New Issue: California State University sells $1.04 billion systemwide revenue bonds

By Sheri Kasprzak

New York, July 15 – California State University sold $1,043,110,000 of series 2015 systemwide revenue bonds, according to a pricing sheet. The deal was downsized from $1.1 billion.

The bonds (Aa2/AA-/) were sold through senior managers J.P. Morgan Securities LLC and Wells Fargo Securities LLC.

The offering included $1,013,755,000 of series 2015A bonds and $29,355,000 of series 2015B taxable bonds.

The 2015A bonds are due 2015 to 2038 with term bonds due in 2043 and 2047. The serial coupons range from 2% to 5%. The 2043 bonds have a 4% coupon priced at 98.992 and a 5% coupon priced at 111.804. The 2047 bonds have a 5% coupon priced at 111.17.

The 2015B bonds are due 2016 to 2026 with a term bond due in 2035. The serial coupons range from 0.65% to 3.656%. The 2035 bonds have a 4.413% coupon priced at par.

Proceeds will be used to construct, renovate, equip and improve university facilities and refund existing debt.

Issuer:	California State University
Issue:	Series 2015 systemwide revenue bonds
Amount:	$1,043,110,000
Underwriters:	J.P. Morgan Securities LLC, Wells Fargo Securities LLC
Ratings:	Moody’s: Aa2
	Standard & Poor’s: AA-
Pricing date:	July 15
Settlement date:	Aug. 5
$1,013,755,000 series 2015A bonds
Amount	Maturity	Type	Coupon	Price
$17,155,000	2015	Serial	3%	100.7
$18.08 million	2016	Serial	3%	103.275
$4.02 million	2017	Serial	2%	102.882
$18,965,000	2017	Serial	5%	109.535
$5,875,000	2018	Serial	3%	106.489
$19.91 million	2018	Serial	5%	112.852
$10 million	2019	Serial	4%	111.625
$18.72 million	2019	Serial	5%	115.747
$10 million	2020	Serial	2%	102.917
$19,305,000	2020	Serial	5%	118.011
$3,315,000	2021	Serial	3%	107.601
$27,415,000	2021	Serial	5%	119.388
$7,145,000	2022	Serial	4%	113.414
$21.16 million	2022	Serial	5%	120.121
$2.28 million	2023	Serial	2.25%	99.849
$25.08 million	2023	Serial	5%	120.405
$6.58 million	2024	Serial	4%	113.008
$21.62 million	2024	Serial	5%	121.241
$3.02 million	2025	Serial	2.5%	99.104
$24,065,000	2025	Serial	5%	121.449
$29,455,000	2026	Serial	5%	119.955
$4.57 million	2027	Serial	3%	99.794
$27.37 million	2027	Serial	5%	118.776
$25 million	2028	Serial	3.25%	99.783
$8.93 million	2028	Serial	5%	117.707
$25 million	2029	Serial	3.375%	100.039
$10.66 million	2029	Serial	5%	117.129
$8.65 million	2030	Serial	3.5%	100
$28.55 million	2030	Serial	5%	116.364
$38.17 million	2031	Serial	5%	115.604
$29,125,000	2032	Serial	5%	115.133
$28,545,000	2033	Serial	5%	114.663
$30,015,000	2034	Serial	4%	102.019
$33,625,000	2035	Serial	5%	113.917
$34,565,000	2036	Serial	4%	101.339
$36,345,000	2037	Serial	5%	113.269
$34.36 million	2038	Serial	5%	113.085
$50 million	2043	Term	4%	98.992
$113.84 million 2043	Term	5%	111.804
$133.27 million 2047	Term	5%	111.17
$29,355,000 series 2015B taxable bonds
Amount	Maturity	Type	Coupon	Price
$2.37 million	2016	Serial	0.65%	100.012
$2.39 million	2017	Serial	0.983%	100
$2.42 million	2018	Serial	1.463%	100
$2.47 million	2019	Serial	1.982%	100
$2,525,000	2020	Serial	2.332%	100
$2.59 million	2021	Serial	2.605%	100
$2,665,000	2022	Serial	2.925%	100
$2,755,000	2023	Serial	3.306%	100
$2,855,000	2024	Serial	3.406%	100
$2,955,000	2025	Serial	3.506%	100
$1,905,000	2026	Serial	3.656%	100
$1,455,000	2035	Term	4.413%	100

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