Published on 9/20/2012 in the Prospect News Municipals Daily.
New Issue: Metropolitan Transportation, N.Y., brings $1.28 billion refunding bonds
By Sheri Kasprzak
New York, Sept. 20 - The Metropolitan Transportation Authority of New York sold $1,275,605,000 of series 2012F transportation revenue refunding bonds, said a pricing sheet.
The bonds (A2/A/A) were sold through Morgan Stanley & Co. LLC, Duncan-Williams Inc. and Ramirez & Co. Inc. The co-managers were Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, Jefferies & Co., Siebert Brandford Shank & Co. LLC, Wells Fargo Securities LLC, BB&T Capital Markets LLC, Edward D. Jones & Co. LP, Fidelity Capital Markets LLC, First Southwest Co., Loop Capital Markets LLC, M.R. Beal & Co., Piper Jaffray & Co. Inc., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Stifel, Nicolaus & Co. Inc. and TD Securities (USA) LLC.
The bonds are due 2012 to 2027 with a term bond due in 2030. The serial coupons range from 2% to 5%. The 2030 bonds have a split maturity with a 4% coupon priced at 104.752 and a 5% coupon priced at 114.999.
Proceeds will be used to refund existing MTA revenue bonds.
| Issuer: | Metropolitan Transportation Authority
|
| Issue: | Series 2012F transportation revenue refunding bonds
|
| Amount: | $1,275,605,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC, Duncan-Williams Inc. and Ramirez & Co. Inc. (lead), Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, Jefferies & Co., Siebert Brandford Shank & Co. LLC, Wells Fargo Securities LLC, BB&T Capital Markets LLC, Edward D. Jones & Co. LP, Fidelity Capital Markets LLC, First Southwest Co., Loop Capital Markets LLC, M.R. Beal & Co., Piper Jaffray & Co. Inc., 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: | Sept. 20
|
| Settlement date: | Sept. 28
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $42,235,000 | 2012 | Serial | 2% | NRO
|
| $25 million | 2013 | Serial | 2% | 101.939
|
| $33.43 million | 2013 | Serial | 4% | 104.195
|
| $16,005,000 | 2014 | Serial | 2% | 103.174
|
| $32,795,000 | 2014 | Serial | 5% | 109.524
|
| $13,685,000 | 2015 | Serial | 4% | 110.265
|
| $15.03 million | 2016 | Serial | 5% | 116.498
|
| $1,965,000 | 2017 | Serial | 2% | 103.462
|
| $71,505,000 | 2017 | Serial | 5% | 118.304
|
| $7.37 million | 2018 | Serial | 3% | 107.718
|
| $69,115,000 | 2018 | Serial | 5% | 119.325
|
| $3,605,000 | 2019 | Serial | 2.5% | 103.441
|
| $63,015,000 | 2019 | Serial | 5% | 119.988
|
| $7,155,000 | 2020 | Serial | 3% | 105.618
|
| $5.79 million | 2021 | Serial | 4% | 112.348
|
| $23.68 million | 2021 | Serial | 5% | 120.474
|
| $3,375,000 | 2022 | Serial | 4% | 111.64
|
| $83,265,000 | 2022 | Serial | 5% | 120.46
|
| $1,685,000 | 2023 | Serial | 4% | 110.147
|
| $75.52 million | 2023 | Serial | 5% | 118.896
|
| $122.21 million | 2024 | Serial | 5% | 118.316
|
| $20 million | 2025 | Serial | 3.125% | 99.73
|
| $106,145,000 | 2025 | Serial | 5% | 117.643
|
| $3.83 million | 2026 | Serial | 4% | 106.872
|
| $130,195,000 | 2026 | Serial | 5% | 117.071
|
| $10 million | 2027 | Serial | 4% | 106.337
|
| $53,165,000 | 2027 | Serial | 5% | 116.501
|
| $50 million | 2030 | Term | 4% | 104.752
|
| $184,835,000 | 2030 | Term | 5% | 114.999
|
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