By Sheri Kasprzak
New York, Feb. 9 - The Connecticut Health and Educational Facilities Authority sold $530.3 million in series 2010A revenue bonds for Yale University Tuesday, said a sellside source close to the deal.
The bonds (Aaa/AAA/) were sold through lead managers Barclays Capital Inc. and J.P. Morgan Securities Inc. The co-managers were Bank of America Merrill Lynch; Citigroup Global Markets Inc.; Piper Jaffray & Co.; RBC Capital Markets Corp.; Siebert Brandford Shank & Co. LLC; and Wachovia Bank, NA.
The sale included $80.3 million in series 2010A-1 bonds, $150 million in series 2010A-2 bonds, $150 million in series 2010A-3 bonds and $150 million in series 2010A-4 bonds.
The 2010A-1 bonds are due 2025 with a 5% coupon to yield 3.39%, and the 2010A-2 bonds are due 2040 with a 5% coupon to yield 4.24%. The 2010A-3 bonds are due 2049 with a split maturity and coupons of 2% and 4% to yield 1.1%. The 2010A-4 bonds also have a split maturity in 2049 with 2.5% and 5% coupons to yield 1.79%.
Proceeds will be used to fund the construction, renovation, equipment and repair of Yale buildings.
The university is located in New Haven, Conn.
| Issuer: | Connecticut Health and Educational Facilities Authority/Yale University
|
| Issue: | Series 2010A revenue bonds
|
| Amount: | $530.3 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. and J.P. Morgan Securities Inc. (leads); Bank of America Merrill Lynch, Citigroup Global Markets Inc., Piper Jaffray & Co., RBC Capital Markets Corp., Siebert Brandford Shank & Co. LLC and Wachovia Bank, NA (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | Feb. 9
|
|
|
| Series 2010A-1
|
| Maturity | Type | Coupon | Yield
|
| 2025 | Term | 5% | 3.39%
|
|
|
| Series 2010A-2
|
| Maturity | Type | Coupon | Yield
|
| 2040 | Term | 5% | 4.24%
|
|
|
| Series 2010A-3
|
| Maturity | Type | Coupon | Yield
|
| 2049 | Term | 2% | 1.1%
|
| 2049 | Term | 5% | 1.1%
|
|
|
| Series 2010A-4
|
| Maturity | Type | Coupon | Yield
|
| 2049 | Term | 2.5% | 1.79%
|
| 2049 | Term | 5% | 1.79%
|
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