Published on 1/15/2015 in the Prospect News Municipals Daily.
New Issue: Metropolitan Transportation, N.Y., sells $850 million of revenue bonds
By Sheri Kasprzak
New York, Jan. 15 – The Metropolitan Transportation Authority of New York sold $850 million of series 2015A transportation revenue bonds, according to a pricing sheet. The offering was upsized from $500 million.
The bonds were sold through senior managers J.P. Morgan Securities LLC and Williams Capital Group LP.
The deal included $600 million of series 2015A-1 bonds and $250 million of series 2015A-2 Sifma index floating-rate tender notes.
The 2015A-1 bonds are due 2015 to 2037 with term bonds due in 2040 and 2045. The serial coupons range from 1% to 5%. The 2040 bonds have a 5% coupon priced at 117.916 and the 2045 bonds have a 5% coupon priced at 117.237.
The 2015A-2 bonds are due Nov. 15, 2039, but the full terms were unavailable Thursday.
Proceeds will be used to finance various commuter and transit projects.
| Issuer: | Metropolitan Transportation Authority
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| Issue: | Series 2015A transportation revenue bonds
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| Amount: | $850 million
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| Type: | Negotiated
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| Underwriters: | J.P. Morgan Securities LLC and Williams Capital Group LP (lead), BofA Merrill Lynch; Citigroup Global Markets Inc.; Goldman, Sachs & Co.; Jefferies & Co.; Loop Capital Markets LLC; Morgan Stanley & Co. LLC; Ramirez & Co. Inc.; RBC Capital Markets LLC; Siebert Brandford Shank & Co. LLC; and Wells Fargo Securities LLC (co-senior managers), Barclays, BNY Capital Markets LLC, Cabrera Capital Markets LLC, CastleOak Securities LP, Duncan-Williams Inc., Estrada Hinojosa & Co. Inc., Fidelity Capital Markets Inc., Janney Montgomery Scott LLC, KeyBanc Capital Markets Inc., M&T Securities Inc., Mesirow Financial Inc., Piper Jaffray & Co., PNC Capital Markets LLC, Oppenheimer & Co. Inc., Raymond James/Morgan Keegan, Rice Financial Products Co., Roosevelt & Cross Inc., Stern Brothers Inc., Stifel, Nicolaus & Co. Inc., TD Securities (USA) Inc. and U.S. Bancorp Investments Inc. (co-managers)
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| Pricing date: | Jan. 15
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| Settlement date: | Jan. 22
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| $600 million series 2015A-1 fixed-rate bonds
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| Amount | Maturity | Type | Coupon | Price
|
| $17.07 million | 2015 | Serial | 1% | 100.715
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| $13.37 million | 2016 | Serial | 5% | 108.361
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| $13.78 million | 2017 | Serial | 5% | 111.662
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| $14,465,000 | 2018 | Serial | 5% | 114.566
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| $15,185,000 | 2019 | Serial | 5% | 117.056
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| 15.94 million | 2020 | Serial | 5% | 119.353
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| $2,675,000 | 2021 | Serial | 3% | 108.061
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| $14,075,000 | 2021 | Serial | 5% | 120.859
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| $17.53 million | 2022 | Serial | 5% | 122.653
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| $3,365,000 | 2023 | Serial | 4% | 115.823
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| $15.04 million | 2023 | Serial | 5% | 123.855
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| $19,285,000 | 2024 | Serial | 5% | 125.192
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| $1.39 million | 2025 | Serial | 3% | 106.677
|
| $18.87 million | 2025 | Serial | 5% | 124.974
|
| $5,515,000 | 2026 | Serial | 5% | 123.42
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| $8.6 million | 2027 | Serial | 5% | 122.499
|
| $495,000 | 2028 | Serial | 5% | 121.788
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| $7.26 million | 2029 | Serial | 5% | 121.384
|
| $5.5 million | 2030 | Serial | 5% | 120.881
|
| $435,000 | 2031 | Serial | 5% | 120.381
|
| $750,000 | 2032 | Serial | 5% | 119.883
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| $8.37 million | 2033 | Serial | 5% | 119.388
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| $9.69 million | 2034 | Serial | 5% | 118.993
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| $9,625,000 | 2035 | Serial | 5% | 118.6
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| $20.77 million | 2036 | Serial | 5% | 118.502
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| $25.55 million | 2037 | Serial | 5% | 118.404
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| $95,505,000 | 2040 | Term | 5% | 117.916
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| $219,895,000 | 2045 | Term | 5% | 117.237
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