By Sheri Kasprzak
New York, June 1 - Western Michigan University priced $68.015 million of series 2011 general revenue and refunding bonds on Wednesday, said a term sheet.
The bonds (A1/A/) were sold through Morgan Stanley & Co. Inc. and Stifel, Nicolaus & Co. Inc.
The bonds are due 2012 to 2026 with term bonds due in 2031, 2033 and 2040. The serial coupons range from 3% to 5%. The 2031 bonds have a 5% coupon, the 2033 bonds have a 5.125% coupon, and the 2040 bonds have a 5.25% coupon.
Proceeds will be used to construct, equip and furnish the College of Education and Human Development and to refund the university's series 2001 bonds.
The university is located in Kalamazoo, Mich.
| Issuer: | Western Michigan University
|
| Issue: | Series 2011 general revenue and refunding bonds
|
| Amount: | $68.015 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. and Stifel, Nicolaus & Co. Inc.
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Pricing date: | June 1
|
| Settlement date: | June 15
|
|
|
| Maturity | Type | Coupon
|
| 2012 | Serial | 3%
|
| 2013 | Serial | 3%
|
| 2014 | Serial | 4%
|
| 2015 | Serial | 5%
|
| 2016 | Serial | 5%
|
| 2017 | Serial | 3%
|
| 2017 | Serial | 5%
|
| 2018 | Serial | 5%
|
| 2019 | Serial | 4%
|
| 2019 | Serial | 5%
|
| 2020 | Serial | 5%
|
| 2021 | Serial | 5%
|
| 2022 | Serial | 4.125%
|
| 2023 | Serial | 5%
|
| 2024 | Serial | 5%
|
| 2025 | Serial | 5%
|
| 2026 | Serial | 5%
|
| 2031 | Term | 5%
|
| 2033 | Term | 5.125%
|
| 2040 | Term | 5.25%
|
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