Published on 6/3/2015 in the Prospect News Municipals Daily.
New Issue: Dasny prices $503.44 million of North Shore-Long Island bonds
By Sheri Kasprzak
New York, June 3 – The Dormitory Authority of the State of New York priced $503,435,000 of series 2015A revenue bonds for the North Shore-Long Island Jewish Obligated Group, according to a pricing sheet. The deal was upsized from $500 million.
The bonds (A3/A-/) were sold through senior managers Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC.
The bonds are due 2016 to 2037 with term bonds due in 2042 and 2043. The serial coupons range from 2% to 5%. The 2042 bonds have a 4.125% coupon priced at 97.535, and the 2043 bonds have a 5% coupon priced at 107.567.
Proceeds will be loaned to North Shore-Long Island Jewish Obligated Group to finance capital projects and refund outstanding debt.
| Issuer: | Dormitory Authority of the State of New York/North Shore-Long Island Jewish Obligated Group
|
| Issue: | Series 2015A revenue bonds
|
| Amount: | $503,435,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC (lead), Academy Securities Inc., BofA Merrill Lynch, Drexel Hamilton LLC, Fidelity Capital Markets LLC, FTN Financial Capital Markets, J.P. Morgan Securities LLC, Ramirez & Co. Inc., Rice Financial Products Co., TD Securities (USA) LLC, U.S. Bancorp Investment Corp. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A-
|
| Pricing date: | June 3
|
| Settlement date: | June 23
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.74 million | 2016 | Serial | 2% | NRO
|
| $985,000 | 2017 | Serial | 3% | 103.836
|
| $6.07 million | 2017 | Serial | 5% | 107.507
|
| $7,195,000 | 2018 | Serial | 3% | 104.491
|
| $7,565,000 | 2019 | Serial | 4% | 108.586
|
| $11.99 million | 2020 | Serial | 4% | 109.451
|
| $2,025,000 | 2021 | Serial | 4% | 109.261
|
| $11.91 million | 2021 | Serial | 5% | 114.71
|
| $1.6 million | 2022 | Serial | 4% | 108.933
|
| $12,625,000 | 2022 | Serial | 5% | 115.182
|
| $1.16 million | 2023 | Serial | 4% | 108.774
|
| $13.57 million | 2023 | Serial | 5% | 115.796
|
| $17,175,000 | 2024 | Serial | 5% | 115.87
|
| $4,105,000 | 2025 | Serial | 3% | 99.154
|
| $13.95 million | 2025 | Serial | 5% | 116.025
|
| $5 million | 2026 | Serial | 3.125% | 98.591
|
| $15,045,000 | 2026 | Serial | 5% | 114.38
|
| $5 million | 2027 | Serial | 3.25% | 98.352
|
| $16,035,000 | 2027 | Serial | 5% | 113.12
|
| $21.81 million | 2028 | Serial | 5% | 112.23
|
| $21.48 million | 2029 | Serial | 5% | 111.524
|
| $16.72 million | 2030 | Serial | 5% | 110.824
|
| $28.14 million | 2031 | Serial | 5% | 110.302
|
| $29.59 million | 2032 | Serial | 5% | 109.869
|
| $31.12 million | 2033 | Serial | 5% | 109.524
|
| $34.58 million | 2034 | Serial | 4% | 99.081
|
| $38,215,000 | 2035 | Serial | 4% | 98.513
|
| $39,975,000 | 2036 | Serial | 5% | 108.668
|
| $14,715,000 | 2037 | Serial | 5% | 108.413
|
| $28.2 million | 2042 | Term | 4.125% | 97.535
|
| $39,145,000 | 2043 | Term | 5% | 107.567
|
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