Published on 12/2/2015 in the Prospect News Municipals Daily.
New Issue: Dasny hits market with $286.23 million SUNY dorm facility revenue bonds
By Sheri Kasprzak
New York, Dec. 2 – The Dormitory Authority of the State of New York priced $286,225,000 of series 2015B dormitory facilities revenue bonds for the State University of New York, according to a term sheet.
The bonds (Aa3//A+) were sold through BofA Merrill Lynch and Siebert Brandford Shank & Co. LLC.
The bonds are due 2016 to 2037 with term bonds due in 2040 and 2045. The serial coupons range from 3% to 5% with yields from 0.26% to 3.55%. The 2040 bonds have a 5% coupon priced at 115.053 to yield 3.16%, and the 2045 bonds have a 5% coupon priced at 114.61 to yield 3.21%.
Proceeds will be used to fund capital projects involving the construction and rehabilitation of dormitory facilities on various SUNY campuses and to refund the authority’s series 2007, 2008A and 2009A bonds.
| Issuer: | Dormitory Authority of the State of New York/State University of New York
|
| Issue: | Series 2015B dormitory facilities revenue bonds
|
| Amount: | $286,225,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Siebert Brandford Shank & Co. LLC
|
| Ratings: | Moody’s: Aa3
|
| Fitch: A+
|
| Pricing date: | Dec. 2
|
| Settlement date: | Dec. 16
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.14 million | 2016 | Serial | 5% | 102.563 | 0.26%
|
| $4,125,000 | 2017 | Serial | 4% | 105.051 | 0.70%
|
| $4.78 million | 2018 | Serial | 3% | 105.135 | 0.95%
|
| $9,895,000 | 2019 | Serial | 3% | 106.33 | 1.17%
|
| $14,295,000 | 2020 | Serial | 4% | 111.448 | 1.39%
|
| $14,875,000 | 2021 | Serial | 5% | 118.077 | 1.58%
|
| $15,605,000 | 2022 | Serial | 5% | 120.005 | 1.75%
|
| $16,355,000 | 2023 | Serial | 5% | 121.137 | 1.97%
|
| $13.87 million | 2024 | Serial | 5% | 122.042 | 2.16%
|
| $11,565,000 | 2025 | Serial | 5% | 123.205 | 2.28%
|
| $12,135,000 | 2026 | Serial | 5% | 121.863 | 2.42%
|
| $12,735,000 | 2027 | Serial | 5% | 121.104 | 2.50%
|
| $13,345,000 | 2028 | Serial | 5% | 120.351 | 2.58%
|
| $14,005,000 | 2029 | Serial | 5% | 119.417 | 2.68%
|
| $12.02 million | 2030 | Serial | 5% | 118.676 | 2.76%
|
| $7,415,000 | 2031 | Serial | 5% | 118.124 | 2.82%
|
| $7,795,000 | 2032 | Serial | 5% | 117.667 | 2.87%
|
| $13.79 million | 2033 | Serial | 5% | 117.211 | 2.92%
|
| $9,855,000 | 2034 | Serial | 3.5% | 100 | 3.50%
|
| $10,185,000 | 2035 | Serial | 3.5% | 99.298 | 3.55%
|
| $10.56 million | 2036 | Serial | 5% | 115.857 | 3.07%
|
| $11.09 million | 2037 | Serial | 5% | 115.41 | 3.12%
|
| $14,795,000 | 2040 | Term | 5% | 115.053 | 3.16%
|
| $29,995,000 | 2045 | Term | 5% | 114.61 | 3.21%
|
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