By Cristal Cody
Springdale, Ark., March 6 - Biola University priced $100.905 million refunding revenue bonds with a 5.99% true interest cost on Thursday, a sell-side source reported.
The bonds (Baa1) priced through the California Municipal Finance Authority as $94.42 million tax-exempt series 2008A bonds and $6.485 million taxable series 2008B bonds.
The tax-exempt bonds priced with coupons from 5% to 5.875% to yield 5.1% to 5.9%. The taxable bonds priced with a 7.875% coupon to yield 8%.
Series 2008A priced as term bonds due 2018, 2023, 2028 and 2034. Series 2008B bonds are due Oct. 1, 2016.
Lehman Brothers is the lead underwriter and Citi is the co-manager.
Proceeds will be used to pay fees to terminate swaps and to refund series 2002A and B variable-rate demand revenue bonds and series 2004A and B taxable variable-rate demand bonds.
| Issuer: | Biola University/California Municipal Finance Authority
|
| Issue: | Refunding revenue bonds
|
| Amount: | $100.905 million
|
| Type: | Negotiated
|
| Maturities: | Term bonds due 2016, 2018, 2023, 2028 and 2034
|
| True Interest cost: | 5.99%
|
| Underwriter: | Lehman Brothers (lead)
|
| Ratings: | Moody's: Baa1
|
| Pricing date: | March 6
|
|
|
| Series 2008A | Coupons | Yields
|
| 2018 | 5% | 5.1%
|
| 2023 | 5.625% | 5.65%
|
| 2028 | 5.8% | 5.85%
|
| 2034 | 5.875% | 5.9%
|
|
|
| Series 2008B
|
| 2016 | 7.875% | 8%
|
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