Published on 1/7/2015 in the Prospect News Municipals Daily.
New Issue: Dasny brings to market $1 billion of general purpose state PIT bonds
By Sheri Kasprzak
New York, Jan. 7 – The Dormitory Authority of the State of New York priced $1,009,330,000 of series 2015A general purpose state personal income tax bonds, according to a pricing sheet.
The bonds (/AAA/AA+) were sold through senior managers Barclays, Citigroup Global Markets Inc. and Rice Financial Products Co.
The bonds are due 2015 and 2020 to 2036 with 2% to 5% coupons.
Proceeds will be used to refund the authority’s series 2003, 2004A and 2005A-B personal income tax bonds.
| Issuer: | Dormitory Authority of the State of New York
|
| Issue: | Series 2015A general purpose state personal income tax bonds (/AAA/AA+)
|
| Amount: | $1,009,330,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays, Citigroup Global Markets Inc. and Rice Financial Products Co. (lead), Blaylock Beal Van LLC, BofA Merrill Lynch, Goldman, Sachs & Co., Jefferies & Co., J.P. Morgan Securities LLC, Loop Capital Markets LLC, Mesirow Financial Inc., Morgan Stanley & Co. LLC, Oppenheimer & Co. Inc., Ramirez & Co. Inc., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC, Wells Fargo Securities LLC and The Williams Capital Group LP (co-managers)
|
| Ratings: | Standard & Poor’s: AAA
|
| Fitch: AA+
|
| Pricing date: | Jan. 7
|
| Settlement date: | Jan. 14
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $12,375,000 | 2015 | Serial | 2% | 100.33
|
| $13.34 million | 2020 | Serial | 5% | 117.835
|
| $5.83 million | 2021 | Serial | 3% | 108.192
|
| $20.19 million | 2021 | Serial | 5% | 119.896
|
| $4.2 million | 2022 | Serial | 4% | 114.516
|
| $47,745,000 | 2022 | Serial | 5% | 121.206
|
| $12.79 million | 2023 | Serial | 4% | 115.246
|
| $47.71 million | 2023 | Serial | 5% | 122.758
|
| $57,125,000 | 2024 | Serial | 5% | 124.259
|
| $4,085,000 | 2025 | Serial | 3% | 107.441
|
| $58,215,000 | 2025 | Serial | 5% | 125.594
|
| $62,995,000 | 2026 | Serial | 5% | 124.048
|
| $68.97 million | 2027 | Serial | 5% | 123.232
|
| $20 million | 2028 | Serial | 3% | 101.756
|
| $52.56 million | 2028 | Serial | 5% | 122.625
|
| $76,195,000 | 2029 | Serial | 5% | 121.921
|
| $44.55 million | 2030 | Serial | 5% | 121.322
|
| $11,135,000 | 2031 | Serial | 3% | 100.346
|
| $76.67 million | 2031 | Serial | 5% | 120.825
|
| $65 million | 2032 | Serial | 4% | 108.522
|
| $28,465,000 | 2032 | Serial | 5% | 120.627
|
| $99.32 million | 2033 | Serial | 5% | 150.231
|
| $34.7 million | 2034 | Serial | 5% | 120.726
|
| $29.4 million | 2034 | Serial | 5% | 119.74
|
| $5.68 million | 2035 | Serial | 4% | 107.704
|
| $46.98 million | 2035 | Serial | 5% | 119.251
|
| $3,105,000 | 2036 | Serial | 3.2% | 100
|
|
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