Published on 4/14/2015 in the Prospect News Municipals Daily.
New Issue: Western Michigan University prices $109.14 million revenue bonds
By Sheri Kasprzak
New York, April 14 – Western Michigan University priced $109,135,000 of series 2015A general revenue and refunding bonds, according to a pricing sheet.
The bonds were sold through lead manager Citigroup Global Markets Inc.
The bonds are due 2016 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 2% to 5%. The 2040 bonds have a 5% coupon priced at 126.337, and the 2045 bonds have a 5% coupon priced at 128.199.
Proceeds will be used to construct, equip and furnish an on-campus dining facility and an alumni center, as well as to refund the university’s series 2008 general revenue bonds.
| Issuer: | Western Michigan University
|
| Issue: | Series 2015A general revenue and refunding bonds
|
| Amount: | $109,135,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), BofA Merrill Lynch and Fifth Third Securities Inc. (co-managers)
|
| Pricing date: | April 14
|
| Settlement date: | May 19
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $70,000 | 2016 | Serial | 2% | 102.117
|
| $385,000 | 2017 | Serial | 5% | 109.99
|
| $5.19 million | 2018 | Serial | 5% | 112.836
|
| $4,905,000 | 2019 | Serial | 5% | 115.186
|
| $5,575,000 | 2020 | Serial | 5% | 117.224
|
| $5.5 million | 2021 | Serial | 5% | 118.438
|
| $6.22 million | 2022 | Serial | 5% | 119.616
|
| $6,185,000 | 2023 | Serial | 5% | 120.371
|
| $6.6 million | 2024 | Serial | 5% | 121.002
|
| $6,925,000 | 2025 | Serial | 5% | 120.7
|
| $7,285,000 | 2026 | Serial | 5% | 119.439
|
| $7,805,000 | 2027 | Serial | 5% | 118.098
|
| $8.02 million | 2028 | Serial | 5% | 117.057
|
| $8.44 million | 2029 | Serial | 5% | 116.588
|
| $8.84 million | 2030 | Serial | 5% | 115.934
|
| $3,055,000 | 2031 | Serial | 5% | 115.008
|
| $3.23 million | 2032 | Serial | 5% | 114.549
|
| $840,000 | 2033 | Serial | 5% | 114.182
|
| $885,000 | 2034 | Serial | 5% | 113.818
|
| $925,000 | 2035 | Serial | 5% | 113.545
|
| $5,385,000 | 2040 | Term | 5% | 126.337
|
| $6.87 million | 2045 | Term | 5% | 128.199
|
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