Published on 2/15/2017 in the Prospect News Green Finance Daily.
New Issue: Metropolitan Transportation Authority prices $350 million green bonds
By Marisa Wong
Morgantown, W.Va., Feb. 15 – The Metropolitan Transportation Authority of New York plans to issue $350 million of series 2017A dedicated tax fund green bonds on Feb. 23, according to a preliminary official statement.
The Climate Bond Certified issue includes serial bonds maturing in the years 2018 through 2038 and term bonds due 2042 and 2047.
The coupons range from 3.5% to 5%.
The issuer expects to use proceeds to retire existing dedicated tax fund bond anticipation notes.
The bonds will be callable at the issuer’s option. They will also be subject to mandatory sinking fund redemption.
BofA Merrill Lynch is the bookrunner. Also in the syndicate are Drexel Hamilton, LLC; Rice Financial Products Co.; Stern Brothers & Co.; Citigroup Global Markets Inc.; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Ramirez & Co., Inc.; Siebert Cisneros Shank & Co., LLC; Jefferies LLC; Loop Capital Markets LLC; Morgan Stanley & Co. LLC; PNC Capital Markets LLC; RBC Capital Markets LLC; Williams Capital Group, LP; Academy Securities; Alamo Capital; Barclays; Blaylock Beal Van, LLC; BNY Mellon Capital Markets; Cabrera Capital Markets, LLC; Fidelity Capital Markets; FTN Financial Capital Markets; KeyBanc Capital Markets Inc.; Raymond James & Associates; Stifel, Nicolaus & Co. Inc.; and TD Securities (USA) LLC.
| Issuer: | Metropolitan Transportation Authority
|
| Issue: | Dedicated tax fund green bonds, series 2017A
|
| Amount: | $350 million
|
| Bookrunner: | BofA Merrill Lynch (lead)
|
| Settlement date: | Feb. 23
|
|
|
| Amount | Maturity | Coupon Price
|
| $3,195,000 | Nov. 15, 2018 | 5% | 106.922
|
| $3,325,000 | Nov. 15, 2019 | 5% | 110.222
|
| $3.49 million | Nov. 15, 2020 | 5% | 113.263
|
| $3,665,000 | Nov. 15, 2021 | 5% | 115.914
|
| $3.85 million | Nov. 15, 2022 | 5% | 117.935
|
| $4.04 million | Nov. 15, 2023 | 5% | 119.279
|
| $4,245,000 | Nov. 15, 2024 | 5% | 120.188
|
| $4,455,000 | Nov. 15, 2025 | 5% | 120.709
|
| $4.68 million | Nov. 15, 2026 | 5% | 121.658
|
| $4.91 million | Nov. 15, 2027 | 5% | 121.729
|
| $5,155,000 | Nov. 15, 2028 | 5% | 120.233
|
| $5,415,000 | Nov. 15, 2029 | 5% | 118.954
|
| $5,685,000 | Nov. 15, 2030 | 3% | 98.885
|
| $5.97 million | Nov. 15, 2031 | 5% | 117.306
|
| $6.27 million | Nov. 15, 2032 | 5% | 116.539
|
| $6.58 million | Nov. 15, 2033 | 5% | 115.969
|
| $7.98 million | Nov. 15, 2034 | 3.5% | 99.342
|
| $17.02 million | Nov. 15, 2034 | 5% | 115.213
|
| $15 million | Nov. 15, 2035 | 4% | 103.479
|
| $55 million | Nov. 15, 2035 | 5% | 114.744
|
| $5 million | Nov. 15, 2036 | 5% | 114.37
|
| $9,535,000 | Nov. 15, 2037 | 5% | 114.09
|
| $10.01 million | Nov. 15, 2038 | 5% | 113.997
|
| $5,735,000 | Nov. 15, 2042 | 4% | 102.616
|
| $39.42 million | Nov. 15, 2042 | 5% | 113.627
|
| $70.17 million | Nov. 15, 2047 | 5% | 113.165
|
|
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