Published on 7/22/2013 in the Prospect News Municipals Daily.
New Issue: California State University prices $308.86 million revenue bonds
By Sheri Kasprzak
New York, July 22 - The California State University sold $308,855,000 of series 2013A system-wide revenue bonds, according to a pricing sheet.
The bonds (Aa2/AA-/) were sold through senior manager BofA Merrill Lynch.
The bonds are due 2014 to 2026 with 1.5% to 5% coupons and 0.25% to 3.6% yields.
Proceeds will be used to finance capital improvements at all of the university's campuses, as well as to refund the university's series 1998 auxiliary organization revenue refunding bonds and its series 2005A and 2005C system-wide revenue bonds.
| Issuer: | California State University
|
| Issue: | Series 2013A system-wide revenue bonds
|
| Amount: | $308,855,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Pricing date: | July 18
|
| Settlement date: | Aug. 7
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $640,000 | 2014 | Serial | 2% | 102.153 | 0.25%
|
| $5 million | 2015 | Serial | 3% | 105.499 | 0.52%
|
| $6.62 million | 2015 | Serial | 5% | 109.933 | 0.52%
|
| $5 million | 2016 | Serial | 1.5% | 102.003 | 0.87%
|
| $5 million | 2016 | Serial | 4% | 109.956 | 0.87%
|
| $11.96 million | 2016 | Serial | 5% | 113.138 | 0.87%
|
| $3.5 million | 2017 | Serial | 5% | 107.235 | 1.24%
|
| $19.43 million | 2017 | Serial | 5% | 115.458 | 1.24%
|
| $3.5 million | 2018 | Serial | 4% | 111.84 | 1.63%
|
| $20.67 million | 2018 | Serial | 5% | 116.836 | 1.63%
|
| $1 million | 2019 | Serial | 3% | 106.072 | 1.96%
|
| $24.49 million | 2019 | Serial | 5% | 117.752 | 1.96%
|
| $2 million | 2020 | Serial | 4% | 111.336 | 2.29%
|
| $24.78 million | 2020 | Serial | 5% | 117.966 | 2.29%
|
| $1 million | 2021 | Serial | 3% | 103.02 | 2.59%
|
| $27,135,000 | 2021 | Serial | 5% | 117.762 | 2.59%
|
| $1 million | 2022 | Serial | 4% | 108.935 | 2.89%
|
| $28,555,000 | 2022 | Serial | 5% | 116.988 | 2.89%
|
| $1.5 million | 2023 | Serial | 3% | 99.299 | 3.08%
|
| $29.56 million | 2023 | Serial | 5% | 116.738 | 3.08%
|
| $32.64 million | 2024 | Serial | 5% | 114.657 | 3.30%
|
| $33,975,000 | 2025 | Serial | 5% | 113.079 | 3.47%
|
| $19.9 million | 2026 | Serial | 5% | 111.89 | 3.60%
|
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