Published on 4/1/2016 in the Prospect News Municipals Daily.
New Issue: California State University prices $1.37 billion revenue bonds in four tranches
By Cristal Cody
Eureka Springs, Ark., April 1 – The Trustees of the California State University priced $1,374,490,000 of systemwide revenue bonds (Aa2//), according to a term sheet.
The authority sold $1,124,490,000 of series 2016A bonds, $50 million of series 2016B-1 bonds, $100 million of series 2016B-2 bonds and $100 million of series 2016B-3 bonds.
The series 2016A bonds have serial maturities from 2017 through 2038 and terms due 2041 and 2045. The bonds priced with 2% to 5% coupons to yield 0.6% to 3.05%.
The 3% series 2016B-1 bonds due 2047 priced at 105.494 to yield 1.15%.
The 4% series 2016B-2 bonds are due 2049 and priced at 112.069 to yield 1.5%.
The 4% series 2016B-3 bonds due 2051 priced at 114.467 to yield 1.8%.
Barclays, BofA Merrill Lynch and Raymond James/Morgan Keegan were the bookrunners of the negotiated sale.
Proceeds will be used to finance and refinance the acquisitions, construction, improvement and renovation of university facilities and to refund certain outstanding revenue bonds.
| Issuer: | Trustees of the California State University
|
| Issue: | Systemwide revenue bonds
|
| Amount: | $1,374,490,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays, BofA Merrill Lynch and Raymond James/Morgan Keegan (lead); Hutchinson, Shockey, Erley & Co.; Academy Securities, Inc.; Alamo Capital Inc.; Backstrom McCarley Berry & Co., LLC; Blaylock Beal Van, LLC; Citigroup Global Markets Inc.; Fidelity Capital Markets Inc.; FTN Financial Capital Markets; Goldman, Sachs & Co.; J.P. Morgan Securities LLC; Loop Capital Markets; Morgan Stanley & Co. LLC; Prager & Co., LLC; Ramirez & Co., Inc.; RBC Capital Markets LLC; Siebert Brandford Shank & Co., LLC; Williams Capital Group, LP; U.S. Bancorp Investments Inc.; Wells Fargo Securities LLC and William Blair & Co. (co-managers)
|
| Rating: | Moody’s: Aa2
|
| Pricing date: | March 31
|
| Settlement date: | April 20
|
|
|
| Series 2016A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,855,000 | 2017 | Serial | 2% | 102.129 | 0.6%
|
| $9,495,000 | 2018 | Serial | 4% | 108.078 | 0.77%
|
| $19,085,000 | 2019 | Serial | 5% | 114.14 | 0.92%
|
| $5,605,000 | 2020 | Serial | 2% | 103.966 | 1.1%
|
| $14,365,000 | 2020 | Serial | 5% | 117.189 | 1.1%
|
| $20,925,000 | 2021 | Serial | 5% | 120.037 | 1.24%
|
| $3.11 million | 2022 | Serial | 3% | 110.083 | 1.38%
|
| $18,855,000 | 2022 | Serial | 5% | 122.531 | 1.38%
|
| $23.05 million | 2023 | Serial | 5% | 124.592 | 1.53%
|
| $2.46 million | 2024 | Serial | 4% | 118.366 | 1.68%
|
| $21.76 million | 2024 | Serial | 5% | 126.282 | 1.68%
|
| $5,365,000 | 2025 | Serial | 4% | 119.091 | 1.81%
|
| $20.06 million | 2025 | Serial | 5% | 127.808 | 1.81%
|
| $9 million | 2026 | Serial | 4% | 118.494 | 1.96%
|
| $32,795,000 | 2026 | Serial | 5% | 127.559 | 1.96%
|
| $43,895,000 | 2027 | Serial | 5% | 126.312 | 2.08%
|
| $3.21 million | 2028 | Serial | 2.5% | Par | 2.5%
|
| $42,885,000 | 2028 | Serial | 5% | 124.976 | 2.21%
|
| $48,415,000 | 2029 | Serial | 5% | 124.163 | 2.29%
|
| $50.89 million | 2030 | Serial | 5% | 123.657 | 2.34%
|
| $53,505,000 | 2031 | Serial | 5% | 122.854 | 2.42%
|
| $56,235,000 | 2032 | Serial | 5% | 122.156 | 2.49%
|
| $33,335,000 | 2033 | Serial | 3% | 99.324 | 3.05%
|
| $24.54 million | 2033 | Serial | 5% | 121.562 | 2.55%
|
| $60.21 million | 2034 | Serial | 4% | 109.058 | 2.95%
|
| $54,845,000 | 2035 | Serial | 4% | 108.967 | 2.96%
|
| $28.61 million | 2036 | Serial | 5% | 120.091 | 2.7%
|
| $30.19 million | 2036 | Serial | 3.125% | 98.876 | 3.2%
|
| $20 million | 2037 | Serial | 3.2% | 98.77 | 3.28%
|
| $41.12 million | 2037 | Serial | 4% | 108.245 | 3.04%
|
| $63.53 million | 2038 | Serial | 3.05% | 108.155 | 3.05%
|
| $136.89 million | 2041 | Term | 5% | 119.122 | 2.8%
|
| $71.56 million | 2045 | Term | 4% | 106.994 | 3.18%
|
| $57,455,000 | 2045 | Term | 5% | 118.641 | 2.85%
|
|
|
|
|
| Series 2016B-1 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $50 million | 2047 | Term | 3% | 105.494 | 1.15%
|
|
|
| Series 2016B-2 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $100 million | 2049 | Term | 4% | 112.069 | 1.5%
|
|
|
| Series 2016B-3 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $100 million | 2051 | Term | 4% | 114.467 | 1.8%
|
|
|
© 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.
