 2050
|
| Amount: | $75 million
|
| Maturity: | Jan. 1, 2050
|
| Coupon: | 3.5%
|
| Price: | Par
|
| Yield: | 3.5%
|
| Call features: | Make-whole call before July 21, 2049 at Treasuries plus 25 bps; par thereafter
|
|
|
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