Published on 6/23/2015 in the Prospect News Municipals Daily.
New Issue: New York State Environmental prices $216.87 million revolving fund deal
By Sheri Kasprzak
New York, June 23 – The New York State Environmental Facilities Corp. sold $216,865,000 of series 2015A clean and drinking water revolving funds revenue bonds, said a pricing sheet.
The bonds (Aaa/AAA/AA+) were sold through Siebert Brandford Shank & Co. LLC and BofA Merrill Lynch.
The bonds are due 2016 to 2037 with term bonds due in 2040 and 2045. The serial coupons range from 2% to 5%. The 2040 bonds have a 5% coupon priced at 113.412, and the 2045 bonds have a 5% coupon priced at 112.871.
Proceeds will finance clean and drinking water projects and refund existing debt.
| Issuer: | New York State Environmental Facilities Corp.
|
| Issue: | Series 2015A clean and drinking water revolving funds revenue bonds
|
| Amount: | $216,865,000
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. LLC and BofA Merrill Lynch (lead), Academy Securities Inc., Alamo Capital, Baird & Co. Inc., BMO Capital Markets LLC, BNY Mellon Capital Markets LLC, CastleOak Securities LP, Citigroup Global Markets Inc., Estrada Hinojosa & Co. Inc., Goldman Sachs & Co., Janney Montgomery Scott LLC, Jefferies & Co., J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Loop Capital Markets LLC, Mesirow Financial Inc., Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Williams Capital Group LP and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Fitch: AA+
|
| Pricing date: | June 23
|
| Settlement date: | July 7
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $7,345,000 | 2016 | Serial | 2% | 101.626
|
| $7,095,000 | 2017 | Serial | 4% | 106.389
|
| $7,245,000 | 2018 | Serial | 3% | 105.745
|
| $7,405,000 | 2019 | Serial | 5% | 114.418
|
| $5.28 million | 2020 | Serial | 4% | 111.788
|
| $2.28 million | 2020 | Serial | 5% | 116.542
|
| $7,765,000 | 2021 | Serial | 5% | 118.172
|
| $2.13 million | 2022 | Serial | 3% | 106.527
|
| $5,855,000 | 2022 | Serial | 5% | 119.453
|
| $8.22 million | 2023 | Serial | 5% | 120.893
|
| $8.46 million | 2024 | Serial | 5% | 121.823
|
| $5.91 million | 2025 | Serial | 4% | 113.9
|
| $2.79 million | 2025 | Serial | 5% | 122.697
|
| $7,605,000 | 2026 | Serial | 5% | 121.316
|
| $7,815,000 | 2027 | Serial | 5% | 120.051
|
| $7.33 million | 2028 | Serial | 5% | 118.993
|
| $4.62 million | 2029 | Serial | 3% | 99.322
|
| $2.91 million | 2029 | Serial | 5% | 118.325
|
| $7,735,000 | 2030 | Serial | 5% | 117.662
|
| $7.95 million | 2031 | Serial | 5% | 117.003
|
| $8,165,000 | 2032 | Serial | 5% | 116.349
|
| $8,385,000 | 2033 | Serial | 5% | 115.884
|
| $8.61 million | 2034 | Serial | 5% | 115.514
|
| $8,845,000 | 2035 | Serial | 3.5% | 99.43
|
| $5,255,000 | 2036 | Serial | 5% | 114.777
|
| $5,395,000 | 2037 | Serial | 5% | 114.411
|
| $17,025,000 | 2040 | Term | 5% | 113.412
|
| $31.44 million | 2045 | Term | 5% | 112.871
|
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