By Sheri Kasprzak
New York, Nov. 14 - The New York City Transitional Finance Authority came to market with $900 million of future tax secured bonds, according to a pricing sheet.
The offering included $600 million of series 2012D-1 tax-exempt subordinate bonds, $100 million of series 2012D-2 taxable qualified school construction bonds and $200 million of series 2012D-3 taxable subordinate bonds.
The 2012D-1 bonds are due 2013 and 2022 to 2033 with a term bond due in 2038. The serial coupons range from 3% to 5.25%. The yields range from 0.42% to 4.06%. The 2038 bonds have a 5% coupon to yield 4.18%.
The 2012D-2 bonds are due in 2030 and have a 4.2% coupon to yield 4.00%.
The 2012D-3 bonds are due 2013 to 2021 with 0.60% to 2.9% coupons and yields from 0.63% to 3.00%.
The senior manager for the bonds (Aa1/AAA/AAA) was Citigroup Global Markets Inc.
The co-managers were Barclays Capital Inc.; J.P. Morgan Securities LLC; Cabrera Capital Markets Inc.; Jefferies & Co.; Ramirez & Co. Inc.; Siebert Brandford Shank & Co. LLC; Morgan Keegan & Co. Inc.; RBC Capital Markets LLC; Bank of America Merrill Lynch; Fidelity Capital Markets LLC; Loop Capital Markets LLC; Rice Financial Products Co.; Oppenheimer & Co. Inc.; Southwest Securities Inc.; Goldman, Sachs & Co.; Morgan Stanley & Co. LLC; Jackson Securities LLC; M.R. Beal & Co. Inc.; Roosevelt & Cross Inc.; Wells Fargo Bank, NA; Raymond James & Associates Inc.; and Stifel, Nicolaus & Co. Inc.
Proceeds will be used to construct, rehabilitate and repair school facilities within the city, as well as to fund capital expenditures for the city.
| Issuer: | New York City Transitional Finance Authority
|
| Issue: | Series 2012D future tax secured bonds
|
| Amount: | $900 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead); Barclays Capital Inc.; J.P. Morgan Securities LLC; Cabrera Capital Markets Inc.; Jefferies & Co.; Ramirez & Co. Inc.; Siebert Brandford Shank & Co. LLC; Morgan Keegan & Co. Inc.; RBC Capital Markets LLC; Bank of America Merrill Lynch; Fidelity Capital Markets LLC; Loop Capital Markets LLC; Rice Financial Products Co.; Oppenheimer & Co. Inc.; Southwest Securities Inc.; Goldman Sachs & Co.; Morgan Stanley & Co. LLC; Jackson Securities LLC; M.R. Beal & Co. Inc.; Roosevelt & Cross Inc.; Wells Fargo Bank, NA; Raymond James & Associates Inc.; and Stifel, Nicolaus & Co. Inc. (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Nov. 10
|
| Settlement date: | Nov. 17
|
|
|
| $600 million series 2012D-1 tax-exempt subordinate bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $16.475 million | 2013 | Serial | 3% | 0.42%
|
| $6.885 million | 2022 | Serial | 4% | 2.84%
|
| $20.9 million | 2022 | Serial | 5% | 2.84%
|
| $2.65 million | 2023 | Serial | 4% | 3.00%
|
| $26.455 million | 2023 | Serial | 5% | 3.00%
|
| $30.535 million | 2024 | Serial | 5% | 3.18%
|
| $32.06 million | 2025 | Serial | 5% | 3.31%
|
| $2.695 million | 2026 | Serial | 4% | 3.44%
|
| $30.97 million | 2026 | Serial | 5% | 3.44%
|
| $815,000 | 2027 | Serial | 4% | 3.57%
|
| $1.695 million | 2027 | Serial | 5% | 3.57%
|
| $32.81 million | 2027 | Serial | 5.25% | 3.33%
|
| $12.77 million | 2028 | Serial | 5% | 3.67%
|
| $1.695 million | 2031 | Serial | 4% | 3.92%
|
| $40.305 million | 2031 | Serial | 5% | 3.92%
|
| $11.585 million | 2032 | Serial | 4% | 4.00%
|
| $32.5 million | 2032 | Serial | 5% | 4.00%
|
| $46.17 million | 2033 | Serial | 5% | 4.06%
|
| $250.03 million | 2038 | Term | 5% | 4.18%
|
|
|
| $100 million series 2012D-2 taxable qualified school construction bonds
|
| Maturity | Type | Coupon | Yield
|
| 2030 | Term | 4.2% | 4.00%
|
|
|
| $200 million series 2012D-3 taxable subordinate bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $3.995 million | 2013 | Serial | 0.60% | 0.63%
|
| $21 million | 2014 | Serial | 0.85% | 0.87%
|
| $23.635 million | 2015 | Serial | 1.35% | 1.36%
|
| $23.95 million | 2016 | Serial | 1.55% | 1.56%
|
| $24.335 million | 2017 | Serial | 1.90% | 1.94%
|
| $24.825 million | 2018 | Serial | 2.15% | 2.19%
|
| $25.385 million | 2019 | Serial | 2.50% | 2.60%
|
| $26.065 million | 2020 | Serial | 2.75% | 2.85%
|
| $26.81 million | 2021 | Serial | 2.90% | 3.00%
|
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