Published on 4/19/2012 in the Prospect News Municipals Daily.
New Issue: New York City Cultural Resources sells $90.91 million of Museum of Modern Art bonds
By Sheri Kasprzak
New York, April 19 - The New York City Cultural Resources Trust priced $90,905,000 of series 2012 refunding revenue bonds for the Museum of Modern Art, said a term sheet.
The deal included $52,545,000 of series 2012-One-D refunding revenue bonds and $38.36 million of series 2012A refunding revenue bonds.
The 2012-One-D bonds are due in 2017 and bear interest at 4% priced at 114.149. The 2012A bonds are due 2013 to 2023 with 2% to 5% coupons.
The bonds (Aa2) were sold through Goldman Sachs & Co.
Proceeds will be used to refund existing debt.
| Issuer: | New York City Cultural Resources Trust/Museum of Modern Art
|
| Issue: | Series 2012 refunding revenue bonds
|
| Amount: | $90,905,000
|
| Type: | Negotiated
|
| Underwriter: | Goldman, Sachs & Co. (lead)
|
| Ratings: | Moody's: Aa2
|
| Pricing date: | April 19
|
| Settlement date: | May 1
|
|
|
| $52,545,000 series 2012-One-D refunding revenue bonds
|
| Maturity | Type | Coupon | Price
|
| 2017 | Term | 4% | 114.149
|
|
|
| $38.36 million series 2012A refunding revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.98 million | 2013 | Serial | 2% | 101.582
|
| $2.9 million | 2014 | Serial | 4% | 106.727
|
| $3,015,000 | 2015 | Serial | 5% | 112.485
|
| $3,165,000 | 2016 | Serial | 5% | 115.743
|
| $3,325,000 | 2017 | Serial | 5% | 118.404
|
| $3.49 million | 2018 | Serial | 4% | 114.774
|
| $3.25 million | 2019 | Serial | 5% | 121.738
|
| $3.66 million | 2020 | Serial | 5% | 122.683
|
| $4,095,000 | 2021 | Serial | 4% | 115.111
|
| $4,135,000 | 2022 | Serial | 5% | 123.817
|
| $4,345,000 | 2023 | Serial | 5% | 124.077
|
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