Published on 4/12/2012 in the Prospect News Municipals Daily.
New Issue: New York City Transitional Finance brings $900 million of future tax secured bonds
By Sheri Kasprzak
New York, April 12 - The New York City Transitional Finance Authority priced $900 million of series 2012E future tax secured bonds (Aa1/AAA/AAA), according to a pricing sheet.
The offering included $800 million of series 2012E-1 tax-exempt subordinate bonds and $100 million of series 2012E-2 taxable subordinate bonds.
The 2012E-1 bonds are due 2014 to 2032 with term bonds due in 2035, 2037 and 2042. The serial coupons range from 2.5% to 5% with yields from 0.37% to 3.5%. The 2035 bonds have a 5% coupon to yield 3.59%. The 2037 bonds have 5% coupon to yield 3.68%. The 2042 bonds have a 4% coupon to yield 3.9% and a 5% coupon to yield 3.75%.
The 2012E-2 bonds have a 4.15% coupon to yield 3.97%.
Barclays Capital Inc. was the senior manager. The co-managers were Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Cabrera Capital Markets Inc., Jefferies & Co., Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC, Oppenheimer & Co. Inc., Southwest Securities Inc., Citigroup Global Markets Inc., Fidelity Capital Markets LLC, Rice Financial Products Co., Raymond James & Associates Inc., Morgan Keegan & Co. Inc., Goldman, Sachs & Co., Morgan Stanley & Co. LLC, Jackson Securities Inc., M.R. Beal & Co. Inc., Roosevelt & Cross Inc., Wells Fargo Bank, NA, RBC Capital Markets LLC and Stifel, Nicolaus & Co. Inc.
Proceeds will be used to finance capital expenditures, including the construction, rehabilitation, repair and renovation of public schools, the acquisition of land for schools and the equipment of new and existing school facilities.
| Issuer: | New York City Transitional Finance Authority
|
| Issue: | Series 2012E future tax secured bonds
|
| Amount: | $900 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. (lead), Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Cabrera Capital Markets Inc., Jefferies & Co., Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC, Oppenheimer & Co. Inc., Southwest Securities Inc., Citigroup Global Markets Inc., Fidelity Capital Markets LLC, Rice Financial Products Co., Raymond James & Associates Inc., Morgan Keegan & Co. Inc., Goldman, Sachs & Co., Morgan Stanley & Co. LLC, Jackson Securities Inc., M.R. Beal & Co. Inc., Roosevelt & Cross Inc., Wells Fargo Bank, NA, RBC Capital Markets LLC and Stifel, Nicolaus & Co. Inc. (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | April 11
|
| Settlement date: | April 19
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $2,675,000 | 2014 | Serial | 2.5% | 0.37%
|
| $10.97 million | 2014 | Serial | 4% | 0.37%
|
| $1.58 million | 2015 | Serial | 2.5% | 0.53%
|
| $12.57 million | 2015 | Serial | 4% | 0.53%
|
| $9,575,000 | 2016 | Serial | 3% | 0.81%
|
| $5,115,000 | 2016 | Serial | 5% | 0.81%
|
| $3,475,000 | 2017 | Serial | 3% | 1.04%
|
| $14,555,000 | 2017 | Serial | 5% | 1.04%
|
| $6,475,000 | 2018 | Serial | 3% | 1.28%
|
| $9,275,000 | 2018 | Serial | 5% | 1.28%
|
| $10.4 million | 2019 | Serial | 4% | 1.57%
|
| $9.56 million | 2019 | Serial | 5% | 1.57%
|
| $11,005,000 | 2020 | Serial | 5% | 1.81%
|
| $3.5 million | 2021 | Serial | 4% | 2.02%
|
| $18 million | 2021 | Serial | 5% | 2.02%
|
| $5.56 million | 2022 | Serial | 4% | 2.22%
|
| $16.98 million | 2022 | Serial | 5% | 2.22%
|
| $420,000 | 2023 | Serial | 4% | 2.48%
|
| $23.19 million | 2023 | Serial | 5% | 2.48%
|
| $24.79 million | 2024 | Serial | 5% | 2.63%
|
| $26,025,000 | 2025 | Serial | 5% | 2.77%
|
| $27.33 million | 2026 | Serial | 5% | 2.88%
|
| $11,245,000 | 2027 | Serial | 3.125% | 3.19%
|
| $17.45 million | 2027 | Serial | 5% | 2.59%
|
| $19.92 million | 2028 | Serial | 5% | 3.06%
|
| $10 million | 2028 | Serial | 5% | 2.67%
|
| $31,415,000 | 2029 | Serial | 5% | 3.16%
|
| $32.99 million | 2030 | Serial | 5% | 3.22%
|
| $34,635,000 | 2031 | Serial | 5% | 3.28%
|
| $4,205,000 | 2032 | Serial | 3.5% | 3.50%
|
| $5,775,000 | 2032 | Serial | 5% | 3.34%
|
| $40,955,000 | 2035 | Term | 5% | 3.59%
|
| 88,155,000 | 2037 | Term | 5% | 3.68%
|
| $3,795,000 | 2042 | Term | 4% | 3.90%
|
| $234.05 million | 2042 | Term | 5% | 3.75%
|
|
|
| $100 million series 2012E-2 taxable subordinate bonds
|
| Maturity | Type | Coupon | Yield
|
| Feb. 1, 2034 | Term | 4.15% | 3.97%
|
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