New Issue: New York State Environmental Facilities brings $520.675 million of bonds

By Sheri Kasprzak

New York, June 2 - The New York State Environmental Facilities Corp. sold on Thursday $520.675 million of series 2011B state clean water and drinking water revolving fund revenue bonds for the New York City Municipal Water Finance Authority, said a pricing sheet. The offering was upsized from $510.6 million.

The bonds (Aa1/AA+/AA+) were sold through Morgan Stanley & Co. Inc. and Jefferies & Co. The co-managers were Bank of America Merrill Lynch, Citigroup Global Markets Inc., Fidelity Capital Markets, Goldman, Sachs & Co., Grigsby & Associates Inc., J.P. Morgan Securities LLC, Lebenthal & Co. LLC, Loop Capital Markets LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC.

The bonds are due 2012 to 2031 with term bonds due in 2036 and 2041. The serial coupons range from 2% to 5%. The 2036 bonds have a 5% coupon priced at 103.907. The 2041 bonds have a 5% coupon priced at 103.5.

Proceeds will be used to provide financial assistance to the New York City Municipal Water Finance Authority to finance or refinance water pollution control and drinking water projects, as well as to refund existing bonds.

Issuer:	New York State Environmental Facilities Corp./New York City Municipal Water Finance Authority
Issue:	Series 2011B state clean water and drinking water revolving fund revenue bonds
Amount:	$520.675 million
Type:	Negotiated
Underwriters:	Morgan Stanley & Co. Inc. and Jefferies & Co. (lead), Bank of America Merrill Lynch, Citigroup Global Markets Inc., Fidelity Capital Markets, Goldman, Sachs & Co., Grigsby & Associates Inc., J.P. Morgan Securities LLC, Lebenthal & Co. LLC, Loop Capital Markets LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
Ratings:	Moody's: Aa1
	Standard & Poor's: AA+
	Fitch: AA+
Pricing date:	June 2
Settlement date:	June 17
Amount	Maturity	Type	Coupon	Price
$14.71 million	2012	Serial	2%	101.747
$14.935 million	2013	Serial	2%	102.831
$2.49 million	2014	Serial	2%	103.242
$12.68 million	2014	Serial	4%	109.138
$2.18 million	2015	Serial	2%	102.913
$13.4 million	2015	Serial	5%	114.566
$3.36 million	2016	Serial	2%	102.543
$13.155 million	2016	Serial	5%	116.938
$1.505 million	2017	Serial	2.5%	103.499
$15.59 million	2017	Serial	5%	117.609
$7.025 million	2018	Serial	3%	104.894
$10.925 million	2018	Serial	5%	117.776
$2.7 million	2019	Serial	2.5%	99.784
$16.05 million	2019	Serial	5%	117.776
$9.65 million	2020	Serial	4%	109.816
$10 million	2020	Serial	5%	117.733
$3.095 million	2021	Serial	3%	100.171
$17.495 million	2021	Serial	5%	117.348
$2.3 million	2022	Serial	4%	106.973
$17.14 million	2022	Serial	5%	116.774
$5.01 million	2023	Serial	4%	105.83
$14.96 million	2023	Serial	5%	116.618
$21.02 million	2024	Serial	5%	113.008
$22.315 million	2025	Serial	5%	111.575
$2.15 million	2026	Serial	4%	102.067
$21.545 million	2026	Serial	5%	114.237
$25.16 million	2027	Serial	5%	109.292
$26.46 million	2028	Serial	5%	108.429
$27.83 million	2029	Serial	5%	107.744
$29.28 million	2030	Serial	5%	107.064
$4.4 million	2031	Serial	4.125%	98.858
$26.545 million	2031	Serial	5%	110.606
$45.215 million	2036	Term	5%	103.907
$58.4 million	2041	Term	5%	103.5

© 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.