Published on 8/24/2015 in the Prospect News Municipals Daily.
New Issue: Metropolitan Transportation, N.Y., sells $408 million refunding bonds
By Sheri Kasprzak
New York, Aug. 24 – The Metropolitan Transportation Authority of New York priced $407,685,000 of series 2015D transportation revenue refunding bonds, according to a pricing sheet. The deal was upsized from $400 million.
The bonds were sold through Goldman Sachs & Co.
The deal included $357.03 million series 2015D-1 bonds and $50,655,000 of series 2015D-2 bonds.
The 2015D-1 bonds are due 2024 to 2035 with coupons from 3% to 5% and yields from 2.5% to 3.5%. The 2015D-2 bonds are due Nov. 15, 2034 with a 4% coupon priced at 109.5 to yield 1.49%.
Proceeds will be used to refinance debt issued for transit and commuter projects.
| Issuer: | Metropolitan Transportation Authority
|
| Issue: | Series 2015D transportation revenue refunding bonds
|
| Amount: | $407,685,000
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co. (senior bookrunner), Citigroup Global Markets Inc., Loop Capital Markets LLC and RBC Capital Markets LLC (co-senior managers), BofA Merrill Lynch, Jefferies & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC, Wells Fargo Securities LLC, Academy Securities Inc., Barclays, BNY Mellon Capital Markets, Cabrera Capital Markets Inc., CastleOak Securities LP, Drexel Hamilton LLC, Duncan-Williams Inc., Estrada Hinojosa & Co. Inc., Fidelity Capital Markets Inc., Janney Montgomery Scott LLC, KeyBanc Capital Markets LLC, M&T Securities Inc., Mesirow Financial Inc., Oppenheimer & Co., 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 LLC, U.S. Bancorp Investments Inc. and Williams Capital Group LP (co-managers)
|
| Pricing date: | Aug. 21
|
| Settlement date: | Sept. 17
|
|
|
| $357.03 million series 2015D-1 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6,575,000 | 2024 | Serial | 5% | 120.352 | 2.50%
|
| $13.5 million | 2026 | Serial | 5% | 118.751 | 2.86%
|
| $13.5 million | 2027 | Serial | 5% | 117.593 | 2.98%
|
| $24,935,000 | 2028 | Serial | 5% | 116.638 | 3.08%
|
| $27,435,000 | 2029 | Serial | 5% | 116.07 | 3.14%
|
| $24.73 million | 2030 | Serial | 5% | 115.411 | 3.21%
|
| $38.11 million | 2031 | Serial | 5% | 114.756 | 3.28%
|
| $25 million | 2032 | Serial | 5% | 114.292 | 3.33%
|
| $42.81 million | 2033 | Serial | 5% | 115.032 | 3.251%
|
| $25 million | 2033 | Serial | 5% | 113.921 | 3.37%
|
| $20 million | 2034 | Serial | 5% | 113.553 | 3.41%
|
| $69,495,000 | 2035 | Serial | 3% | 95.977 | 3.274%
|
| $8,155,000 | 2035 | Serial | 3.375% | 98.199 | 3.50%
|
| $17,785,000 | 2035 | Serial | 5% | 113.277 | 3.44%
|
|
|
| $50,655,000 series 2015D-2 bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| Nov. 15, 2034 | Term | 4% | 109.5 | 1.49%
|
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