By Sheri Kasprzak
New York, May 12 - The Dormitory Authority of the State of New York released information on its $332.88 million sale of series 2011 school districts revenue bond financing revenue bonds conducted Wednesday, according to a pricing sheet.
The offering included $267.825 million of series 2011A bonds (A1/A+/A+), $39.75 million of series 2011B bonds (A3/A+/A+), $7.885 million of series 2011C bonds (Aa3/A+/A+) and $17.42 million of series 2011D bonds (A2/A+/A+).
The 2011A bonds are due 2012 to 2030 with 3% to 5% coupons. The 2011B bonds are due 2012 to 2025 with term bonds due in 2031 and 2039. The serial coupons range from 2% to 5.25%. The 2031 bonds have a 4.75% coupon priced at 98.077, and the 2039 bonds have a 5.25% coupon priced at par. The 2011C bonds are due 2012 to 2025 with 2% to 5% coupons. The 2011D bonds are due 2012 to 2026 with 2% to 5% coupons.
Jefferies & Co. and RBC Capital Markets LLC were the senior managers.
The co-managers were Roosevelt & Cross Inc., Barclays Capital Inc., Citigroup Global Markets Inc., KeyBanc Capital Markets LLC, Morgan Stanley & Co. Inc., Morgan Keegan & Co. Inc., Oppenheimer & Co. Inc., Ramirez & Co. Inc., Raymond James & Associates Inc., Rice Financial Products Co., Siebert Brandford Shank & Co. LLC, Stifel, Nicolaus & Co. Inc. and Wells Fargo Securities LLC.
Proceeds will be used to finance school district capital facilities and capital equipment, as well as refinance bond anticipation notes.
| Issuer: | Dormitory Authority of the State of New York
|
| Issue: | Series 2011 school districts revenue bond financing revenue bonds
|
| Amount: | $332.88 million
|
| Type: | Negotiated
|
| Underwriters: | Jefferies & Co. and RBC Capital Markets LLC (lead), Roosevelt & Cross Inc., Barclays Capital Inc., Citigroup Global Markets Inc., KeyBanc Capital Markets LLC, Morgan Stanley & Co. Inc., Morgan Keegan & Co. Inc., Oppenheimer & Co. Inc., Ramirez & Co. Inc., Raymond James & Associates Inc., Rice Financial Products Co., Siebert Brandford Shank & Co. LLC, Stifel, Nicolaus & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: A1 (for 2011A); A3 (for 2011B); Aa3 (for 2011C); A2 (for 2011D)
|
| Standard & Poor's: A+
|
| Fitch: A+
|
| Pricing date: | May 11
|
| Settlement date: | June 8
|
|
|
| $267.825 million series 2011A
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 3% | 102.802
|
| 2013 | Serial | 4% | 106.298
|
| 2014 | Serial | 4% | 107.311
|
| 2014 | Serial | 5% | 110.519
|
| 2015 | Serial | 5% | 112.249
|
| 2016 | Serial | 5% | 113.215
|
| 2017 | Serial | 5% | 113.017
|
| 2018 | Serial | 5% | 112.902
|
| 2019 | Serial | 5% | 112.19
|
| 2020 | Serial | 5% | 111.661
|
| 2021 | Serial | 5% | 111.238
|
| 2022 | Serial | 5% | 109.886
|
| 2023 | Serial | 5% | 108.377
|
| 2024 | Serial | 5% | 106.98
|
| 2025 | Serial | 5% | 105.861
|
| 2026 | Serial | 5% | 104.84
|
| 2027 | Serial | 4.375% | 98.446
|
| 2028 | Serial | 4.5% | 98.691
|
| 2029 | Serial | 4.5% | 97.436
|
| 2030 | Serial | 4.625% | 97.806
|
|
|
| $39.57 million series 2011B
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 2% | 101.433
|
| 2013 | Serial | 3% | 103.861
|
| 2014 | Serial | 4% | 106.977
|
| 2015 | Serial | 4% | 107.494
|
| 2016 | Serial | 5% | 112.417
|
| 2017 | Serial | 5% | 112.093
|
| 2018 | Serial | 4% | 105.376
|
| 2019 | Serial | 3.25% | 98.49
|
| 2020 | Serial | 4% | 102.579
|
| 2021 | Serial | 5% | 109.886
|
| 2022 | Serial | 5.25% | 110.83
|
| 2023 | Serial | 5.25% | 109.499
|
| 2024 | Serial | 5.25% | 108.187
|
| 2025 | Serial | 5.25% | 107.194
|
| 2031 | Term | 4.75% | 98.077
|
| 2039 | Term | 5.25% | 100
|
|
|
| $7.885 million series 2011C
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 2% | 101.564
|
| 2013 | Serial | 4% | 106.416
|
| 2014 | Serial | 4% | 107.479
|
| 2015 | Serial | 5% | 112.469
|
| 2016 | Serial | 4% | 108.507
|
| 2017 | Serial | 4% | 107.557
|
| 2018 | Serial | 4% | 106.723
|
| 2019 | Serial | 5% | 112.577
|
| 2020 | Serial | 5% | 112.083
|
| 2021 | Serial | 3.5% | 98.886
|
| 2022 | Serial | 3.5% | 97.437
|
| 2023 | Serial | 3.75% | 98.06
|
| 2024 | Serial | 4% | 98.875
|
| 2025 | Serial | 4.125% | 98.77
|
|
|
| $17.42 million series 2011D
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 2% | 101.028
|
| 2013 | Serial | 3% | 103.328
|
| 2014 | Serial | 4% | 106.547
|
| 2015 | Serial | 4% | 107.382
|
| 2016 | Serial | 4% | 107.797
|
| 2017 | Serial | 4% | 107.17
|
| 2018 | Serial | 5% | 112.566
|
| 2019 | Serial | 5% | 111.986
|
| 2020 | Serial | 5% | 111.367
|
| 2021 | Serial | 5% | 110.698
|
| 2022 | Serial | 5% | 109.319
|
| 2023 | Serial | 4% | 100
|
| 2024 | Serial | 4% | 98.907
|
| 2025 | Serial | 4.125% | 98.596
|
| 2026 | Serial | 4.25% | 98.588
|
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