Published on 4/14/2014 in the Prospect News Municipals Daily.
New Issue: Metropolitan Transportation Authority, N.Y., sells $500 million of debt
By Sheri Kasprzak
New York, April 14 - The Metropolitan Transportation Authority of New York priced $500 million of series 2014B transportation revenue bonds, according to a pricing sheet.
The bonds were sold through senior managers Wells Fargo Securities LLC and CastleOak Securities LP.
The bonds are due 2014 to 2039 with a term bond due in 2044. The serial coupons range from 1% to 5.25% with 0.12% to 4.12% yields. The 2044 bonds have a 5% coupon priced at 105.924 to yield 4.27% and a 5.25% coupon priced at 108.809 to yield 4.17%.
Proceeds will be used to finance commuter projects.
| Issuer: | Metropolitan Transportation Authority
|
| Issue: | Series 2014B transportation revenue bonds
|
| Amount: | $500 million
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC and CastleOak Securities LP (lead); BofA Merrill Lynch; Citigroup Global Markets Inc.; Goldman, Sachs & Co.; J.P. Morgan Securities LLC; Loop Capital Markets LLC; Ramirez & Co. Inc.; RBC Capital Markets LLC; Siebert Brandford Shank & Co. LLC; Barclays; BNY Mellon Capital Markets; Cabrera Capital Markets LLC; Duncan-Williams Inc.; Estrada Hinojosa & Co. Inc.; Fidelity Capital Markets Inc.; Janney Montgomery Scott LLC; M&T Securities Inc.; Mesirow Financial Inc.; Oppenheimer & Co. Inc.; Piper Jaffray & Co.; PNC Capital Markets LLC; Raymond James/Morgan Keegan; Rice Financial Products Co.; Roosevelt & Cross Inc.; Stern Brothers & Co.; Stifel, Nicolaus & Co. Inc.; TD Securities (USA) Inc.; U.S. Bancorp Investment Inc.; and The William Capital Group LP (co-managers)
|
| Pricing date: | April 11
|
| Settlement date: | April 17
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8.39 million | 2014 | Serial | 1% | 100.508 | 0.12%
|
| $7,445,000 | 2015 | Serial | 4% | 105.852 | 0.28%
|
| $7.74 million | 2016 | Serial | 5% | 111.319 | 0.57%
|
| $8,125,000 | 2017 | Serial | 5% | 114.174 | 0.96%
|
| $8,535,000 | 2018 | Serial | 5% | 116.197 | 1.34%
|
| $8.96 million | 2019 | Serial | 5% | 117.256 | 1.74%
|
| $9.41 million | 2020 | Serial | 5% | 117.392 | 2.15%
|
| $9.88 million | 2021 | Serial | 5% | 117.763 | 2.42%
|
| $10,375,000 | 2022 | Serial | 5% | 117.587 | 2.69%
|
| $10.89 million | 2023 | Serial | 5% | 117.449 | 2.90%
|
| $11,435,000 | 2024 | Serial | 5% | 116.712 | 3.06%
|
| $12.01 million | 2025 | Serial | 5% | 115.119 | 3.23%
|
| $12.61 million | 2026 | Serial | 5% | 113.736 | 3.38%
|
| $13.24 million | 2027 | Serial | 5% | 112.734 | 3.49%
|
| $4,085,000 | 2028 | Serial | 3.75% | 100 | 3.75%
|
| $9,815,000 | 2028 | Serial | 5% | 112.011 | 3.57%
|
| $14,545,000 | 2029 | Serial | 5% | 111.295 | 3.65%
|
| $15.27 million | 2030 | Serial | 5% | 110.318 | 3.76%
|
| $6.35 million | 2031 | Serial | 4% | 100 | 4.00%
|
| $9,685,000 | 2031 | Serial | 5% | 109.79 | 3.82%
|
| $16,775,000 | 2032 | Serial | 5.25% | 112.399 | 3.76%
|
| $17,655,000 | 2033 | Serial | 5.25% | 111.5999 | 3.85%
|
| $18.58 million | 2034 | Serial | 5.25% | 111.246 | 3.89%
|
| $19,555,000 | 2035 | Serial | 5.25% | 110.543 | 3.97%
|
| $3.45 million | 2036 | Serial | 4.25% | 100 | 4.25%
|
| $17,135,000 | 2036 | Serial | 5.25% | 110.106 | 4.02%
|
| $21.63 million | 2037 | Serial | 5.25% | 109.671 | 4.07%
|
| $22,765,000 | 2038 | Serial | 5.25% | 109.412 | 4.10%
|
| $23.96 million | 2039 | Serial | 5.25% | 109.239 | 4.12%
|
| $69.85 million | 2044 | Term | 5% | 105.924 | 4.27%
|
| $69.85 million | 2044 | Term | 5.25% | 108.809 | 4.17%
|
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