Published on 12/2/2015 in the Prospect News Municipals Daily.
New Issue: Metropolitan Transportation, N.Y., prices $750 million of revenue BANs
By Sheri Kasprzak
New York, Dec. 2 – The Metropolitan Transportation Authority of New York priced $750 million of series 2015B transportation revenue bond anticipation notes, according to a pricing sheet. The deal was upsized from $700 million.
The offering was sold competitively.
The deal included $678 million of series 2015B-1 notes and $72 million of series 2015-B2 notes.
The 2015B-1 term notes are due Aug. 1, 2016 with coupons from 0.25% to 5% with 0.22% to 1% yields.
The 2015B-2 notes were sold in six tranches. The tranche included $12 million of series 2015B-2a notes due Aug. 1, 2016 at a 0.75% coupon priced at 100.095 to yield 0.75%; $12 million of series 2015B-2b notes due Oct. 1, 2016 at a 1% coupon priced at 100.305 to yield 0.62%; $12 million of series 2015B-2c notes due Feb. 1, 2017 at a 1% coupon priced at 100.282 to yield 0.75%; $12 million of series 2015B-2d notes due June 1, 2017 at a 1.125% coupon priced at 100.371 to yield 0.87%; $12 million of series 2015B-2e notes due Oct. 1, 2017 at a 1.25% coupon priced at 100.444 to yield 1%; and $12 million of series 2015B-2f notes due Feb. 1, 2018 at a 1.5% coupon priced at 100.836 to yield 1.1%.
Goldman, Sachs & Co., PNC Capital Markets LLC, Citigroup Global Markets Inc., TD Securities (USA) LLC, BofA Merrill Lynch, Wells Fargo Bank, NA, J.P. Morgan Securities LLC, FTN Financial Capital Markets Inc. and Morgan Stanley & Co. LLC each won pieces of the series 2015B-1 notes at a weighted true interest cost of 0.33599%.
J.P. Morgan and PNC won the 2015B-2 notes.
Proceeds will be used to finance existing approved transit and commuter projects.
| Issuer: | Metropolitan Transportation Authority
|
| Issue: | Series 2015B transportation revenue bond anticipation notes
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| Amount: | $750 million
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| Type: | Competitive
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| Underwriters: | Goldman, Sachs & Co.; PNC Capital Markets LLC; Citigroup Global Markets Inc.; TD Securities (USA) LLC; BofA Merrill Lynch; Wells Fargo Bank, NA; J.P. Morgan Securities LLC; FTN Financial Capital Markets Inc.; and Morgan Stanley & Co. LLC (winners for 2015B-1 tax-exempt notes); Goldman (for 2015B-2a); J.P. Morgan (for 2015B-2b notes); J.P. Morgan (for 201B-2c notes); J.P. Morgan (for 2015B-2d notes); J.P. Morgan (for 2015B-2e notes); and PNC Capital Markets (for 2015B-2F notes)
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| Weighted true interest cost: | 0.33599% (for 2015B-1 notes)
|
| True interest cost: | 0.60112% (for 2015B-2a notes), 0.70932% (for 2015B-2b notes), 0.86930% (for 2015B-2c notes), 0.93582% (for 2015B2-d notes), 1.05557% (for 2015B-2e notes) and 1.13956% (for 2015B-2f notes)
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| Ratings: | Moody’s: MIG 1
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| Standard & Poor’s: SP-1+
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| Fitch: F1
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| Pricing date: | Dec. 2
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| Settlement date: | Dec. 10
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| $678 million series 2015B-1 notes
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $205 million | Aug. 1, 2016 | Term | 0.50% | 100.111 | 0.30%
|
| $150 million | Aug. 1, 2016 | Term | 1% | 100.427 | 0.333%
|
| $100 million | Aug. 1, 2016 | Term | 0.50% | Unavailable | Unavailable
|
| $100 million | Aug. 1, 2016 | Term | 5% | Unavailable | Unavailable
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| $50 million | Aug. 1, 2016 | Term | 1% | 100.429 | 0.23%
|
| $20 million | Aug. 1, 2016 | Term | 0.75% | 100.295 | 0.22%
|
| $20 million | Aug. 1, 2016 | Term | 0.25% | 99.967 | 0.30%
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| $23 million | Aug. 1, 2016 | Term | 1% | 100 | 1.00%
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| $10 million | Aug. 1, 2016 | Term | 0.75% | 100.288 | 0.30%
|
|
|
| $12 million series 2015B-2a notes
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| Maturity | Type | Coupon | Price | Yield
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| Aug. 1, 2016 | Term | 0.75% | 100.095 | 0.75%
|
|
|
| $12 million series 2015B-2b notes
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| Maturity | Type | Coupon | Price | Yield
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| Oct. 1, 2016 | Term | 1% | 100.305 | 0.62%
|
|
|
| $12 million series 2015B-2c notes
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| Maturity | Type | Coupon | Price | Yield
|
| Feb. 1, 2017 | Term | 1% | 100.282 | 0.75%
|
|
|
| $12 million series 2015B-2d notes
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| Maturity | Type | Coupon | Price | Yield
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| June 1, 2017 | Term | 1.125% | 100.371 | 0.87%
|
|
|
| $12 million series 2015B-2e notes
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| Maturity | Type | Coupon | Price | Yield
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| Oct. 1, 2017 | Term | 1.25% | 100.444 | 1.00%
|
|
|
| $12 million series 2015B-2f notes
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| Maturity | Type | Coupon | Price | Yield
|
| Feb. 1, 2018 | Term | 1.5% | 100.836 | 1.10%
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