By Sheri Kasprzak
New York, Sept. 1 - The Tennessee State School Bond Authority priced on Wednesday $244.94 million of series 2010 higher educational facilities second program bonds, said a pricing sheet.
The offering included $226.925 million of series 2010A tax-exempt bonds and $18.015 million of series 2010B taxable bonds.
The bonds (Aa1//AA+) were sold competitively with Morgan Keegan & Co. Inc. winning the bid. The true interest cost came in at about 3.33%, said a sellsider familiar with the deal.
The 2010A bonds are due 2011 to 2030 with term bonds due 2035 and 2040. Coupons range from 2% to 5%, and none of the bonds was formally reoffered.
The 2010B bonds are due 2011 to 2031 with term bonds due 2035 and 2040. Serial coupons range from 2% to 4.8%. The 2035 bonds have a 5% coupon priced at 99.293. The 2040 bonds have a 5.2% coupon priced at par.
Proceeds will be used to retire commercial paper from the University of Tennessee at Knoxville, the University of Tennessee at Martin, Middle Tennessee State University, the University of Memphis and Tennessee Technological University.
| Issuer: | Tennessee State School Bond Authority
|
| Issue: | Series 2010 higher educational facilities second program bonds
|
| Amount: | $244.94 million
|
| Type: | Competitive
|
| Underwriter: | Morgan Keegan & Co. Inc. (winner)
|
| TIC: | 3.33%
|
| Ratings: | Moody's: Aa1
|
| Fitch: AA+
|
| Pricing date: | Sept. 1
|
| Settlement date: | Sept. 15
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2% | NRO
|
| 2012 | Serial | 2% | NRO
|
| 2013 | Serial | 3% | NRO
|
| 2014 | Serial | 4% | NRO
|
| 2015 | Serial | 4% | NRO
|
| 2016 | Serial | 4% | NRO
|
| 2017 | Serial | 4% | NRO
|
| 2018 | Serial | 4% | NRO
|
| 2019 | Serial | 4.25% | NRO
|
| 2020 | Serial | 5% | NRO
|
| 2021 | Serial | 4% | NRO
|
| 2022 | Serial | 4% | NRO
|
| 2023 | Serial | 4% | NRO
|
| 2024 | Serial | 3.125% | NRO
|
| 2025 | Serial | 4% | NRO
|
| 2026 | Serial | 4% | NRO
|
| 2027 | Serial | 4% | NRO
|
| 2028 | Serial | 3.5 | NRO
|
| 2029 | Serial | 5% | NRO
|
| 2030 | Serial | 5% | NRO
|
| 2035 | Term | 4% | NRO
|
| 2040 | Term | 4% | NRO
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2% | 100.875
|
| 2012 | Serial | 2% | 101.675
|
| 2013 | Serial | 2% | 101.906
|
| 2014 | Serial | 2% | 101.368
|
| 2015 | Serial | 2.25% | 100.965
|
| 2016 | Serial | 2.5% | 100.89
|
| 2017 | Serial | 3% | 101.503
|
| 2018 | Serial | 3% | 99.659
|
| 2019 | Serial | 3.5% | 100.739
|
| 2020 | Serial | 4% | 104.053
|
| 2021 | Serial | 4% | 102.612
|
| 2022 | Serial | 4% | 101.391
|
| 2023 | Serial | 4% | 100
|
| 2024 | Serial | 4% | 98.959
|
| 2025 | Serial | 4.125% | 98.644
|
| 2026 | Serial | 4.3% | 98.874
|
| 2027 | Serial | 4.6% | 99.649
|
| 2028 | Serial | 4.7% | 99.638
|
| 2029 | Serial | 4.7% | 100
|
| 2030 | Serial | 4.75% | 100
|
| 2031 | Serial | 4.8% | 100
|
| 2035 | Term | 5% | 99.293
|
| 2040 | Term | 5.2% | 100
|
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