By Sheri Kasprzak
New York, Aug. 11 - The New York City Transitional Finance Authority is set to reoffer $596.115 million of future tax secured subordinate bonds, said a reoffering statement.
The bonds to be reoffered include $424.145 million of series 2003B tax-exempt multi-modal bonds and $171.97 million of series 2002B taxable adjustable rate bonds.
The 2003B bonds are due 2016 to 2029 with 3.75% to 5% coupons. The 2002B bonds are due 2012 to 2025 with a term bond due in 2030. The serial coupons range from 0.4% to 4.05%. The 2030 bonds have a 4.6% coupon to yield 4.64%.
The bonds (Aa1/AAA/AAA) were reoffered through lead underwriter J.P. Morgan Securities LLC. The co-managers are Barclays Capital Inc.; Goldman, Sachs & Co.; Cabrera Capital Markets Inc.; Loop Capital Markets LLC; Rice Financial Products Co.; Morgan Keegan & Co. Inc.; RBC Capital Markets LLC; Bank of America Merrill Lynch; Jackson Securities Inc.; M.R. Beal & Co.; Roosevelt & Cross Inc.; Wells Fargo Bank, NA; Oppenheimer & Co. Inc.; Southwest Securities Inc.; Stone & Youngberg; Citigroup Global Markets Inc.; Morgan Stanley & Co. Inc.; Jefferies & Co.; Ramirez & Co. Inc.; Siebert Brandford Shank & Co. LLC; Raymond James & Associates Inc.; and Stifel, Nicolaus & Co.
| Issuer: | New York City Transitional Finance Authority
|
| Issue: | Reoffering of series 2003B tax-exempt multi-modal bonds and series 2002B taxable adjustable-rate bonds
|
| Amount: | $596.115 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead); Barclays Capital Inc.; Goldman, Sachs & Co.; Cabrera Capital Markets Inc.; Loop Capital Markets LLC; Rice Financial Products Co.; Morgan Keegan & Co. Inc.; RBC Capital Markets LLC; Bank of America Merrill Lynch; Jackson Securities Inc.; M.R. Beal & Co.; Roosevelt & Cross Inc.; Wells Fargo Bank, NA; Oppenheimer & Co. Inc.; Southwest Securities Inc.; Stone & Youngberg; Citigroup Global Markets Inc.; Morgan Stanley & Co. Inc.; Jefferies & Co.; Ramirez & Co. Inc.; Siebert Brandford Shank & Co. LLC; Raymond James & Associates Inc.; and Stifel, Nicolaus & Co. (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Reoffering date: | Aug. 23
|
|
|
| $424.145 million series 2003B tax-exempt multi-modal bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $25.825 million | 2016 | Serial | 5% | 1.22%
|
| $26.98 million | 2017 | Serial | 5% | 1.58%
|
| $28.23 million | 2018 | Serial | 5% | 1.98%
|
| $29.565 million | 2019 | Serial | 5% | 2.32%
|
| $30.995 million | 2020 | Serial | 5% | 2.57%
|
| $15.75 million | 2021 | Serial | 4% | 2.77%
|
| $16.76 million | 2021 | Serial | 5% | 2.77%
|
| $34.16 million | 2022 | Serial | 5% | 2.99%
|
| $35.95 million | 2023 | Serial | 5% | 3.17%
|
| $37.855 million | 2024 | Serial | 5% | 3.32%
|
| $39.855 million | 2025 | Serial | 5% | 3.43%
|
| $41.97 million | 2026 | Serial | 5% | 3.54%
|
| $34.2 million | 2027 | Serial | 5% | 3.63%
|
| $720,000 | 2028 | Serial | 3.75% | 3.86%
|
| $11.65 million | 2028 | Serial | 5% | 3.73%
|
| $13.68 million | 2029 | Serial | 4% | 3.97%
|
|
|
| $171.97 million series 2002B taxable adjustable-rate bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $375,000 | 2012 | Serial | 0.4% | 0.4%
|
| $80,000 | 2013 | Serial | 0.87% | 0.87%
|
| $65,000 | 2014 | Serial | 1.1% | 1.09%
|
| $3.46 million | 2015 | Serial | 1.6% | 1.57%
|
| $1.78 million | 2016 | Serial | 2% | 1.97%
|
| $2.41 million | 2017 | Serial | 2.4% | 2.35%
|
| $2.46 million | 2018 | Serial | 2.75% | 2.7%
|
| $3.075 million | 2019 | Serial | 3.05% | 3.0%
|
| $14.595 million | 2020 | Serial | 3.3% | 3.25%
|
| $20.245 million | 2021 | Serial | 3.45% | 3.4%
|
| $21.535 million | 2022 | Serial | 3.55% | 3.6%
|
| $22.925 million | 2023 | Serial | 3.7% | 3.75%
|
| $24.405 million | 2024 | Serial | 3.85% | 3.9%
|
| $25.98 million | 2025 | Serial | 4% | 4.05%
|
| $28.58 million | 2030 | Term | 4.6% | 4.64%
|
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