Published on 9/17/2015 in the Prospect News Municipals Daily.
New Issue: Delaware County Authority, Pa., prices $140.5 million Villanova bonds
By Sheri Kasprzak
New York, Sept. 17 – The Delaware County Authority of Pennsylvania sold $140,505,000 of series 2015 revenue bonds for Villanova University, according to a pricing sheet. The deal was upsized from $138 million.
The bonds (A1) were sold through BofA Merrill Lynch.
The bonds are due 2020 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 3% to 5% with 1.85% to 3.71% yields. The 2040 bonds have a 4% coupon priced at 98.907 to yield 4.07% and a 5% coupon priced at 109.249 to yield 3.86%. The 2045 bonds have a 4% coupon priced at 97.108 to yield 4.17% and a 5% coupon priced at 108.737 to yield 3.92%.
Proceeds will be used to finance capital improvements at the university.
| Issuer: | Delaware County Authority/Villanova University
|
| Issue: | Series 2015 revenue bonds
|
| Amount: | $140,505,000
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch
|
| Rating: | Moody’s: A1
|
| Pricing date: | Sept. 16
|
| Settlement date: | Oct. 1
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,825,000 | 2020 | Serial | 4% | 109.894 | 1.85%
|
| $2.97 million | 2021 | Serial | 5% | 115.781 | 2.11%
|
| $3,125,000 | 2022 | Serial | 5% | 116.842 | 2.32%
|
| $3,285,000 | 2023 | Serial | 5% | 117.603 | 2.51%
|
| $3,455,000 | 2024 | Serial | 4% | 110.153 | 2.70%
|
| $3.63 million | 2025 | Serial | 5% | 118.792 | 2.80%
|
| $3,815,000 | 2026 | Serial | 3% | 99.539 | 3.05%
|
| $4.01 million | 2027 | Serial | 5% | 116.455 | 3.05%
|
| $4.18 million | 2028 | Serial | 5% | 115.352 | 3.17%
|
| $4,355,000 | 2029 | Serial | 3.5% | 99.453 | 3.55%
|
| $4.58 million | 2030 | Serial | 5% | 113.542 | 3.37%
|
| $4,815,000 | 2031 | Serial | 5% | 112.739 | 3.46%
|
| $2,575,000 | 2032 | Serial | 3.75% | 99.378 | 3.80%
|
| $2,485,000 | 2032 | Serial | 5% | 111.854 | 3.56%
|
| $5.32 million | 2033 | Serial | 5% | 111.415 | 3.61%
|
| $5,565,000 | 2034 | Serial | 5% | 110.89 | 3.67%
|
| $5,795,000 | 2035 | Serial | 5% | 110.542 | 3.71%
|
| $20 million | 2040 | Term | 4% | 98.907 | 4.07%
|
| $12.71 million | 2040 | Term | 5% | 109.249 | 3.86%
|
| $20 million | 2045 | Term | 4% | 97.108 | 4.17%
|
| $21.01 million | 2045 | Term | 5% | 108.737 | 3.92%
|
© 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.
