By Sheri Kasprzak
New York, Oct. 20 - The Dormitory Authority of the State of New York priced $65.39 million of series 2011A revenue bonds for the Mount Sinai Hospital Obligated Group, according to an official statement.
The bonds (A2/A-/A) were sold through Goldman, Sachs & Co. The co-managers were Bank of America Merrill Lynch, Citigroup Global Markets Inc., RBC Capital Markets LLC and Rice Financial Products Co.
The bonds are due 2012 to 2023 with term bonds due in 2026, 2031, 2035 and 2041. The serial coupons range from 3% to 5%, and yields range from 0.73% to 4.25%. The 2026 bonds have a 4.5% coupon to yield 4.65%. The 2031 bonds have a 5% coupon priced at par, and the 2035 bonds have a 5% coupon to yield 5.05%. The 2041 bonds have a 5% coupon to yield 5.08%.
Proceeds will be used to finance the construction, equipment, acquisition and renovation of certain Mount Sinai health facilities, including the obligated group's Center for Science and Medicine.
| Issuer: | Dormitory Authority of the State of New York/Mount Sinai Hospital Obligated Group
|
| Issue | Series 2011A revenue bonds
|
| Amount: | $65.39 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. (lead); Bank of America Merrill Lynch, Citigroup Global Markets Inc., RBC Capital Markets LLC and Rice Financial Products Co. (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A
|
| Pricing date: | Oct. 14
|
| Settlement date: | Oct. 27
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $715,000 | 2012 | Serial | 3% | 0.73%
|
| $1.075 million | 2013 | Serial | 4% | 1.33%
|
| $1.12 million | 2014 | Serial | 4% | 1.76%
|
| $1.165 million | 2015 | Serial | 5% | 2.20%
|
| $1.22 million | 2016 | Serial | 5% | 2.63%
|
| $1.285 million | 2017 | Serial | 5% | 2.95%
|
| $1.345 million | 2018 | Serial | 5% | 3.29%
|
| $1.415 million | 2019 | Serial | 5% | 3.63%
|
| $1.485 million | 2020 | Serial | 5% | 3.87%
|
| $1.56 million | 2021 | Serial | 4% | 3.98%
|
| $1.625 million | 2022 | Serial | 5% | 4.12%
|
| $1.705 million | 2023 | Serial | 5% | 4.25%
|
| $5.615 million | 2026 | Term | 4.5% | 4.65%
|
| $11.285 million | 2031 | Term | 5% | 5.00%
|
| $11.24 million | 2035 | Term | 5% | 5.05%
|
| $21.535 million | 2041 | Term | 5% | 5.08%
|
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