Published on 9/4/2013 in the Prospect News Municipals Daily.
New Issue: Texas A&M University offers up $334.36 million of revenue system bonds
By Sheri Kasprzak
New York, Sept. 4 - The Texas A&M University System sold $334,355,000 of series 2013 revenue financing system bonds, according to a pricing sheet.
The bonds (Aaa/AA+/AA+) were sold through lead manager Wells Fargo Securities LLC.
The deal included $239,965,000 of series 2013C taxable bonds and $94.39 million of series 2013D tax-exempt bonds.
The 2013C bonds are due 2014 to 2017 with term bonds due in 2033 and 2043. The serial coupons range from 0.38% to 1.78% all priced at par. The 2033 bonds have a 4.772% coupon and the 2043 bonds have a 4.972% coupon both priced at par.
The 2013D bonds are due 2016 to 2028 with coupons from 1.875% to 5%.
Proceeds will be used to redesign Kyle Field football stadium, as well as to fund capitalized interest.
| Issuer: | Texas A&M University System
|
| Issue: | Series 2013 revenue financing system bonds
|
| Amount: | $334,355,000
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC (lead), RBC Capital Markets LLC, Raymond James/Morgan Keegan, Citigroup Global Markets Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Fitch AA+
|
| Pricing date: | Sept. 4
|
|
|
| $239,965,000 series 2013C taxable bonds
|
| Amount Maturity | Type | Coupon Price
|
| $1.59 million | 2014 | Serial | 0.38% | 100
|
| $1.36 million | 2015 | Serial | 0.618% | 100
|
| $5.25 million | 2016 | Serial | 1.058% | 100
|
| $1.24 million | 2017 | Serial | 1.78% | 100
|
| $59,375,000 | 2033 | Term | 4.772% | 100
|
| $171.15 million | 2043 | Term | 4.972% | 100
|
|
|
| $94.39 million series 2013D tax-exempt bonds
|
| Amount Maturity | Type | Coupon Price
|
| $505,000 | 2016 | Serial | 1.875% | 102.915
|
| $4,755,000 | 2017 | Serial | 5% | 113.543
|
| $6,255,000 | 2018 | Serial | 5% | 115.04
|
| $6,565,000 | 2019 | Serial | 5% | 115.702
|
| $6,915,000 | 2020 | Serial | 5% | 115.762
|
| $7,265,000 | 2021 | Serial | 5% | 115.151
|
| $7.63 million | 2022 | Serial | 5% | 114.846
|
| $8,015,000 | 2023 | Serial | 5% | 114.446
|
| $8,415,000 | 2024 | Serial | 5% | 112.77
|
| $8,835,000 | 2025 | Serial | 5% | 111.21
|
| $9.27 million | 2026 | Serial | 5% | 109.675
|
| $9.74 million | 2027 | Serial | 5% | 108.499
|
| $10,225,000 | 2028 | Serial | 5% | 107.669
|
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