Published on 11/24/2010 in the Prospect News Municipals Daily.
New Issue: Metropolitan Transportation Authority, N.Y., releases full details of $754.305 million sale
By Sheri Kasprzak
New York, Nov. 24 - The Metropolitan Transportation Authority of New York City released the terms of its $754.305 million sale of series 2010D transportation revenue bonds (A2/A/A+) in an official statement.
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the senior managers. The co-lead managers were Ramirez & Co. Inc. and Siebert Brandford Shank & Co. LLC. Co-managers included Barclays Capital Inc., Bank of America Merrill Lynch, Jefferies & Co. Inc., Loop Capital Markets LLC, Morgan Stanley & Co. Inc., M.R. Beal & Co. Inc., Raymond James & Associates Inc., RBC Capital Markets Corp., Roosevelt & Cross Inc. and Wells Fargo Securities LLC.
The bonds are due 2011 to 2030 with term bonds due 2034 and 2040. Serial coupons range from 1.5% to 5.25%. Yields range from 0.68% to 5.12%. The 2034 bonds have a split maturity with a 5% coupon to yield 5.32% and a 5.25% coupon to yield 5.32%. The 2040 bonds have a 5.25% coupon to yield 5.39%.
Proceeds will be used to pay holders of the authority's transportation revenue notes CP-1.
Issuer: | Metropolitan Transportation Authority
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Issue: | Serial 2010D transportation revenue bonds
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Amount: | $755 million
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Type: | Negotiated
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Underwriters: | Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead), Ramirez & Co. Inc. and Siebert Brandford Shank & Co. LLC (co-lead), Barclays Capital Inc., Bank of America Merrill Lynch, Jefferies & Co. Inc., Loop Capital Markets LLC, Morgan Stanley & Co. Inc., M.R. Beal & Co. Inc., Raymond James & Associates Inc., RBC Capital Markets Corp., Roosevelt & Cross Inc. and Wells Fargo Securities LLC (co-managers)
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Ratings: | Moody's: A2
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| Standard & Poor's: A
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| Fitch: A+
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Pricing date: | Nov. 23
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Settlement date: | Dec. 7
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Amount | Maturity | Type | Coupon | Yield
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$11.85 million | 2011 | Serial | 1.5% | 0.68%
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$6.515 million | 2012 | Serial | 2% | 1.25%
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$6.285 million | 2012 | Serial | 3% | 1.25%
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$2.49 million | 2013 | Serial | 2% | 1.63%
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$10.625 million | 2013 | Serial | 3% | 1.63%
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$5.17 million | 2014 | Serial | 3% | 2.06%
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$8.315 million | 2014 | Serial | 4% | 2.06%
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$1.87 million | 2015 | Serial | 3% | 2.42%
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$12.105 million | 2015 | Serial | 4% | 2.42%
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$1.015 million | 2016 | Serial | 4% | 2.75%
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$13.5 million | 2016 | Serial | 5% | 2.75%
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$4.145 million | 2017 | Serial | 4% | 3.10%
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$11.085 million | 2017 | Serial | 5% | 3.10%
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$1.34 million | 2018 | Serial | 4% | 3.43%
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$14.61 million | 2018 | Serial | 5% | 3.43%
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$1.845 million | 2019 | Serial | 4% | 3.71%
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$14.89 million | 2019 | Serial | 5% | 3.71%
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$7.875 million | 2020 | Serial | 4% | 3.95%
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$9.675 million | 2020 | Serial | 5% | 3.95%
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$8.515 million | 2021 | Serial | 4% | 4.14%
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$9.835 million | 2021 | Serial | 5% | 4.14%
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$8.335 million | 2022 | Serial | 4.125% | 4.28%
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$10.85 million | 2022 | Serial | 5% | 4.28%
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$3.075 million | 2023 | Serial | 4.375% | 4.45%
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$17 million | 2023 | Serial | 5.25% | 4.45%
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$5.595 million | 2024 | Serial | 4.5% | 4.58%
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$3.98 million | 2024 | Serial | 5% | 4.58%
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$11.52 million | 2024 | Serial | 5.25% | 4.58%
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$6.725 million | 2025 | Serial | 4.5% | 4.71%
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$5.425 million | 2025 | Serial | 5% | 4.71%
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$10 million | 2025 | Serial | 5.25% | 4.71%
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$7.56 million | 2026 | Serial | 4.5% | 4.81%
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$5.69 million | 2026 | Serial | 5% | 4.81%
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$10 million | 2026 | Serial | 5.25% | 4.81%
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$24.4 million | 2027 | Serial | 5.25% | 4.89%
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$25.68 million | 2028 | Serial | 5.25% | 4.97%
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$27.03 million | 2029 | Serial | 5.25% | 5.04%
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$28.45 million | 2030 | Serial | 5.25% | 5.12%
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$71.39 million | 2034 | Term | 5% | 5.32%
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$57.87 million | 2034 | Term | 5.25% | 5.32%
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$250.18 million | 2040 | Term | 5.25% | 5.39%
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