By Sheri Kasprzak
New March 31 - The Tennessee State School Bond Authority priced $113,581,048 in series 2009A higher education facilities second program bonds, said Mary-Margaret Collier, the Tennessee State Treasurer's director of bond finance.
The bonds (Aa2/AA/AA) were sold through lead manager J.P. Morgan Securities Inc. with Duncan Williams Inc., Morgan Keegan & Co. Inc., M.R. Beal & Co. and Wiley Brothers Aintree Capital as the co-managers.
The bonds are due 2010 to 2029 with term bonds due 2034 and 2039. The serials have coupons from 2% to 5% with yields from 0.75% to 4.89%. The 2034 bonds have a 5% coupon to yield 5.05%. The 2039 bonds have a 5% coupon to yield 5.08%.
The authority elected not to sell its planned $19.46 million in series 2009B refunding bonds.
Proceeds will be used to retire outstanding debt and to construct new university facilities.
| Issuer: | Tennessee State School Bond Authority
|
| Issue: | Series 2009A higher education facilities second program bonds
|
| Amount: | $113,581,048
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. (lead); Duncan Williams Inc.; Morgan Keegan & Co. Inc.; M.R. Beal & Co.; and Wiley Brothers Aintree Capital (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | March 31
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 2% | 0.75%
|
| 2011 | Serial | 2% | 1.28%
|
| 2012 | Serial | 3% | 1.62%
|
| 2013 | Serial | 5% | 2.10%
|
| 2014 | Serial | 3% | 2.53%
|
| 2015 | Serial | 4% | 2.77%
|
| 2016 | Serial | 5% | 2.99%
|
| 2017 | Serial | 3.5% | 3.21%
|
| 2018 | Serial | 4% | 3.42%
|
| 2019 | Serial | 5% | 3.62%
|
| 2020 | Serial | 5% | 3.80%
|
| 2021 | Serial | 5% | 3.96%
|
| 2022 | Serial | 5% | 4.11%
|
| 2023 | Serial | 5% | 4.27%
|
| 2024 | Serial | 4.25% | 4.42%
|
| 2025 | Serial | 5% | 4.54%
|
| 2026 | Serial | 4.5% | 4.63%
|
| 2027 | Serial | 4.625% | 4.73%
|
| 2028 | Serial | 4.7% | 4.82%
|
| 2029 | Serial | 4.75% | 4.89%
|
| 2034 | Term | 5% | 5.05%
|
| 2039 | Term | 5% | 5.08%
|
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