Published on 5/24/2012 in the Prospect News Municipals Daily.
New Issue: New York State Environmental Facilities sells $97.18 million of revenue bonds
By Sheri Kasprzak
New York, May 24 - The New York State Environmental Facilities Corp. sold $97.18 million of series 2012 state revolving funds revenue bonds, said a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold through J.P. Morgan Securities LLC and Loop Capital Markets LLC. The co-managers were Bank of America Merrill Lynch, Barclays Capital Inc., BNY Mellon Capital Markets LLC, Citigroup Global Markets Inc., Estrada Hinojosa & Co. Inc., George K. Baum & Co., Goldman Sachs & Co., Jackson Securities Inc., Janney Montgomery Scott LLC, Jefferies & Co., Lebenthal & Co. LLC, M.R. Beal & Co. Inc., Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC and Williams Capital Group LP.
The deal included $82.74 million of series 2012B bonds and $14.44 million of series 2012C taxable bonds.
The 2012B bonds are due 2013 to 2032 with term bonds due in 2037 and 2042. The serial coupons range from 2% to 5%. The 2037 bonds have a 5% coupon and priced at 114.303, and the 2042 bonds have a 5% coupon and priced at 113.77.
The 2012C bonds are due 2012 to 2025 with a term bond due in 2029. The serial coupons range from 0.379% to 3.195% and all priced at par. The 2029 bonds have a 3.684% coupon and priced at par.
Proceeds will be used to finance or refinance clean water and drinking water projects and refund existing debt.
| Issuer: | New York State Environmental Facilities Corp.
|
| Issue: | Series 2012 state revolving funds revenue bonds
|
| Amount: | $97.18 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Loop Capital Markets LLC (lead), Bank of America Merrill Lynch, Barclays Capital Inc., BNY Mellon Capital Markets LLC, Citigroup Global Markets Inc., Estrada Hinojosa & Co. Inc., George K. Baum & Co., Goldman Sachs & Co., Jackson Securities Inc., Janney Montgomery Scott LLC, Jefferies & Co., Lebenthal & Co. LLC, M.R. Beal & Co. Inc., Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC and Williams Capital Group LP (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | May 24
|
| Settlement date: | June 21
|
|
|
| $82.74 million series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.36 million | 2013 | Serial | 2% | 101.188
|
| $2.08 million | 2013 | Serial | 3% | 103.232
|
| $1,105,000 | 2014 | Serial | 2% | 102.745
|
| $2,295,000 | 2014 | Serial | 3% | 105.648
|
| $1,115,000 | 2015 | Serial | 4% | 109.229
|
| $2,335,000 | 2015 | Serial | 4% | 110.824
|
| $1,155,000 | 2016 | Serial | 2% | 104.824
|
| $4.13 million | 2016 | Serial | 5% | 117.602
|
| $1.82 million | 2017 | Serial | 2% | 105.044
|
| $4.25 million | 2017 | Serial | 5% | 120.418
|
| $1,825,000 | 2018 | Serial | 3% | 110.206
|
| $4,385,000 | 2018 | Serial | 5% | 122.661
|
| $1,825,000 | 2019 | Serial | 5% | 123.138
|
| $4.52 million | 2019 | Serial | 5% | 124.487
|
| $1,885,000 | 2020 | Serial | 5% | 124.387
|
| $4,715,000 | 2020 | Serial | 5% | 125.359
|
| $1.93 million | 2021 | Serial | 5% | 125.433
|
| $4.04 million | 2021 | Serial | 5% | 126.208
|
| $2 million | 2022 | Serial | 5% | 126.306
|
| $3,355,000 | 2022 | Serial | 5% | 126.006
|
| $3,405,000 | 2023 | Serial | 5% | 124.616
|
| $1,995,000 | 2023 | Serial | 5% | 124.912
|
| $3,525,000 | 2024 | Serial | 5% | 123.341
|
| $1,295,000 | 2024 | Serial | 5% | 123.634
|
| $3.67 million | 2025 | Serial | 5% | 122.371
|
| $1,105,000 | 2025 | Serial | 5% | 122.661
|
| $3.47 million | 2026 | Serial | 5% | 121.505
|
| $1,885,000 | 2027 | Serial | 5% | 120.742
|
| $1.78 million | 2028 | Serial | 5% | 119.985
|
| $1,755,000 | 2029 | Serial | 3% | 100
|
| $1,555,000 | 2030 | Serial | 3% | 98.617
|
| $1,375,000 | 2031 | Serial | 3.125% | 98.929
|
| $1,405,000 | 2032 | Serial | 3.2% | 98.533
|
| $4,185,000 | 2037 | Term | 5% | 114.303
|
| $4.42 million | 2042 | Term | 5% | 113.77
|
|
|
| $14.44 million series 2012C taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $130,000 | 2012 | Serial | 0.379% | 100
|
| $535,000 | 2013 | Serial | 0.504% | 100
|
| $490,000 | 2014 | Serial | 0.599% | 100
|
| $320,000 | 2015 | Serial | 0.816% | 100
|
| $1.16 million | 2016 | Serial | 1.123% | 100
|
| $1.28 million | 2017 | Serial | 1.423% | 100
|
| $1,195,000 | 2018 | Serial | 1.755% | 100
|
| $1.2 million | 2019 | Serial | 2.005% | 100
|
| $1.21 million | 2020 | Serial | 2.445% | 100
|
| $1.22 million | 2021 | Serial | 2.595% | 100
|
| $1,235,000 | 2022 | Serial | 2.745% | 100
|
| $1,245,000 | 2023 | Serial | 2.925% | 100
|
| $1,255,000 | 2024 | Serial | 3.045% | 100
|
| $1,275,000 | 2025 | Serial | 3.195% | 100
|
| $690,000 | 2029 | Term | 3.684% | 100
|
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