By Sheri Kasprzak
New York, Dec. 7 - The New York City Transitional Finance Authority sold $650 million of its series 2012 building aid revenue bonds (Aa3/AA-/AA-) Wednesday, according to a pricing sheet.
The deal included $550 million of series 2012S-1A tax-exempt bonds and $100 million of series 2012S-1B taxable qualified school construction bonds.
The 2012S-1A bonds were sold on a negotiated basis with Morgan Stanley & Co. LLC as the senior manager. The co-managers were Barclays Capital Inc.; Goldman Sachs & Co.; 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.; Citigroup Global Markets Inc.; J.P. Morgan Securities LLC; Jackson Securities Inc.; M.R. Beal & Co.; Roosevelt & Cross Inc.; Wells Fargo Bank, NA; Raymond James & Associates Inc.; and Stifel, Nicolaus & Co. Inc.
Morgan Stanley & Co. LLC won the competitive bid for the 2012S-1B taxable bonds with a 4.799% true interest cost.
The 2012S-1A bonds are due 2013 to 2027 with term bonds due in 2031, 2032, 2033, 2037 and 2041. The serial coupons range from 2% to 5%. The 2031 bonds have split maturity with a 4.125% coupon priced at 99.93 and a 5% coupon priced at 106.824. The 2032 bonds have a 5% coupon priced at 106.092. The 2033 bonds have a 5% coupon priced at 105.527. The 2037 bonds have a 5.25% coupon priced at 106.988. The 2041 bonds have a 4.5% coupon priced at par.
The 2012S-1B bonds are due July 15, 2030 and have a 5% coupon priced at 103.059.
Proceeds will be used to construct qualified schools within the city, as well as to complete other capital projects.
| Issuer: | New York City Transitional Finance Authority
|
| Issue: | Series 2012 building aid revenue bonds
|
| Amount | $650 million
|
| Type: | Negotiated/Competitive
|
| Underwriters: | Morgan Stanley & Co. LLC (lead for 2012S-1A); Barclays Capital Inc.; Goldman Sachs & Co.; 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.; Citigroup Global Markets Inc.; J.P. Morgan Securities LLC; Jackson Securities Inc.; M.R. Beal & Co.; Roosevelt & Cross Inc.; Wells Fargo Bank, NA; Raymond James & Associates Inc.; and Stifel, Nicolaus & Co. Inc. (co-managers for 2012S-1A); Morgan Stanley & Co. LLC (winner for 2012S-1B)
|
| True interest cost: | 4.799% (for 2012S-1B)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | Dec. 7
|
| Settlement date: | Dec. 15
|
|
|
| $550 million series 2012S-1A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $13.17 million | 2013 | Serial | 3% | 104.131
|
| $1.945 million | 2014 | Serial | 2% | 102.802
|
| $11.625 million | 2014 | Serial | 4% | 107.897
|
| $8.105 million | 2015 | Serial | 2% | 102.584
|
| $5.97 million | 2015 | Serial | 5% | 113.062
|
| $2.145 million | 2016 | Serial | 2.25% | 103.444
|
| $14.525 million | 2016 | Serial | 5% | 115.589
|
| $2.515 million | 2017 | Serial | 3% | 107.061
|
| $14.93 million | 2017 | Serial | 5% | 117.68
|
| $5.91 million | 2018 | Serial | 2% | 100.363
|
| $12.36 million | 2018 | Serial | 5% | 118.824
|
| $6.735 million | 2019 | Serial | 4% | 112.358
|
| $12.27 million | 2019 | Serial | 5% | 119.302
|
| $5.015 million | 2020 | Serial | 3% | 103.682
|
| $14.875 million | 2020 | Serial | 5% | 119.032
|
| $5.48 million | 2021 | Serial | 4% | 110.643
|
| $15.3 million | 2021 | Serial | 5% | 119.025
|
| $6.69 million | 2022 | Serial | 3% | 100.663
|
| $15.075 million | 2022 | Serial | 5% | 117.275
|
| $1.115 million | 2023 | Serial | 4% | 107.496
|
| $21.605 million | 2023 | Serial | 5% | 115.735
|
| $23.845 million | 2024 | Serial | 5% | 113.955
|
| $25.04 million | 2025 | Serial | 5% | 112.293
|
| $26.29 million | 2026 | Serial | 5% | 111.259
|
| $2.225 million | 2027 | Serial | 3.5% | 99.645
|
| $9.925 million | 2027 | Serial | 5% | 110.151
|
| $12.855 million | 2031 | Term | 4.125% | 99.93
|
| $20.33 million | 2031 | Term | 5% | 106.824
|
| $34.73 million | 2032 | Term | 5% | 106.092
|
| $36.465 million | 2033 | Term | 5% | 105.527
|
| $154.16 million | 2037 | Term | 5.25% | 106.988
|
| $6.775 million | 2041 | Term | 4.5% | 100
|
|
|
| $100 million series 2012S-1B taxable qualified school construction bonds
|
| Maturity | Type | Coupon | Price
|
| July 15, 2030 | Term | 5% | 103.059
|
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