New Issue: Metropolitan Transportation, N.Y., sells $1.26 billion refunding bonds

By Sheri Kasprzak

New York, June 29 - The Metropolitan Transportation Authority of New York priced $1,263,365,000 of series 2012D transportation revenue refunding bonds, according to a term sheet.

The offering included $1,013,365,000 of series 2012D bonds and $250 million of series 2012D-1 bonds.

The 2012D bonds are due 2015 to 2030 with a term bond due in 2032. The serial coupons range from 3% to 5%. The 2032 bonds have a split maturity with 4% coupon priced at 99.445 and a 5% coupon priced at 110.988.

The 2012D-1 bonds are due 2023 to 2024 with a term bond due in 2027. The serial bonds have 5% coupons. The 2027 bonds have a 5% coupon priced at 121.973.

The bonds (A2/A/A) were sold through Bank of America Merrill Lynch, Barclays Capital Inc. and Loop Capital Markets LLC. The co-managers were Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, Jefferies & Co., Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC, Wells Fargo Securities LLC, BB&T Capital Markets, Duncan-Williams Inc., Edward D. Jones & Co. LP, Fidelity Capital Markets Inc., First Southwest Co., M.R. Beal & Co., Piper Jaffray & Co., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Stifel, Nicolaus & Co. Inc. and TD Securities (USA) LLC.

Proceeds will be used to refund existing transportation revenue bonds.

Issuer:	Metropolitan Transportation Authority
Issue:	Series 2012D transportation revenue refunding bonds
Amount:	$1,263,365,000
Type:	Negotiated
Underwriters:	Bank of America Merrill Lynch, Barclays Capital Inc. and Loop Capital Markets LLC (lead), Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, Jefferies & Co., Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC, Wells Fargo Securities LLC, BB&T Capital Markets, Duncan-Williams Inc., Edward D. Jones & Co. LP, Fidelity Capital Markets Inc., First Southwest Co., M.R. Beal & Co., Piper Jaffray & Co., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Stifel, Nicolaus & Co. Inc. and TD Securities (USA) LLC (co-managers)
Ratings:	Moody's: A2
	Standard & Poor's: A
	Fitch: A
Pricing date:	June 28
Settlement date:	Aug. 20
$1,013,365,000 series 2012D bonds
Amount	Maturity	Type	Coupon	Price
$5.58 million	2015	Serial	3%	106.352
$83.94 million	2015	Serial	4%	109.528
$8,725,000	2016	Serial	3%	107.197
$4.33 million	2016	Serial	4%	111.31
$90 million	2016	Serial	5%	115.423
$49.41 million	2017	Serial	5%	117.119
$1.24 million	2018	Serial	3%	106.256
$1,725,000	2018	Serial	4%	112.104
$49,875,000	2018	Serial	5%	117.953
$8,905,000	2019	Serial	4%	111.552
$43.37 million	2019	Serial	5%	118.192
$3.73 million	2020	Serial	4%	110.785
$80 million	2020	Serial	5%	118.174
$67,005,000	2021	Serial	5%	118.417
$1.5 million	2022	Serial	4%	109.957
$2.3 million	2023	Serial	4%	108.57
$3 million	2023	Serial	5%	117.318
$10 million	2024	Serial	5%	116.17
$92 million	2025	Serial	5%	114.941
$30 million	2026	Serial	5%	114.286
$25 million	2027	Serial	5%	113.543
$77.64 million	2028	Serial	5%	112.806
$82 million	2029	Serial	5%	112.257
$20.54 million	2030	Serial	4%	100
$82 million	2030	Serial	5%	111.801
$70,195,000	2032	Term	4%	99.445
$19,355,000	2032	Term	5%	110.988
$250 million series 2012D-1 refunding bonds
Amount	Maturity	Type	Coupon	Price
$100 million	2023	Serial	5%	125.806
$50 million	2024	Serial	5%	126.331
$100 million	2027	Term	5%	121.973

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