Published on 3/12/2015 in the Prospect News Municipals Daily.
New Issue: Volusia County Educational, Fla., sells $69.2 million Emby-Riddle debt
By Sheri Kasprzak
New York, March 12 – The Volusia County Educational Facilities Authority of Florida sold $69,195,000 of series 2015B educational facilities revenue bonds for Embry-Riddle Aeronautical University, according to a term sheet.
The bonds (Baa1//A-) were sold through Morgan Stanley & Co. LLC and Raymond James/Morgan Keegan.
The bonds are due 2016 to 2034 with term bonds due in 2039 and 2045. The serial coupons range from 2% to 5% with 0.66% to 3.76% yields. The 2039 bonds have a 3% coupon priced at par and the 2045 bonds have a 5% coupon priced at 108.732 to yield 3.94%.
Proceeds will be used to finance capital improvements at the university’s Daytona Beach, Fla., and Prescott, Ariz., campuses.
| Issuer: | Volusia County Educational Facilities Authority/Embry-Riddle Aeronautical University
|
| Issue: | Series 2015B educational facilities revenue bonds
|
| Amount: | $69,195,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Raymond James/Morgan Keegan
|
| Ratings: | Moody’s: Baa1
|
| Fitch: A-
|
| Pricing date: | March 11
|
| Settlement date: | March 23
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $315,000 | 2016 | Serial | 2% | 102.077 | 0.66%
|
| $320,000 | 2017 | Serial | 3% | 104.914 | 1.05%
|
| $340,000 | 2018 | Serial | 3% | 105.324 | 1.46%
|
| $350,000 | 2019 | Serial | 3% | 105.231 | 1.80%
|
| $315,000 | 2020 | Serial | 2% | 99.529 | 2.09%
|
| $280,000 | 2021 | Serial | 3% | 103.991 | 2.34%
|
| $75,000 | 2022 | Serial | 3% | 102.797 | 2.59%
|
| $3,805,000 | 2023 | Serial | 5% | 117.307 | 2.72%
|
| $2,205,000 | 2024 | Serial | 5% | 117.606 | 2.88%
|
| $2,275,000 | 2025 | Serial | 5% | 117.067 | 3.02%
|
| $2,335,000 | 2026 | Serial | 5% | 115.75 | 3.16%
|
| $2.29 million | 2027 | Serial | 5% | 114.267 | 3.32%
|
| $4.4 million | 2028 | Serial | 5% | 113.352 | 3.42%
|
| $6,255,000 | 2029 | Serial | 5% | 112.988 | 3.46%
|
| $10,935,000 | 2030 | Serial | 5% | 112.445 | 3.52%
|
| $1.52 million | 2031 | Serial | 5% | 111.637 | 3.61%
|
| $1.56 million | 2032 | Serial | 5% | 111.191 | 3.66%
|
| $1,635,000 | 2033 | Serial | 5% | 110.658 | 3.72%
|
| $1.72 million | 2034 | Serial | 5% | 110.305 | 3.76%
|
| $10.06 million | 2039 | Term | 3% | 100 | 3.00%
|
| $16,205,000 | 2045 | Term | 5% | 108.732 | 3.94%
|
|
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
