By Sheri Kasprzak
New York, Oct. 19 - The Hudson Yards Infrastructure Corp. of New York sold $1 billion of series 2011 senior revenue bonds, according to a pricing sheet.
The bonds (A2/A/A) were sold through J.P. Morgan Securities LLC with Goldman, Sachs & Co. and Barclays Capital Inc. as the co-managers.
The offering includes $650 million of 5.75% bonds, $300 million of 5.25% bonds and $50 million of 5% bonds. The 5.75% bonds are priced to yield 5.1%, the 5.25% bonds are priced at par, and the 5% bonds are also priced at par. All of the bonds are due in 2047.
Proceeds will be used to pay for the extension of the Number 7 subway line from its current terminus at Eighth Avenue to the Hudson Yards Redevelopment Area, as well as to pay for other infrastructure needs, including park development and other amenities.
| Issuer: | Hudson Yards Infrastructure Corp.
|
| Issue: | Series 2011 senior revenue bonds
|
| Amount: | $1 billion
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Goldman, Sachs & Co. and Barclays Capital Inc. (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
| Pricing date: | Oct. 19
|
| Settlement date: | Oct. 27
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $650 million | 2047 | Term | 5.75% | 5.10%
|
| $300 million | 2047 | Term | 5.25% | 5.25%
|
| $50 million | 2047 | Term | 5% | 5.00%
|
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