Published on 6/22/2015 in the Prospect News Municipals Daily.
New Issue: Monroe County IDC, N.Y., prices $296.32 million University of Rochester bonds
By Sheri Kasprzak
New York, June 22 – The Monroe County Industrial Development Corp. of New York priced $296.32 million of series 2015 revenue bonds for University of Rochester, according to an official statement.
The deal included $174,665,000 of series 2015A tax-exempt bonds, $48.12 million of series 2015B tax-exempt bonds and $73,535,000 of series 2015C taxable bonds.
The 2015A bonds are due 2016 to 2033 with term bonds due in 2035, 2037 and 2039. The serial coupons range from 2% to 5% with yields from 0.43% to 3.4%. The 2035 bonds have a 4% coupon priced at par, and the 2037 bonds have a 5% coupon priced at 111.866 to yield 3.58%. The 2039 bonds have a 4% coupon priced at 99.235 to yield 4.05%.
The 2015B bonds are due 2016 to 2033 with term bonds due in 2035, 2039 and 2045. The serial coupons range from 2% to 5% with yields from 0.43% to 3.4%. The 2035 bonds have a 4% coupon priced at par, and the 2039 bonds have a 4% coupon priced at 99.235 to yield 4.05%. The 2045 bonds have a 5% coupon priced at 109.833 to yield 3.81%.
The 2015C bonds are due 2016 to 2027 with term bonds due in 2035 and 2045. The serial coupons range from 0.868% to 3.972%, all priced at par. The 2035 bonds have a 4.631% coupon and the 2045 bonds have a 4.881% coupon, both priced at par.
Proceeds will be used to upgrade, renovate and modernizes various facilities at the university, as well as to refund the corporation’s series 2005A and 2007A revenue bonds issued through the Dormitory Authority of the State of New York.
| Issuer: | Monroe County Industrial Development Corp./University of Rochester
|
| Issue: | Series 2015 revenue bonds
|
| Amount: | $296.32 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC, Barclays and Morgan Stanley & Co. LLC (lead)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
|
| Fitch: AA-
|
| Pricing date: | June 17
|
| Settlement date: | June 24
|
|
|
| $174,665,000 series 2015A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $55,000 | 2016 | Serial | 2% | 101.595 | 0.43%
|
| $865,000 | 2017 | Serial | 3% | 104.275 | 0.86%
|
| $7,805,000 | 2018 | Serial | 4% | 108.061 | 1.27%
|
| $8,725,000 | 2019 | Serial | 5% | 113.351 | 1.56%
|
| $9,165,000 | 2020 | Serial | 5% | 115.188 | 1.82%
|
| $9.65 million | 2021 | Serial | 5% | 116.317 | 2.10%
|
| $10.12 million | 2022 | Serial | 5% | 117.338 | 2.31%
|
| $5.47 million | 2023 | Serial | 5% | 118.144 | 2.49%
|
| $5,745,000 | 2024 | Serial | 5% | 118.742 | 2.65%
|
| $7,365,000 | 2025 | Serial | 5% | 119.393 | 2.77%
|
| $7.66 million | 2026 | Serial | 5% | 118.145 | 2.90%
|
| $8.05 million | 2027 | Serial | 5% | 117.196 | 3.00%
|
| $7.52 million | 2028 | Serial | 5% | 116.443 | 3.08%
|
| $7,895,000 | 2029 | Serial | 5% | 115.696 | 3.16%
|
| $8,275,000 | 2030 | Serial | 5% | 114.955 | 3.24%
|
| $8.7 million | 2031 | Serial | 5% | 114.402 | 3.30%
|
| $9.14 million | 2032 | Serial | 5% | 113.944 | 3.35%
|
| $9.6 million | 2033 | Serial | 5% | 113.489 | 3.40%
|
| $18,395,000 | 2035 | Term | 4% | 100 | 4.00%
|
| $6.18 million | 2037 | Term | 5% | 111.866 | 3.58%
|
| $18,285,000 | 2039 | Term | 4% | 99.235 | 4.05%
|
|
|
| $48.12 million series 2015B tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $230,000 | 2016 | Serial | 2% | 101.595 | 0.43%
|
| $260,000 | 2017 | Serial | 3% | 104.275 | 0.86%
|
| $1.27 million | 2018 | Serial | 4% | 108.061 | 1.27%
|
| $600,000 | 2019 | Serial | 4% | 109.47 | 1.56%
|
| $730,000 | 2019 | Serial | 5% | 113.351 | 1.56%
|
| $1.39 million | 2020 | Serial | 3.75% | 109.217 | 1.82%
|
| $1.44 million | 2021 | Serial | 5% | 116.317 | 2.10%
|
| $1,515,000 | 2022 | Serial | 5% | 117.338 | 2.31%
|
| $1.58 million | 2023 | Serial | 5% | 118.144 | 2.49%
|
| $280,000 | 2024 | Serial | 3% | 102.791 | 2.65%
|
| $1,375,000 | 2024 | Serial | 5% | 118.742 | 2.65%
|
| $1.74 million | 2025 | Serial | 5% | 119.393 | 2.77%
|
| $1.83 million | 2026 | Serial | 5% | 118.145 | 2.90%
|
| $1,915,000 | 2027 | Serial | 5% | 117.196 | 3.00%
|
| $2,015,000 | 2028 | Serial | 5% | 116.443 | 3.08%
|
| $2,115,000 | 2029 | Serial | 5% | 115.696 | 3.16%
|
| $2.22 million | 2030 | Serial | 5% | 114.955 | 3.24%
|
| $2.34 million | 2031 | Serial | 5% | 114.402 | 3.30%
|
| $2.45 million | 2032 | Serial | 5% | 113.944 | 3.35%
|
| $2,565,000 | 2033 | Serial | 5% | 113.489 | 3.40%
|
| $5.5 million | 2035 | Term | 4% | 100 | 4.00%
|
| $8.53 million | 2039 | Term | 4% | 99.235 | 4.05%
|
| $4.23 million | 2045 | Term | 5% | 109.833 | 3.81%
|
|
|
| $73,535,000 series 2015C taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $590,000 | 2016 | Serial | 0.868% | 100 | 0.868%
|
| $610,000 | 2017 | Serial | 1.235% | 100 | 1.235%
|
| $3.38 million | 2018 | Serial | 1.744% | 100 | 1.744%
|
| $3,405,000 | 2019 | Serial | 2.312% | 100 | 2.312%
|
| $3,445,000 | 2020 | Serial | 2.592% | 100 | 2.592%
|
| $3.47 million | 2021 | Serial | 2.966% | 100 | 2.966%
|
| $3,525,000 | 2022 | Serial | 3.246% | 100 | 3.246%
|
| $3.57 million | 2023 | Serial | 3.522% | 100 | 3.522%
|
| $3.63 million | 2024 | Serial | 3.622% | 100 | 3.622%
|
| $3.69 million | 2025 | Serial | 3.692% | 100 | 3.692%
|
| $3.62 million | 2026 | Serial | 3.822% | 100 | 3.822%
|
| $3.69 million | 2027 | Serial | 3.972% | 100 | 3.972%
|
| $16,985,000 | 2035 | Term | 4.631% | 100 | 4.631%
|
| $19,925,000 | 2045 | Term | 4.881% | 100 | 4.881%
|
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