Published on 7/31/2014 in the Prospect News Municipals Daily.
New Issue: California State University brings $748.62 million of system-wide bonds
By Sheri Kasprzak
New York, July 31 – The California State University sold $748,615,000 of series 2014A system-wide revenue bonds, according to a pricing sheet.
The bonds (/AA-/) were sold through Barclays, Stifel, Nicolaus & Co. and Siebert Brandford Shank & Co. LLC.
The bonds are due 2014 to 2035 with term bonds due in 2038, 2039 and 2044. The serial coupons range from 0.5% to 5%. The 2038 bonds have a 4% coupon priced at 100.83 and the 2039 bonds have a 5% coupon priced at 112.218. The 2044 bonds have a 5% coupon priced at 111.855.
Proceeds will be used to finance improvements to student housing, student unions, parking, student health and continuing education centers at all 23 CSU campuses, as well as to refund existing debt.
| Issuer: | California State University
|
| Issue: | Series 2014A system-wide revenue bonds
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| Amount: | $748,615,000
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| Type: | Negotiated
|
| Underwriters: | Barclays, Stifel, Nicolaus & Co. and Siebert Brandford Shank & Co. LLC (lead), Academy Securities Inc., Alamo Capital Inc., Backstrom McCarley Berry & Co. LLC, BofA Merrill Lynch, Blaylock Beal Van LLC, Citigroup Global Markets Inc., Fidelity Capital Markets Inc., J.P. Morgan Securities LLC, Loop Capital Markets LLC, Ramirez & Co. Inc., Prager & Co. LLC, RBC Capital Markets LLC, Raymond James/Morgan Keegan, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC (co-managers)
|
| Rating: | Standard & Poor’s: AA-
|
| Pricing date: | July 31
|
| Settlement date: | Aug. 20
|
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|
| Amount | Maturity | Type | Coupon | Price
|
| $1.82 million | 2014 | Serial | 0.50% | 100.088
|
| $5,065,000 | 2015 | Serial | 3% | 103.444
|
| $6 million | 2016 | Serial | 3% | 105.84
|
| $8.15 million | 2017 | Serial | 4% | 110.649
|
| $8.5 million | 2018 | Serial | 5% | 116.714
|
| $7.91 million | 2019 | Serial | 5% | 118.811
|
| $8.3 million | 2020 | Serial | 5% | 120.803
|
| $8.74 million | 2021 | Serial | 5% | 121.508
|
| $3,615,000 | 2022 | Serial | 3% | 107.132
|
| $5,465,000 | 2022 | Serial | 5% | 122.152
|
| $9,445,000 | 2023 | Serial | 5% | 123.195
|
| $9,935,000 | 2024 | Serial | 5% | 124.208
|
| $2.64 million | 2025 | Serial | 3% | 103.288
|
| $7,775,000 | 2025 | Serial | 5% | 122.074
|
| $1.13 million | 2026 | Serial | 3% | 101.051
|
| $22.98 million | 2026 | Serial | 5% | 120.181
|
| $44,085,000 | 2027 | Serial | 5% | 118.808
|
| $46.35 million | 2028 | Serial | 5% | 117.646
|
| $48.74 million | 2029 | Serial | 5% | 116.688
|
| $4.81 million | 2030 | Serial | 3.5% | 100
|
| $46,375,000 | 2030 | Serial | 5% | 115.928
|
| $51.11 million | 2031 | Serial | 5% | 115.269
|
| $47.61 million | 2032 | Serial | 5% | 114.613
|
| $48,205,000 | 2033 | Serial | 5% | 114.148
|
| $50,665,000 | 2034 | Serial | 5% | 113.685
|
| $37,255,000 | 2035 | Serial | 5% | 113.224
|
| $44.19 million | 2038 | Term | 4% | 100.83
|
| $76,235,000 | 2039 | Term | 5% | 112.218
|
| $85,515,000 | 2044 | Term | 5% | 111.855
|
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