Published on 3/17/2010 in the Prospect News Municipals Daily.
New Issue: Metropolitan Transportation Authority, N.Y., brings $500 million dedicated tax bonds
By Sheri Kasprzak
New York, March 17 - The Metropolitan Transportation Authority of New York City sold $500 million of series 2010 dedicated tax fund bonds, said a pricing sheet.
The bonds were sold in two tranches - a series 2010A-1 tax-exempt tranche of $56.8 million and a series 2010A-2 Build America Bond tranche of $443.2 million.
The 2010A-1 tax-exempt bonds are due 2011 to 2017 with 2% to 5% coupons, and the 2010A-2 Build America Bonds are due 2018 to 2025 with term bonds due 2030 and 2040. The serials have coupons from 4.655% to 5.535%, all priced at par. The 2030 bonds have a 5.989% coupon, priced at par, and the 2040 bonds have a 6.089% coupon, also priced at par.
J.P. Morgan Securities Inc. and Ramirez & Co. Inc. were the lead managers. The co-managers were Barclays Capital Inc., Citigroup Global Markets Inc., Bank of America Merrill Lynch, Jefferies & Co., Loop Capital Markets LLC, Morgan Stanley & Co. Inc., M.R. Beal & Co., Raymond James & Associates Inc., RBC Capital Markets Corp., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC and Wachovia Bank, N.A.
Proceeds will be used to fund commuter projects.
| Issuer: | Metropolitan Transportation Authority
|
| Issue: | Series 2010A dedicated tax fund bonds
|
| Amount: | $500 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. and Ramirez & Co. Inc. (lead), Barclays Capital Inc., Citigroup Global Markets Inc., Bank of America Merrill Lynch, Jefferies & Co., Loop Capital Markets LLC, Morgan Stanley & Co. Inc., M.R. Beal & Co., Raymond James & Associates Inc., RBC Capital Markets Corp., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC and Wachovia Bank, N.A. (co-managers)
|
| Pricing date: | March 17
|
| Settlement date: | April 1
|
|
|
| Series 2010A-1
|
| Maturity | Type | Coupon
|
| 2011 | Serial | 2%
|
| 2012 | Serial | 3%
|
| 2013 | Serial | 4%
|
| 2013 | Serial | 5%
|
| 2014 | Serial | 3%
|
| 2014 | Serial | 4%
|
| 2014 | Serial | 5%
|
| 2015 | Serial | 3%
|
| 2015 | Serial | 5%
|
| 2016 | Serial | 3%
|
| 2016 | Serial | 5%
|
| 2017 | Serial | 3%
|
| 2017 | Serial | 4.5%
|
| 2017 | Serial | 5%
|
|
|
| Series 2010A-2
|
| Maturity | Type | Coupon | Price
|
| 2018 | Serial | 4.655 | 100
|
| 2019 | Serial | 4.805% | 100
|
| 2020 | Serial | 4.955% | 100
|
| 2021 | Serial | 5.105% | 100
|
| 2022 | Serial | 5.255% | 100
|
| 2023 | Serial | 5.355% | 100
|
| 2024 | Serial | 5.455% | 100
|
| 2025 | Serial | 5.535% | 100
|
| 2030 | Term | 5.989% | 100
|
| 2040 | Term | 6.089% | 100
|
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