By Sheri Kasprzak
New York, Oct. 30 - The New York City Transitional Finance Agency priced $400 million in series 2008 fixed-rate building aid revenue bonds, said Raymond Orlando, a spokesman for the agency, Thursday.
The bonds (A1/AA-/A+) were sold on a negotiated basis with Merrill Lynch, Citigroup Global Markets and Goldman, Sachs & Co. as the senior managers. The co-managers were Banc of America Securities LLC; Depfa First Albany Securities; J.P. Morgan Securities Inc., Barclays Capital; Loop Capital Markets; M.R. Beal & Co.; Prager, Sealy & Co.; Roosevelt & Cross; Siebert Brandford Shank & Co.; Raymond James & Associates; Wachovia Bank; and Jackson Securities.
The bonds are due from 2010 to 2028 with a term bond due 2036.
The serials have coupons from 4% to 5.5% with yields from 3.01% to 5.75%. The 2036 bonds have a 6% coupon, priced at par.
The bonds also feature an optional call in 2018 at par.
Proceeds will be used for improvements to the city's educational facilities.
| Issuer: | New York City Transitional Finance Agency
|
| Issue: | Series 2008 fixed-rate building aid revenue bonds
|
| Amount: | $400 million
|
| Type: | Negotiated
|
| Underwriters: | Merrill Lynch, Citigroup Global Markets and Goldman, Sachs & Co. (leads); Banc of America Securities LLC; Depfa First Albany Securities; J.P. Morgan Securities Inc., Barclays Capital; Loop Capital Markets; M.R. Beal & Co.; Prager, Sealy & Co.; Roosevelt & Cross; Siebert Brandford Shank & Co.; Raymond James & Associates; Wachovia Bank; and Jackson Securities
|
| Call: | In 2018 at par
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA-
|
| Fitch: A+
|
| Pricing date: | Oct. 30
|
| Settlement date: | Nov. 5
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 4% | 3.01%
|
| 2011 | Serial | 4% | 3.40%
|
| 2012 | Serial | 4% | 3.75%
|
| 2013 | Serial | 4% | 4.00%
|
| 2014 | Serial | 4.2% | 4.20%
|
| 2015 | Serial | 4.25% | 4.33%
|
| 2016 | Serial | 4.5% | 4.50%
|
| 2017 | Serial | 4.7% | 4.70%
|
| 2018 | Serial | 4.9% | 4.90%
|
| 2019 | Serial | 5% | 5.01%
|
| 2020 | Serial | 5.125% | 5.15%
|
| 2021 | Serial | 5.25% | 5.33%
|
| 2022 | Serial | 5.25% | 5.43%
|
| 2023 | Serial | 5.5% | 5.55%
|
| 2024 | Serial | 5.5% | 5.60%
|
| 2028 | Serial | 5.5% | 5.75%
|
| 2036 | Term | 6% | 6.00%
|
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