Published on 7/9/2013 in the Prospect News Municipals Daily.
New Issue: New York Environmental sells $166.96 million state revolving fund bonds
By Sheri Kasprzak
New York, July 9 - The New York State Environmental Facilities Corp. sold $166.96 million of series 2013B state revolving funds revenue bonds, according to a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold through senior managers BofA Merrill Lynch and CastleOak Securities LP.
The bonds are due 2014 to 2032 with term bonds due in 2038 and 2043. The serial coupons range from 2% to 5%. The 2038 bonds have a 4.25% coupon priced at 98.469 and a 5% coupon priced at 111.714. The 2043 bonds have a 5% coupon priced at 110.968.
Proceeds will be used to finance or refinance drinking or clean water projects within the state, as well as to refund existing bonds.
| Issuer: | New York State Environmental Facilities Corp.
|
| Issue: | Series 2013B state revolving funds revenue bonds
|
| Amount: | $166.96 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and CastleOak Securities LP (lead), Blaylock Robert Van LLC, Citigroup Global Markets Inc., Fidelity Capital Markets LLC, Goldman, Sachs & Co., Guggenheim Securities LLC, J.P. Morgan Securities LLC, Jefferies & Co., KeyBanc Capital Markets LLC, Loop Capital Markets LLC, Mesirow Financial Inc., Morgan Stanley & Co. LLC, M.R. Beal & Co., Prager & Co. LLC, Ramirez & Co. Inc., Rice Financial Products Co., Rockfleet, Siebert Brandford Shank & Co. LLC, Stifel, Nicolaus & Co. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | July 9
|
| Settlement date: | Aug. 1
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.12 million | 2014 | Serial | 2% | 101.434
|
| $3.3 million | 2014 | Serial | 2% | 102.211
|
| $3,945,000 | 2015 | Serial | 3% | 104.318
|
| $3.37 million | 2015 | Serial | 4% | 107.597
|
| $3,545,000 | 2016 | Serial | 3% | 106.253
|
| $3.99 million | 2016 | Serial | 5% | 111.148
|
| $4,055,000 | 2017 | Serial | 5% | 113.594
|
| $3.69 million | 2017 | Serial | 5% | 114.842
|
| $4.15 million | 2018 | Serial | 5% | 115.312
|
| $3,845,000 | 2018 | Serial | 5% | 116.236
|
| $4.23 million | 2019 | Serial | 5% | 116.557
|
| $3.76 million | 2019 | Serial | 5% | 117.191
|
| $4.31 million | 2020 | Serial | 5% | 116.74
|
| $2,985,000 | 2020 | Serial | 5% | 117.506
|
| $4.38 million | 2021 | Serial | 5% | 116.819
|
| $3,565,000 | 2021 | Serial | 5% | 117.218
|
| $4,365,000 | 2022 | Serial | 4% | NRO
|
| $4.46 million | 2022 | Serial | 5% | 116.607
|
| $4.83 million | 2023 | Serial | 5% | 116.851
|
| $5,295,000 | 2023 | Serial | 5% | 117.008
|
| $3.92 million | 2024 | Serial | 5% | 116.209
|
| $1.77 million | 2024 | Serial | 5% | 116.627
|
| $1,635,000 | 2025 | Serial | 3.5% | 100
|
| $3.98 million | 2025 | Serial | 5% | 116.062
|
| $1.68 million | 2026 | Serial | 3.5% | 98.739
|
| $4,015,000 | 2026 | Serial | 5% | 115.465
|
| $1.74 million | 2027 | Serial | 3.75% | 100
|
| $4.05 million | 2027 | Serial | 5% | 114.871
|
| $1,795,000 | 2028 | Serial | 3.75% | 98.848
|
| $4.09 million | 2028 | Serial | 5% | 114.207
|
| $4.09 million | 2029 | Serial | 4% | 100
|
| $1,815,000 | 2029 | Serial | 4% | 100
|
| $1.55 million | 2030 | Serial | 4% | 99.377
|
| $4.05 million | 2030 | Serial | 5% | 113.319
|
| $1.56 million | 2031 | Serial | 4% | 98.4
|
| $4.01 million | 2031 | Serial | 5% | 112.908
|
| $5,615,000 | 2032 | Serial | 4.125% | 99.01
|
| $6 million | 2038 | Term | 4.25% | 98.469
|
| $15.92 million | 2038 | Term | 5% | 111.714
|
| $15,485,000 | 2043 | Term | 5% | 110.968
|
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