Published on 7/16/2013 in the Prospect News Municipals Daily.
New Issue: Dasny prices $660.27 million of state personal income tax revenue bonds
By Sheri Kasprzak
New York, July 16 - The Dormitory Authority of the State of New York sold $660.27 million of series 2013 state personal income tax revenue bonds, according to a pricing sheet.
The offering includes $615.66 million of series 2013A tax-exempt bonds and $44.61 million of series 2013B taxable bonds.
The 2013A bonds are due 2015 to 2037 with term bonds due in 2039 and 2043. The serial bonds have 5% coupons with 0.45% to 4.27% yields. The 2039 bonds have a 5% coupon priced at 104.955 to yield 4.36%, and the 2043 bonds have a 5% coupon priced at 104.398 to yield 4.43%.
The 2013B bonds are due 2015 to 2023. The bonds have 0.58% to 3.3% coupons with 0.58% to 3.33% yields.
The bonds (//AA) were sold competitively.
Proceeds will be used to finance or reimburse all or a portion of the costs of capital projects for the State University of New York for educational facilities, SUNY Upstate Community College facilities and City University of New York for senior college and community college facilities, as well as to finance certain required state matching contribution to the water pollution control revolving fund.
| Issuer: | Dormitory Authority of the State of New York
|
| Issue: | Series 2013 state personal income tax revenue bonds
|
| Amount: | $660.27 million
|
| Type: | Competitive
|
| Ratings: | Fitch: AA
|
| Pricing date: | July 16
|
| Settlement date: | July 25
|
|
|
| $615.66 million series 2013A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $9.88 million | 2015 | Serial | 5% | 107.044 | 0.45%
|
| $10.37 million | 2016 | Serial | 5% | 110.871 | 0.7%
|
| $10.89 million | 2017 | Serial | 5% | 113.374 | 1.15%
|
| $11.44 million | 2018 | Serial | 5% | 115.594 | 1.45%
|
| $12,005,000 | 2019 | Serial | 5% | 116.787 | 1.81%
|
| $12,605,000 | 2020 | Serial | 5% | 117.405 | 2.14%
|
| $13,235,000 | 2021 | Serial | 5% | 117.791 | 2.41%
|
| $13.9 million | 2022 | Serial | 5% | 117.464 | 2.7%
|
| $14.59 million | 2023 | Serial | 5% | 117.324 | 2.91%
|
| $15.33 million | 2024 | Serial | 5% | 115.607 | 3.1%
|
| $16,095,000 | 2025 | Serial | 5% | 114.097 | 3.27%
|
| $16.9 million | 2026 | Serial | 5% | 112.35 | 3.47%
|
| $17.74 million | 2027 | Serial | 5% | 110.891 | 3.64%
|
| $18,625,000 | 2028 | Serial | 5% | 109.538 | 3.8%
|
| $19,555,000 | 2029 | Serial | 5% | 108.702 | 3.9%
|
| $20.54 million | 2030 | Serial | 5% | 108.122 | 3.97%
|
| $21,565,000 | 2031 | Serial | 5% | 107.545 | 4.04%
|
| $22.64 million | 2032 | Serial | 5% | 107.053 | 4.1%
|
| $23,775,000 | 2033 | Serial | 5% | 106.727 | 4.14%
|
| $24.96 million | 2034 | Serial | 5% | 106.484 | 4.17%
|
| $26.21 million | 2035 | Serial | 5% | 106.16 | 4.21%
|
| $27.52 million | 2036 | Serial | 5% | 105.917 | 4.24%
|
| $28,905,000 | 2037 | Serial | 5% | 105.676 | 4.27%
|
| $62.2 million | 2039 | Term | 5% | 104.955 | 4.36%
|
| $144,185,000 | 2043 | Term | 5% | 104.398 | 4.43%
|
|
|
| $44.61 million series 2013B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4,665,000 | 2015 | Serial | 0.58% | 100 | 0.58%
|
| $4.69 million | 2016 | Serial | 1% | 100.05 | 0.98%
|
| $4.74 million | 2017 | Serial | 1.35% | 99.896 | 1.38%
|
| $4,805,000 | 2018 | Serial | 1.85% | 99.912 | 1.87%
|
| $4.89 million | 2019 | Serial | 2.2% | 99.947 | 2.21%
|
| $5 million | 2020 | Serial | 2.5% | 99.759 | 2.54%
|
| $5,125,000 | 2021 | Serial | 2.8% | 99.728 | 2.84%
|
| $5.27 million | 2022 | Serial | 3% | 99.401 | 3.08%
|
| $5,425,000 | 2023 | Serial | 3.3% | 99.754 | 3.33%
|
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