Published on 4/8/2016 in the Prospect News Municipals Daily.
New Issue: Dasny brings to market $146.66 million Fordham University revenue bonds
By Sheri Kasprzak
New York, April 8 – The Dormitory Authority of the State of New York sold $146,655,000 of series 2016A revenue bonds for Fordham University, according to a pricing sheet.
The bonds (A2/A/) were sold through Morgan Stanley & Co. LLC.
The bonds are due 2017 to 2036 with term bonds due in 2038 and 2041. The serial coupons range from 3% to 5%. The 2038 bonds have a 2.25% coupon but was not reoffered. The 2041 bonds have a 5% coupon priced at 119.326.
Proceeds will be used to reconstruct and renovate a four-story facility at the Lincoln Center campus at 62nd St. in New York City.
| Issuer: | Dormitory Authority of the State of New York/Fordham University
|
| Issue: | Series 2016A revenue bonds
|
| Amount: | $146,655,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), J.P. Morgan Securities LLC and Ramirez & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Pricing date: | April 7
|
| Settlement date: | May 5
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.77 million | 2017 | Serial | 3% | 102.759
|
| $2,855,000 | 2018 | Serial | 3% | 104.779
|
| $2,935,000 | 2019 | Serial | 4% | 109.754
|
| $3,055,000 | 2020 | Serial | 4% | 112.007
|
| $3.18 million | 2021 | Serial | 4% | 113.903
|
| $3,195,000 | 2022 | Serial | 4% | 115.601
|
| $3,325,000 | 2023 | Serial | 5% | 123.738
|
| $3.49 million | 2024 | Serial | 5% | 125.549
|
| $3.66 million | 2025 | Serial | 5% | 127.091
|
| $3,845,000 | 2026 | Serial | 5% | 128.293
|
| $3.82 million | 2027 | Serial | 5% | 126.814
|
| $4,015,000 | 2028 | Serial | 5% | 125.666
|
| $4.21 million | 2029 | Serial | 5% | 124.633
|
| $4,425,000 | 2030 | Serial | 5% | 123.916
|
| $5,155,000 | 2031 | Serial | 5% | 123.103
|
| $5,245,000 | 2032 | Serial | 5% | 122.8
|
| $5.5 million | 2033 | Serial | 5% | 122.196
|
| $5.78 million | 2034 | Serial | 5% | 121.895
|
| $6.07 million | 2035 | Serial | 5% | 121.396
|
| $2.45 million | 2036 | Serial | 5% | 120.899
|
| $32 million | 2038 | Term | 2.25% | NRO
|
| $35,675,000 | 2041 | Term | 5% | 119.326
|
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