Published on 7/3/2013 in the Prospect News Municipals Daily.
New Issue: Metropolitan Transportation, N.Y., sells $333.92 million revenue bonds
By Sheri Kasprzak
New York, July 3 - The Metropolitan Transportation Authority of New York sold $333.92 million of series 2013D transportation revenue bonds, according to a pricing sheet. The deal was downsized from $350 million.
The bonds (A2//A) were sold through senior managers RBC Capital Markets LLC and M.R. Beal & Co.
The bonds are due 2013 to 2033 with term bonds due in 2038, 2041 and 2043. The serial coupons range from 2% to 5.25% with 0.2% to 4.45% yields. The 2038 bonds have a 5% coupon to yield 4.62%. The 2041 bonds have a 4.75% coupon to yield 4.82%, and the 2043 bonds have a 5% coupon to yield 4.73%.
Proceeds will be used to refinance commercial paper initially issued to finance commuter and transit projects.
| Issuer: | Metropolitan Transportation Authority
|
| Issue: | Series 2013D transportation revenue bonds
|
| Amount: | $333.92 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC and M.R. Beal & Co. (lead), BofA Merrill Lynch, Barclays, 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 Inc., CastleOak Securities LP, Duncan-Williams Inc., Edward D. Jones & Co. LP, Fidelity Capital Markets Inc., First Southwest Co., Lebenthal & Co. Inc., Loop Capital Markets LLC, Piper Jaffray & Co., Raymond James/Morgan Keegan, Roosevelt & Cross Inc., Rice Financial Products Co., Stifel, Nicolaus & Co. Inc. and TD Securities (USA) LLC (co-managers)
|
| Ratings: | Moody's: A2
|
| Fitch: A
|
| Pricing date: | July 2
|
| Settlement date: | July 11
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $1.74 million | 2013 | Serial | 2% | 0.2%
|
| $5.08 million | 2014 | Serial | 4% | 0.43%
|
| $5,285,000 | 2015 | Serial | 4% | 0.79%
|
| $5,495,000 | 2016 | Serial | 4% | 1.18%
|
| $5,715,000 | 2017 | Serial | 5% | 1.58%
|
| $6 million | 2018 | Serial | 5% | 1.99%
|
| $6.3 million | 2019 | Serial | 5% | 2.32%
|
| $6,615,000 | 2020 | Serial | 5% | 2.6%
|
| $6,945,000 | 2021 | Serial | 5% | 2.91%
|
| $7,295,000 | 2022 | Serial | 5% | 3.19%
|
| $7.66 million | 2023 | Serial | 5% | 3.35%
|
| $8.04 million | 2024 | Serial | 5% | 3.56%
|
| $8,445,000 | 2025 | Serial | 5% | 3.74%
|
| $8,865,000 | 2026 | Serial | 5.25% | 3.85%
|
| $9.33 million | 2027 | Serial | 5.25% | 3.97%
|
| $9.82 million | 2028 | Serial | 5.25% | 4.1%
|
| $10.34 million | 2029 | Serial | 5.25% | 4.21%
|
| $10.88 million | 2030 | Serial | 5.25% | 4.30%
|
| $11.45 million | 2031 | Serial | 5.25% | 4.36%
|
| $12,055,000 | 2032 | Serial | 5.25% | 4.42%
|
| $12,685,000 | 2033 | Serial | 5.25% | 4.45%
|
| $73,775,000 | 2038 | Term | 5% | 4.62%
|
| $17.04 million | 2041 | Term | 4.75% | 4.82%
|
| $76,935,000 | 2043 | Term | 5% | 4.73%
|
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