Published on 7/2/2008 in the Prospect News Municipals Daily.
New Issue: Dasny prices $442.035 million state personal income tax revenue bonds with 1.67%-4.77% yields
By Sheri Kasprzak
New York, July 2 - The Dormitory Authority of the State of New York priced $442.035 million in series 2008A state personal income tax revenue bonds, said an official statement released Tuesday.
The bonds (Aaa/AA-/) were sold on a negotiated basis with M.R. Beal & Co. and Loop Capital Markets as the senior managers. The co-managers were Banc of America Securities LLC, Citigroup Global Markets, RBC Capital Markets, Siebert Brandford Shank & Co., George K. Baum & Co., Janney Montgomery Scott, JB Hanauer & Co., Morgan Stanley, Piper Jaffray, Roosevelt & Cross and Southwest Securities.
The bonds are due from 2009 to 2028 with coupons from 3% to 5% with yields from 1.67% to 4.77%.
Proceeds will be used to make grants to local school districts for facility projects that exceed existing state school building aid allotments as part of the Expanding Our Children's Education and Learning program.
| Issuer: | Dormitory Authority of the State of New York
|
| Issue: | Series 2008A state personal income tax revenue bonds
|
| Amount: | $442.035 million
|
| Type: | Negotiated
|
| Underwriters: | M.R. Beal & Co. and Loop Capital Markets (lead); Banc of America Securities LLC, Citigroup Global Markets, RBC Capital Markets, Siebert Brandford Shank & Co., George K. Baum & Co., Janney Montgomery Scott, JB Hanauer & Co., Morgan Stanley, Piper Jaffray, Roosevelt & Cross and Southwest Securities
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA-
|
| Pricing date: | June 25
|
| Settlement date: | July 9
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 3% | 1.67%
|
| 2010 | Serial | 3% | 2.71%
|
| 2010 | Serial | 5% | 2.71%
|
| 2011 | Serial | 3% | 3.06%
|
| 2012 | Serial | 3.25% | 3.30%
|
| 2013 | Serial | 4% | 3.50%
|
| 2013 | Serial | 5% | 3.50%
|
| 2014 | Serial | 5% | 3.63%
|
| 2015 | Serial | 4% | 3.76%
|
| 2015 | Serial | 5% | 3.76%
|
| 2016 | Serial | 5% | 3.89%
|
| 2017 | Serial | 4% | 4.02%
|
| 2017 | Serial | 5% | 4.02%
|
| 2018 | Serial | 4% | 4.13%
|
| 2018 | Serial | 5% | 4.13%
|
| 2019 | Serial | 4.2% | 4.27%
|
| 2019 | Serial | 5% | 4.27%
|
| 2020 | Serial | 4.25% | 4.37%
|
| 2020 | Serial | 5% | 4.37%
|
| 2021 | Serial | 4.375% | 4.45%
|
| 2021 | Serial | 5% | 4.45%
|
| 2022 | Serial | 4.375% | 4.50%
|
| 2022 | Serial | 5% | 4.50%
|
| 2023 | Serial | 4.5% | 4.54%
|
| 2023 | Serial | 5% | 4.54%
|
| 2024 | Serial | 5% | 4.58%
|
| 2025 | Serial | 5% | 4.63%
|
| 2026 | Serial | 5% | 4.68%
|
| 2027 | Serial | 5% | 4.73%
|
| 2028 | Serial | 5% | 4.77%
|
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