Published on 6/14/2012 in the Prospect News Municipals Daily.
New Issue: Monroe County Industrial Development, N.Y., sells $124.1 million of Rochester bonds
By Sheri Kasprzak
New York, June 14 - The Monroe County Industrial Development Authority priced $124.1 million of series 2012 school facilities revenue bonds for the Rochester Schools Project, according to a pricing sheet.
The deal included $66.19 million of series 2012A tax-exempt bonds and $57.91 million of series 2012B taxable qualified school construction bonds.
The 2012A bonds are due 2014 to 2022 with 5% coupons. The 2012B bonds are due May 1, 2028 and have a 4.175% coupon priced at par.
The bonds (Aa3/AA-/AA-) were sold through Citigroup Global Markets Inc. The co-managers were M.R. Beal & Co., Lebenthal & Co. and Ramirez & Co. Inc.
Proceeds will be used to finance renovations to existing Rochester, N.Y., schools and to construct new school facilities.
| Issuer: | Monroe County Industrial Development Authority/Rochester Schools Project
|
| Issue: | Series 2012 school facilities revenue bonds
|
| Amount: | $124.1 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), M.R. Beal & Co. Inc., Lebenthal & Co. and Ramirez & Co. Inc. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | June 14
|
| Settlement date: | June 20
|
|
|
| $66.19 million series 2012A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,345,000 | 2014 | Serial | 5% | 108.064
|
| $6.61 million | 2015 | Serial | 5% | 111.595
|
| $7,445,000 | 2016 | Serial | 5% | 114.753
|
| $7.83 million | 2017 | Serial | 5% | 116.817
|
| $8.23 million | 2018 | Serial | 5% | 118.218
|
| $8.65 million | 2019 | Serial | 5% | 119.007
|
| $9.1 million | 2020 | Serial | 5% | 119.16
|
| $9,565,000 | 2021 | Serial | 5% | 119.412
|
| $5,415,000 | 2022 | Serial | 5% | 119.989
|
|
|
| $57.91 million series 2012B taxable qualified school construction bonds
|
| Maturity | Type | Coupon | Price
|
| May 1, 2028 | Term | 4.176% | 100
|
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