Published on 3/14/2016 in the Prospect News Municipals Daily.
New Issue: New York City Transitional Finance prices $750 million building aid bonds
By Sheri Kasprzak
New York, March 14 – The New York City Transitional Finance Authority sold $750 million of series 2016S-1 building aid bonds, said a pricing sheet.
The bonds (AA) are due 2017 to 2037 with term bonds due in 2040, 2043 and 2045. The serial coupons range from 2% to 5%. The 2040 bonds have a 4% coupon priced at 105.315, the 2043 bonds have a 5% coupon priced at 115.345 and the 2045 bonds have a 4% coupon priced at 104.632.
Ramirez & Co. Inc. and Goldman, Sachs & Co. were the senior managers with Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Rice Financial Products Co., BofA Merrill Lynch, Jefferies & Co. Inc., Raymond James/Morgan Keegan, Siebert Brandford Shank & Co. LLC, Citigroup Global Markets Inc., Loop Capital Markets LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC as the co-managers.
Proceeds will be used to pay a portion of the costs of one or more of the five-year plans.
| Issuer: | New York City Transitional Finance Authority
|
| Issue: | Series 2016S-1 building aid bonds
|
| Amount: | $750 million
|
| Type: | Negotiated
|
| Underwriters: | Ramirez & Co. Inc. and Goldman, Sachs & Co. (lead), Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Rice Financial Products Co., BofA Merrill Lynch, Jefferies & Co. Inc., Raymond James/Morgan Keegan, Siebert Brandford Shank & Co. LLC, Citigroup Global Markets Inc., Loop Capital Markets LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Rating: | Fitch: AA
|
| Pricing date: | March 14
|
| Settlement date: | March 17
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $11,895,000 | 2017 | Serial | 3% | 103.115
|
| $12,165,000 | 2018 | Serial | 3% | 105.111
|
| $1.85 million | 2019 | Serial | 3% | 106.597
|
| $10,765,000 | 2019 | Serial | 5% | 113.129
|
| $2.99 million | 2020 | Serial | 4% | 111.907
|
| $10.24 million | 2020 | Serial | 5% | 116.115
|
| $825,000 | 2021 | Serial | 3% | 108.132
|
| $15,375,000 | 2021 | Serial | 5% | 118.362
|
| $2.91 million | 2022 | Serial | 2% | 102.397
|
| $14.07 million | 2022 | Serial | 5% | 120.382
|
| $17,805,000 | 2023 | Serial | 5% | 121.72
|
| $1,935,000 | 2024 | Serial | 3% | 107.634
|
| $16.76 million | 2024 | Serial | 5% | 122.906
|
| $19,635,000 | 2025 | Serial | 5% | 123.969
|
| $20,645,000 | 2026 | Serial | 5% | 123.923
|
| $21.7 million | 2027 | Serial | 5% | 122.737
|
| $22,815,000 | 2028 | Serial | 5% | 121.855
|
| $23.99 million | 2029 | Serial | 5% | 121.175
|
| $25,215,000 | 2030 | Serial | 5% | 120.5
|
| $26.51 million | 2031 | Serial | 5% | 119.733
|
| $27.87 million | 2032 | Serial | 5% | 118.878
|
| $13,795,000 | 2033 | Serial | 3.25% | 100
|
| $15.38 million | 2033 | Serial | 5% | 118.405
|
| $30,545,000 | 2034 | Serial | 5% | 117.935
|
| $32.11 million | 2035 | Serial | 5% | 117.468
|
| $33,585,000 | 2036 | Serial | 4% | 106.696
|
| $34.96 million | 2037 | Serial | 5% | 116.724
|
| $113.67 million | 2040 | Term | 4% | 105.315
|
| $115,385,000 | 2043 | Term | 5% | 115.345
|
| $52,605,000 | 2045 | Term | 4% | 104.632
|
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