Published on 2/27/2014 in the Prospect News Municipals Daily.
New Issue: University of Texas offers up $221.58 million of permanent university fund bonds
By Sheri Kasprzak
New York, Feb. 27 - The University of Texas System sold $221.58 million of series 2014B permanent university fund bonds, according to a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold through Goldman, Sachs & Co. and Raymond James/Morgan Keegan.
The bonds are due 2015 to 2016, 2024 to 2025 and 2031 to 2033 with a term bond due in 2027. The serial coupons range from 2% to 5% with yields from 0.16% to 3.8%. The 2027 bonds have a 5% coupon to yield 3%.
Proceeds will be used to refund the university system's series 2004A-B permanent university fund bonds.
| Issuer: | University of Texas System
|
| Issue: | Series 2014B permanent university fund bonds
|
| Amount: | $221.58 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. and Raymond James/Morgan Keegan (lead), Comerica Securities Inc., George K. Baum & Co., Loop Capital Markets LLC, Mesirow Financial Inc., Morgan Stanley & Co. LLC and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Feb. 20
|
| Settlement date: | April 2
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $8.11 million | 2015 | Serial | 2% | 0.16%
|
| $8.27 million | 2016 | Serial | 5% | 0.32%
|
| $30,665,000 | 2024 | Serial | 5% | 2.66%
|
| $32.2 million | 2025 | Serial | 5% | 2.79%
|
| $35,435,000 | 2027 | Term | 5% | 3%
|
| $42,535,000 | 2031 | Serial | 4% | 3.64%
|
| $44.24 million | 2032 | Serial | 4% | 3.72%
|
| $20,125,000 | 2033 | Serial | 4% | 3.8%
|
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