Published on 1/29/2013 in the Prospect News Municipals Daily.
New Issue: West Virginia University brings $208.22 million of improvement refunding revenue bonds
By Sheri Kasprzak
New York, Jan. 29 - The West Virginia University sold $208.22 million of series 2013 university improvement refunding revenue bonds, said a pricing sheet.
The deal included $136,045,000 of series 2013A bonds and $72,175,000 of series 2013B taxable bonds.
The 2013A bonds are due 2014 to 2032 with term bonds due in 2035 and 2042. The serial coupons range from 2% to 5%. The 2035 bonds have a 5% coupon priced at 115.895, and the 2042 bonds have a 3.625% coupon priced at 98.653.
The 2013B bonds are due 2013 to 2023 with term bonds due in 2028, 2033 and 2042. The serial coupons range from 0.532% to 2.969%, all priced at par. The 2028 bonds have a 3.619% coupon, the 2033 bonds have a 4.188% coupon and the 2042 bonds have a 4.338% coupon, all priced at par.
The bonds (Aa3) were sold through Wells Fargo Securities LLC.
Proceeds will be used to refund existing university improvement revenue bonds.
| Issuer: | West Virginia University
|
| Issue: | Series 2013 university improvement refunding revenue bonds
|
| Amount: | $208.22 million
|
| Type: | Negotiated
|
| Underwriter: | Wells Fargo Securities LLC
|
| Ratings: | Moody's: Aa3
|
| Pricing date: | Jan. 29
|
| Settlement date: | Feb. 13
|
|
|
| $136,045,000 series 2013A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $275,000 | 2014 | Serial | 3% | 104.094
|
| $275,000 | 2015 | Serial | 2% | 103.465
|
| $285,000 | 2016 | Serial | 3% | 107.601
|
| $300,000 | 2017 | Serial | 3% | 108.842
|
| $305,000 | 2018 | Serial | 2% | 104.066
|
| $310,000 | 2019 | Serial | 4% | 115.727
|
| $325,000 | 2020 | Serial | 4% | 116.087
|
| $335,000 | 2021 | Serial | 2% | 100.553
|
| $290,000 | 2022 | Serial | 2% | 98.786
|
| $3.79 million | 2023 | Serial | 5% | 123.111
|
| $7.92 million | 2024 | Serial | 5% | 122.337
|
| $8.33 million | 2025 | Serial | 3% | 102.956
|
| $8,755,000 | 2026 | Serial | 5% | 120.806
|
| $9,205,000 | 2027 | Serial | 5% | 120.238
|
| $9,675,000 | 2028 | Serial | 5% | 119.391
|
| $10,175,000 | 2029 | Serial | 5% | 118.645
|
| $10,695,000 | 2030 | Serial | 5% | 118.089
|
| $11.24 million | 2031 | Serial | 5% | 117.628
|
| $3.91 million | 2032 | Serial | 3.25% | 98.851
|
| $7.9 million | 2032 | Serial | 5% | 117.169
|
| $39,175,000 | 2035 | Term | 5% | 115.895
|
| $2,575,000 | 2042 | Term | 3.625% | 98.653
|
|
|
| $72,175,000 series 2013B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $990,000 | 2013 | Serial | 0.532% | 100
|
| $1.15 million | 2014 | Serial | 0.776% | 100
|
| $6,075,000 | 2015 | Serial | 0.923% | 100
|
| $6,505,000 | 2016 | Serial | 1.262% | 100
|
| $6.6 million | 2017 | Serial | 1.512% | 100
|
| $6,715,000 | 2018 | Serial | 1.858% | 100
|
| $6.85 million | 2019 | Serial | 2.158% | 100
|
| $7.01 million | 2020 | Serial | 2.419% | 100
|
| $7,195,000 | 2021 | Serial | 2.669% | 100
|
| $7,445,000 | 2022 | Serial | 2.819% | 100
|
| $4,215,000 | 2023 | Serial | 2.969% | 100
|
| $2.38 million | 2028 | Term | 3.619% | 100
|
| $2.27 million | 2033 | Term | 4.188% | 100
|
| $6,775,000 | 2042 | Term | 4.338% | 100
|
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