Published on 11/16/2012 in the Prospect News Municipals Daily.
New Issue: New York Transitional sells $882.81 million of future tax secured bonds
By Sheri Kasprzak
New York, Nov. 16 - The New York City Transitional Finance Authority sold $882,805,000 of series 2013 future tax secured subordinate bonds, according to a pricing sheet.
The offering included $100 million of series 2013C-1 tax-exempt subordinate bonds, $100 million of series 2013C-2 taxable subordinate bonds, $130 million of series 2013C-3 taxable subordinate bonds, $310.9 million of series 2013D tax-exempt subordinate bonds and $241,905,000 of series 2013E tax-exempt subordinate bonds.
The 2013C-1 bonds are due 2014 to 2027 with 4% to 5% coupons.
The 2013C-2 bonds are due Nov. 1, 2035 and have a 3.75% coupon priced at 102.324.
The 2013C-3 bonds are due 2016 to 2024 with coupons from 0.68% to 2.6%, all priced at par.
The 2013D bonds are due 2014 to 2032 with coupons from 2% to 5%.
The 2013E bonds are due 2013 to 2027 with 2% to 5% coupons.
The bonds were sold competitively.
Proceeds will be used to finance the construction and equipment of schools and refund some of the authority's existing debt.
| Issuer: | New York City Transitional Finance Authority
|
| Issue: | Series 2013 future tax secured subordinate bonds
|
| Amount: | $882,805,000
|
| Type: | Competitive
|
| Pricing date: | Nov. 15
|
| Settlement date: | Dec. 4
|
|
|
| $100 million series 2013C-1 tax-exempt subordinate bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $13.59 million | 2014 | Serial | 4% | 106.955
|
| $13.86 million | 2015 | Serial | 5% | 113.069
|
| $13,545,000 | 2016 | Serial | 5% | 117.055
|
| $1 million | 2017 | Serial | 4% | 115.789
|
| $1 million | 2018 | Serial | 4% | 118.176
|
| $1 million | 2019 | Serial | 4% | 119.607
|
| $1 million | 2020 | Serial | 4% | 120.561
|
| $1 million | 2021 | Serial | 4% | 120.958
|
| $1 million | 2022 | Serial | 4% | 121.296
|
| $1 million | 2023 | Serial | 5% | 129.024
|
| $1 million | 2024 | Serial | 5% | 128.292
|
| $18,805,000 | 2025 | Serial | 5% | 127.668
|
| $19,745,000 | 2026 | Serial | 5% | 127.047
|
| $12,455,000 | 2027 | Serial | 5% | 126.431
|
|
|
| $100 million series 2013C-2 taxable subordinate bonds
|
| Maturity | Type | Coupon | Price
|
| Nov. 1, 2035 | Term | 3.75% | 102.324
|
|
|
| $130 million series 2013C-3 taxable subordinate bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.91 million | 2016 | Serial | 0.68% | 100
|
| $15,015,000 | 2017 | Serial | 0.98% | 100
|
| $15.22 million | 2018 | Serial | 1.28% | 100
|
| $15.47 million | 2019 | Serial | 1.58% | 100
|
| $15.76 million | 2020 | Serial | 1.85% | 100
|
| $16,075,000 | 2021 | Serial | 2.05% | 100
|
| $16,425,000 | 2022 | Serial | 2.25% | 100
|
| $16.83 million | 2023 | Serial | 2.4% | 100
|
| $17,295,000 | 2024 | Serial | 2.6% | 100
|
|
|
| $310.9 million series 2013D tax-exempt subordinate bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $10,595,000 | 2014 | Serial | 5% | 108.856
|
| $11.13 million | 2015 | Serial | 5% | 113.131
|
| $11.57 million | 2016 | Serial | 5% | 117.182
|
| $12.13 million | 2017 | Serial | 5% | 120.711
|
| $12.73 million | 2018 | Serial | 5% | 123.928
|
| $13.36 million | 2019 | Serial | 5% | 126.406
|
| $14.02 million | 2020 | Serial | 5% | 128.239
|
| $14,715,000 | 2021 | Serial | 5% | 129.468
|
| $15,715,000 | 2022 | Serial | 5% | 130.61
|
| $16.29 million | 2023 | Serial | 5% | 129.234
|
| $17.91 million | 2024 | Serial | 2% | 99.578
|
| $18,455,000 | 2025 | Serial | 2% | 96.665
|
| $18.81 million | 2026 | Serial | 2.25% | 98.701
|
| $19.19 million | 2027 | Serial | 3% | 104.184
|
| $19.71 million | 2028 | Serial | 3% | 103.65
|
| $20.32 million | 2029 | Serial | 3% | 103.119
|
| $20.94 million | 2030 | Serial | 3% | 102.591
|
| $21.58 million | 2031 | Serial | 3% | 102.066
|
| $21.73 million | 2032 | Serial | 3% | 101.545
|
|
|
| $241,905,000 series 2013E tax-exempt subordinate bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $11.83 million | 2013 | Serial | 4% | 103.428
|
| $11,775,000 | 2014 | Serial | 5% | 108.856
|
| $12.18 million | 2015 | Serial | 5% | 113.131
|
| $12.68 million | 2016 | Serial | 5% | 117.182
|
| $13.31 million | 2017 | Serial | 5% | 120.711
|
| $13,975,000 | 2018 | Serial | 5% | 123.928
|
| $15.57 million | 2019 | Serial | 5% | 126.406
|
| $16,355,000 | 2020 | Serial | 5% | 128.239
|
| $17.18 million | 2021 | Serial | 5% | 129.468
|
| $18,055,000 | 2022 | Serial | 5% | 130.61
|
| $18.95 million | 2023 | Serial | 2% | 101.351
|
| $19,065,000 | 2024 | Serial | 3% | 108.946
|
| $19.67 million | 2025 | Serial | 4% | 117.403
|
| $20,285,000 | 2026 | Serial | 4% | 116.817
|
| $21,025,000 | 2027 | Serial | 4% | 116.235
|
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