Published on 5/15/2012 in the Prospect News Municipals Daily.
New Issue: New York State Environmental Facilities prices $503.76 million of revenue bonds
By Sheri Kasprzak
New York, May 15 - The New York State Environmental Facilities Corp. sold $503.76 million of series 2012A clean and drinking water revolving fund revenue bonds, said a pricing sheet.
The bonds (Aaa/AAA/AA+) were sold through senior managers Morgan Stanley & Co. LLC and Ramirez & Co. Inc. The co-managers were Bank of America Merrill Lynch, Blaylock Robert Van LLC, Estrada Hinojosa & Co. Inc., Goldman Sachs & Co., Jackson Securities Inc., Jefferies & Co., Lebenthal & Co. LLC, Mesirow Financial Inc., Raymond James/Morgan Keegan, Rockfleet Financial Services Inc., Stifel, Nicolaus & Co. Inc., Barclays Capital Inc., CastleOak Securities LP, Fidelity Capital Markets LLC, Guggenheim Securities LLC, J.P. Morgan Securities LLC, Loop Capital Markets LLC, Prager & Co. LLC, RBC Capital Markets LLC, Roosevelt & Cross Inc., BNY Mellon Capital Markets LLC, Citigroup Global Markets Inc., George K. Baum & Co., Janney Montgomery Scott LLC, KeyBanc Capital Markets LLC, M.R. Beal & Co., Rice Financial Products Co., Siebert Brandford Shank & Co. LLC, Williams Capital Group LP and Wells Fargo Securities LLC.
The bonds are due 2013 to 2029 with 2% to 5% coupons.
Proceeds will be used to refund existing debt issued to finance drinking and clean water clean-up initiatives.
| Issuer: | New York State Environmental Facilities Corp.
|
| Issue: | Series 2012A clean and drinking water revolving fund revenue bonds
|
| Amount: | $503.76 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Ramirez & Co. Inc. (lead); Bank of America Merrill Lynch, Blaylock Robert Van LLC, Estrada Hinojosa & Co. Inc., Goldman Sachs & Co., Jackson Securities Inc., Jefferies & Co., Lebenthal & Co. LLC, Mesirow Financial Inc., Raymond James/Morgan Keegan, Rockfleet Financial Services Inc., Stifel, Nicolaus & Co. Inc., Barclays Capital Inc., CastleOak Securities LP, Fidelity Capital Markets LLC, Guggenheim Securities LLC, J.P. Morgan Securities LLC, Loop Capital Markets LLC, Prager & Co. LLC, RBC Capital Markets LLC, Roosevelt & Cross Inc., BNY Mellon Capital Markets LLC, Citigroup Global Markets Inc., George K. Baum & Co., Janney Montgomery Scott LLC, KeyBanc Capital Markets LLC, M.R. Beal & Co., Rice Financial Products Co., Siebert Brandford Shank & Co. LLC, Williams Capital Group LP and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AA+
|
| Pricing date: | May 15
|
| Settlement date: | May 31
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $32.82 million | 2013 | Serial | 2% | NRO
|
| $34.31 million | 2014 | Serial | 2% | 103.473
|
| $11,985,000 | 2015 | Serial | 2% | 104.703
|
| $23,015,000 | 2015 | Serial | 4% | 110.734
|
| $6.34 million | 2016 | Serial | 2% | 105.495
|
| $29.36 million | 2016 | Serial | 5% | 117.443
|
| $4,905,000 | 2017 | Serial | 2% | 105.66
|
| $31,865,000 | 2017 | Serial | 5% | 120.427
|
| $380,000 | 2018 | Serial | 3% | 111.381
|
| $37,865,000 | 2018 | Serial | 5% | 123.054
|
| $1,685,000 | 2019 | Serial | 2.5% | 108.397
|
| $37,865,000 | 2019 | Serial | 5% | 125.192
|
| $2.26 million | 2020 | Serial | 2% | 103.772
|
| $38.76 million | 2020 | Serial | 5% | 126.412
|
| $3.38 million | 2021 | Serial | 3% | 110.672
|
| $27,835,000 | 2021 | Serial | 5% | 127.348
|
| $1,125,000 | 2022 | Serial | 2% | 101.092
|
| $26,235,000 | 2022 | Serial | 5% | 128.421
|
| $28.51 million | 2023 | Serial | 5% | 126.746
|
| $225,000 | 2024 | Serial | 3% | 108.263
|
| $27.77 million | 2024 | Serial | 5% | 125.404
|
| $15,955,000 | 2025 | Serial | 4% | 113.338
|
| $15,535,000 | 2025 | Serial | 5% | 124.18
|
| $33,065,000 | 2026 | Serial | 4% | 111.736
|
| $17.76 million | 2027 | Serial | 4% | 110.437
|
| $710,000 | 2028 | Serial | 3% | 100.69
|
| $7.11 million | 2028 | Serial | 5% | 121.577
|
| $5.13 million | 2029 | Serial | 3% | 100
|
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