Published on 10/11/2012 in the Prospect News Municipals Daily.
New Issue: Nassau County Local Economic, N.Y., sells $91.16 million revenue bonds
By Sheri Kasprzak
New York, Oct. 11 - The Nassau County Local Economic Assistance Corp. of New York priced $91,155,000 of series 2012 revenue bonds for the South Nassau Communities Hospital Project, according to a pricing sheet.
The bonds (A3//BBB+) were sold through J.P. Morgan Securities LLC and Bank of America Merrill Lynch.
The bonds are due 2013 to 2022 with term bonds due in 2027, 2031, 2032 and 2037. The serial coupons range from 3% to 5%. The 2027 bonds have a 5% coupon priced at 113.02, and the 2031 bonds have a 5% coupon priced at 111.36. The 2032 bonds have a 4% coupon priced at 99.59, and the 2037 bonds have a 5% coupon priced at 108.799.
Proceeds will be used to finance projects for the Winthrop-University Hospital Association, which is part of the South Nassau Communities Hospital, as well as to refund the corporation's series 2001A-B and 2003A revenue bonds.
| Issuer: | Nassau County Local Economic Assistance Corp./South Nassau Communities Hospital Project
|
| Issue: | Series 2012 revenue bonds
|
| Amount: | $91,155,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Bank of America Merrill Lynch (lead)
|
| Ratings: | Moody's: A3
|
| Fitch: BBB+
|
| Pricing date: | Oct. 11
|
| Settlement date: | Oct. 23
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $4,105,000 | 2013 | Serial | 3% | 101.459
|
| $2.84 million | 2014 | Serial | 4% | 104.889
|
| $3,375,000 | 2015 | Serial | 4% | 107.302
|
| $3,515,000 | 2016 | Serial | 4% | 109.087
|
| $3.66 million | 2017 | Serial | 5% | 114.712
|
| $3.84 million | 2018 | Serial | 5% | 116.286
|
| $4,035,000 | 2019 | Serial | 5% | 116.985
|
| $4.24 million | 2020 | Serial | 5% | 116.928
|
| $4,445,000 | 2021 | Serial | 5% | 116.273
|
| $4.67 million | 2022 | Serial | 5% | 115.973
|
| $27,085,000 | 2027 | Term | 5% | 113.02
|
| $10,315,000 | 2031 | Term | 5% | 111.36
|
| $6.7 million | 2032 | Term | 4% | 99.59
|
| $8.33 million | 2037 | Term | 5% | 108.799
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
