Published on 6/13/2013 in the Prospect News Municipals Daily.
New Issue: Rowan University, N.J., prices $56.57 million of lease revenue bonds
By Sheri Kasprzak
New York, June 13 - The Camden County Improvement Authority of New Jersey sold $56.57 million of series 2013 lease revenue bonds for Rowan University, according to a pricing sheet.
The bonds (A2) were sold through Raymond James/Morgan Keegan.
The deal included $26.88 million of series 2013A tax-exempt refunding bonds and $29.69 million of series 2013B taxable bonds.
The 2013A tax-exempt refunding bonds are due 2013 to 2027 with a term bond due in 2032. The serial bonds have 3% to 5% coupons and 0.40% to 3.75% yields. The 2032 bonds have a 5% coupon priced at 108.093 to yield 4.04%.
The 2013B bonds are due 2013 to 2025 with a term bond due in 2032. The serial coupons range from 0.89% to 4.328%, all priced at par. The 2032 bonds have a 5.16% coupon priced at par.
Proceeds will be used to finance capital improvements to the university's school of osteopathic medicine.
| Issuer: | Camden County Improvement Authority/Rowan University
|
| Issue: | Series 2013 lease revenue bonds
|
| Amount: | $56.57 million
|
| Type: | Negotiated
|
| Underwriter: | Raymond James/Morgan Keegan
|
| Rating: | Moody's: A2
|
| Pricing date: | June 13
|
| Settlement date: | July 1
|
|
|
| $26.88 million series 2013A tax-exempt refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $340,000 | 2013 | Serial | 3% | 101.081 | 0.40%
|
| $345,000 | 2014 | Serial | 3% | 103.365 | 0.61%
|
| $645,000 | 2015 | Serial | 3% | 105.131 | 0.85%
|
| $810,000 | 2016 | Serial | 3% | 106.007 | 1.20%
|
| $835,000 | 2017 | Serial | 4% | 110.283 | 1.58%
|
| $865,000 | 2018 | Serial | 4% | 110.596 | 1.93%
|
| $1.06 million | 2019 | Serial | 4% | 110.274 | 2.27%
|
| $1.16 million | 2020 | Serial | 5% | 116.458 | 2.55%
|
| $1.03 million | 2021 | Serial | 4% | 108.316 | 2.88%
|
| $1.97 million | 2022 | Serial | 5% | 115.058 | 3.14%
|
| $1,405,000 | 2023 | Serial | 5% | 114.784 | 3.31%
|
| $1.58 million | 2024 | Serial | 5% | 113.651 | 3.43%
|
| $1,655,000 | 2025 | Serial | 5% | 112.531 | 3.55%
|
| $1,795,000 | 2026 | Serial | 5% | 111.424 | 3.67%
|
| $1.88 million | 2027 | Serial | 5% | 110.693 | 3.75%
|
| $9,505,000 | 2032 | Term | 5% | 108.093 | 4.04%
|
|
|
| $29.69 million series 2013B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,525,000 | 2013 | Serial | 0.89% | 100
|
| $1,475,000 | 2014 | Serial | 1.19% | 100
|
| $1,385,000 | 2015 | Serial | 1.522% | 100
|
| $1.52 million | 2016 | Serial | 1.752% | 100
|
| $1.55 million | 2017 | Serial | 2.24% | 100
|
| $1,595,000 | 2018 | Serial | 2.54% | 100
|
| $1,465,000 | 2019 | Serial | 2.885% | 100
|
| $1,465,000 | 2020 | Serial | 3.185% | 100
|
| $1,675,000 | 2021 | Serial | 3.528% | 100
|
| $3,145,000 | 2024 | Serial | 4.178% | 100
|
| $1.24 million | 2025 | Serial | 4.328% | 100
|
| $11.65 million | 2032 | Term | 5.16% | 100
|
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