Published on 4/15/2015 in the Prospect News Municipals Daily.
New Issue: Kansas Development Finance sells $61.87 million university revenue debt
By Sheri Kasprzak
New York, April 15 – The Kansas Development Finance Authority priced $61.87 million of series 2015B revenue bonds for Kansas State University, according to a pricing sheet.
The bonds were sold competitively with Wells Fargo Bank, NA winning the bid at a 3.286999% true interest cost.
The bonds are due 2016 to 2035 with a term bond due in 2037. The serial coupons range from 3% to 5% with 0.4% to 3.642% yields. The 2037 bonds have a 3.625% coupon priced at 99 to yield 3.692%.
Proceeds will be used to finance capital improvements, repairs and renovations to Kansas State University facilities.
| Issuer: | Kansas Development Finance Authority/Kansas State University
|
| Issue: | Series 2015B revenue bonds
|
| Amount: | $61,865,000
|
| Type: | Competitive
|
| Underwriter: | Wells Fargo Bank, NA (winner)
|
| True interest cost: | 3.286999%
|
| Pricing date: | April 15
|
| Settlement date: | April 30
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,385,000 | 2016 | Serial | 5% | 104.598 | 0.40%
|
| $1.82 million | 2017 | Serial | 5% | 108.537 | 0.70%
|
| $1,905,000 | 2018 | Serial | 5% | 111.645 | 1.05%
|
| $2,005,000 | 2019 | Serial | 5% | 114.385 | 1.30%
|
| $2,105,000 | 2020 | Serial | 5% | 116.703 | 1.52%
|
| $2,205,000 | 2021 | Serial | 5% | 118.819 | 1.69%
|
| $2.32 million | 2022 | Serial | 5% | 120.163 | 1.91%
|
| $2,435,000 | 2023 | Serial | 5% | 121.178 | 2.11%
|
| $2,555,000 | 2024 | Serial | 5% | 119.632 | 2.30%
|
| $2,685,000 | 2025 | Serial | 5% | 118.429 | 2.45%
|
| $2,815,000 | 2026 | Serial | 5% | 117.872 | 2.52%
|
| $2,955,000 | 2027 | Serial | 3% | 99 | 3.10%
|
| $3.04 million | 2028 | Serial | 3% | 98 | 3.189%
|
| $3,135,000 | 2029 | Serial | 3.125% | 98.25 | 3.282%
|
| $3.24 million | 2030 | Serial | 3.25% | 98.75 | 3.357%
|
| $3,345,000 | 2031 | Serial | 3.25% | 98 | 3.413%
|
| $3.45 million | 2032 | Serial | 3.375% | 98.25 | 3.513%
|
| $4.91 million | 2033 | Serial | 3.5% | 99 | 3.576%
|
| $5.08 million | 2034 | Serial | 3.5% | 98.5 | 3.61%
|
| $5.2 million | 2035 | Serial | 3.5% | 98 | 3.642%
|
| $2,275,000 | 2037 | Term | 3.625% | 99 | 3.692%
|
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