Published on 3/26/2015 in the Prospect News Municipals Daily.
New Issue: Virginia College Building sells $65.01 million Marymount University debt
By Sheri Kasprzak
New York, March 26 – The Virginia College Building Authority priced $65.01 million of series 2015A educational facilities revenue and refunding bonds for Marymount University, said a pricing sheet.
The bonds (Ba1) were sold through Morgan Stanley & Co. LLC.
The bonds are due 2015 to 2025 with term bonds due in 2030, 2035 and 2045. The serial coupons range from 4% to 5% with yields from 1.35% to 3.60%. The 2030 bonds have a 5% coupon priced at 107.886 to yield 4.05%, and the 2035 bonds have a 5% coupon priced at 106.334 to yield 4.23%. The 2045 bonds have a 5% coupon priced at 105.23 to yield 4.36%.
Proceeds will be used to finance maintenance and improvements to university’s main campus in Arlington and to refinance a term loan and refund authority’s series 1998 bonds and 2009 notes issued for university.
| Issuer: | Virginia College Building Authority/Marymount University
|
| Issue: | Series 2015A educational facilities revenue and refunding bonds
|
| Amount: | $65.01 million
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Rating: | Moody’s: Ba1
|
| Pricing date: | March 25
|
| Settlement date: | April 8
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,315,000 | 2015 | Serial | 4% | 100.605 | 1.35%
|
| $1.1 million | 2016 | Serial | 5% | 104.124 | 1.60%
|
| $1.15 million | 2017 | Serial | 5% | 106.962 | 1.80%
|
| $1.21 million | 2018 | Serial | 5% | 108.878 | 2.14%
|
| $1,275,000 | 2019 | Serial | 5% | 110.057 | 2.48%
|
| $1,335,000 | 2020 | Serial | 5% | 111.196 | 2.69%
|
| $1.4 million | 2021 | Serial | 5% | 111.826 | 2.91%
|
| $1.47 million | 2022 | Serial | 5% | 111.737 | 3.17%
|
| $1.32 million | 2023 | Serial | 5% | 111.854 | 3.34%
|
| $1.39 million | 2024 | Serial | 5% | 111.656 | 3.51%
|
| $1,455,000 | 2025 | Serial | 5% | 111.887 | 3.60%
|
| $8.45 million | 2030 | Term | 5% | 107.886 | 4.05%
|
| $10,795,000 | 2035 | Term | 5% | 106.334 | 4.23%
|
| $31,345,000 | 2045 | Term | 5% | 105.23 | 4.36%
|
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