Published on 8/7/2015 in the Prospect News Municipals Daily.
New Issue: New York State Environmental sells $479.35 million revolving fund bonds
By Sheri Kasprzak
New York, Aug. 7 – The New York State Environmental Facilities Corp. sold $479,345,000 of series 2015 state revolving fund revenue bonds, according to a pricing sheet. The deal was upsized from $475.09 million.
The deal included $80.52 million of series 2015B tax-exempt bonds, $31.37 million of series 2015C taxable bonds and $367,455,000 of series 2015D tax-exempt bonds.
The 2015B bonds are due 2016 to 2035 with term bonds due in 2040 and 2045.The serial coupons range from 2% to 5% with yields from 0.16% to 3.15%. The 2040 bonds have a 5% coupon priced at 113.85 to yield 3.3%, and the 2045 bonds have a 5% coupon priced at 112.974 to yield 3.4%.
The 2015C bonds are due 2016 to 2030 with 0.5% to 3.82% coupons, all priced at par.
The 2015D bonds are due 2016 to 2037 with 2% to 5% coupons and yields from 0.16% to 3.5%.
The bonds (Aaa/AAA/AAA) were sold through senior managers Citigroup Global Markets Inc. and Loop Capital Markets LLC.
Proceeds will be used to finance or refinance clean and drinking water projects and refund existing bonds issued to provide assistance to eligible recipients for such projects.
| Issuer: | New York State Environmental Facilities Corp.
|
| Issue: | Series 2015 revolving fund revenue bonds
|
| Amount: | $479,345,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Loop Capital Markets LLC (lead), Academy Securities Inc., Alamo Capital, Baird & Co., BofA Merrill Lynch, BMO Capital Markets, BNY Mellon Capital Markets LLC, CastleOak Securities LP, Estrada Hinojosa & Co. Inc., Goldman Sachs & Co., Janney Montgomery Scott LLC, Jefferies & Co., J.P. Morgan Securities LLC, KeyBanc Capital Markets, 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., Siebert Brandford Shank & Co. LLC, Williams Capital Group LP and Wells Fargo Bank, NA (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Fitch: AAA
|
| Pricing date: | Aug. 6
|
| Settlement date: | Aug. 20
|
|
|
| $80.52 million series 2015B tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.19 million | 2016 | Serial | 2% | 101.046 | 0.16%
|
| $125,000 | 2016 | Serial | 5% | 105.014 | 0.30%
|
| $1,745,000 | 2017 | Serial | 3% | 103.823 | 0.55%
|
| $1.7 million | 2017 | Serial | 2% | 102.77 | 0.65%
|
| $1.78 million | 2018 | Serial | 3% | 105.531 | 0.82%
|
| $185,000 | 2018 | Serial | 2% | 103.23 | 0.93%
|
| $1.81 million | 2019 | Serial | 4% | 110.381 | 1.03%
|
| $210,000 | 2019 | Serial | 3% | 107.457 | 1.12%
|
| $1,865,000 | 2020 | Serial | 5% | 116.555 | 1.26%
|
| $245,000 | 2020 | Serial | 3% | 107.955 | 1.37%
|
| $1.92 million | 2021 | Serial | 5% | 118.28 | 1.56%
|
| $270,000 | 2021 | Serial | 3% | 107.705 | 1.66%
|
| $1,965,000 | 2022 | Serial | 5% | 119.4 | 1.85%
|
| $300,000 | 2022 | Serial | 4% | 113.404 | 1.96%
|
| $2.03 million | 2023 | Serial | 5% | 120.429 | 2.07%
|
| $330,000 | 2023 | Serial | 4% | 113.795 | 2.13%
|
| $2,085,000 | 2024 | Serial | 5% | 121.583 | 2.22%
|
| $360,000 | 2024 | Serial | 4% | 114.107 | 2.27%
|
| $2,145,000 | 2025 | Serial | 5% | 122.589 | 2.35%
|
| $390,000 | 2025 | Serial | 4% | 113.606 | 2.40%
|
| $2.21 million | 2026 | Serial | 5% | 121.063 | 2.51%
|
| $415,000 | 2026 | Serial | 3% | 103.798 | 2.55%
|
| $2.27 million | 2027 | Serial | 5% | 120.027 | 2.62%
|
| $440,000 | 2027 | Serial | 4% | 111.253 | 2.66%
|
| $2.32 million | 2028 | Serial | 5% | 118.908 | 2.74%
|
| $465,000 | 2028 | Serial | 4% | 110.275 | 2.77%
|
| $2.87 million | 2029 | Serial | 5% | 117.986 | 2.84%
|
| $2.96 million | 2030 | Serial | 5% | 117.345 | 2.91%
|
| $2,975,000 | 2031 | Serial | 5% | 116.799 | 2.97%
|
| $2,925,000 | 2032 | Serial | 5% | 116.346 | 3.02%
|
| $2,775,000 | 2033 | Serial | 5% | 115.896 | 3.07%
|
| $2.86 million | 2034 | Serial | 5% | 115.537 | 3.11%
|
| $2.9 million | 2035 | Serial | 5% | 115.179 | 3.15%
|
| $15,225,000 | 2040 | Term | 5% | 113.85 | 3.30%
|
| $14.79 million | 2045 | Term | 5% | 112.974 | 3.40%
|
|
|
| $31.37 million series 2015C taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,875,000 | 2016 | Serial | 0.50% | 100 | 0.50%
|
| $2,355,000 | 2017 | Serial | 0.98% | 100 | 0.98%
|
| $2,375,000 | 2018 | Serial | 1.48% | 100 | 1.48%
|
| $2.38 million | 2019 | Serial | 1.19% | 100 | 1.19%
|
| $2,275,000 | 2020 | Serial | 2.25% | 100 | 2.25%
|
| $2.09 million | 2021 | Serial | 2.55% | 100 | 2.55%
|
| $2,065,000 | 2022 | Serial | 2.85% | 100 | 2.85%
|
| $2,125,000 | 2023 | Serial | 3.02% | 100 | 3.02%
|
| $2,165,000 | 2024 | Serial | 3.17% | 100 | 3.17%
|
| $2.16 million | 2025 | Serial | 3.27% | 100 | 3.27%
|
| $2,115,000 | 2026 | Serial | 3.42% | 100 | 3.42%
|
| $2,145,000 | 2027 | Serial | 3.52% | 100 | 3.52%
|
| $2,215,000 | 2028 | Serial | 3.62% | 100 | 3.62%
|
| $2,005,000 | 2029 | Serial | 3.72% | 100 | 3.72%
|
| $1,025,000 | 2030 | Serial | 3.82% | 100 | 3.82%
|
|
|
| $367,455,000 series 2015D bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $12,845,000 | 2016 | Serial | 5% | 102.753 | 0.16%
|
| $9.85 million | 2016 | Serial | 2% | 101.846 | 0.27%
|
| $10,195,000 | 2017 | Serial | 4% | 105.415 | 0.53%
|
| $9,765,000 | 2017 | Serial | 4% | 106.831 | 0.67%
|
| $9.64 million | 2018 | Serial | 5% | 110.632 | 0.81%
|
| $9.99 million | 2018 | Serial | 3% | 106.28 | 0.92%
|
| $9,795,000 | 2019 | Serial | 5% | 113.839 | 1.04%
|
| $10,165,000 | 2019 | Serial | 5% | 115.305 | 1.14%
|
| $10.05 million | 2020 | Serial | 5% | 116.458 | 1.28%
|
| $10,365,000 | 2020 | Serial | 5% | 117.557 | 1.40%
|
| $10.2 million | 2021 | Serial | 5% | 118.222 | 1.57%
|
| $10,625,000 | 2021 | Serial | 5% | 119.079 | 1.68%
|
| $10.44 million | 2022 | Serial | 5% | 119.536 | 1.83%
|
| $10,885,000 | 2022 | Serial | 5% | 120.195 | 1.93%
|
| $10.53 million | 2023 | Serial | 5% | 120.818 | 2.02%
|
| $10.72 million | 2023 | Serial | 5% | 121.587 | 2.08%
|
| $10,715,000 | 2024 | Serial | 5% | 122.02 | 2.17%
|
| $10,785,000 | 2024 | Serial | 5% | 122.721 | 2.22%
|
| $10,525,000 | 2025 | Serial | 5% | 123.264 | 2.28%
|
| $10.03 million | 2025 | Serial | 5% | 122.782 | 2.33%
|
| $10,825,000 | 2026 | Serial | 5% | 121.728 | 2.44%
|
| $12,505,000 | 2026 | Serial | 5% | 121.348 | 2.48%
|
| $9.89 million | 2027 | Serial | 5% | 120.969 | 2.52%
|
| $7,065,000 | 2027 | Serial | 5% | 120.591 | 2.56%
|
| $9,145,000 | 2028 | Serial | 5% | 120.121 | 2.61%
|
| $7.18 million | 2028 | Serial | 5% | 119.84 | 2.64%
|
| $14.71 million | 2029 | Serial | 5% | 119.187 | 2.71%
|
| $12,985,000 | 2030 | Serial | 3% | 98.209 | 3.15%
|
| $13.08 million | 2031 | Serial | 5% | 117.894 | 2.85%
|
| $13,355,000 | 2032 | Serial | 5% | 117.436 | 2.90%
|
| $13.66 million | 2033 | Serial | 4% | 105.87 | 3.28%
|
| $13.87 million | 2034 | Serial | 4% | 105.533 | 3.32%
|
| $11.19 million | 2035 | Serial | 4% | 105.198 | 3.36%
|
| $5,425,000 | 2036 | Serial | 3.375% | 98.586 | 3.47%
|
| $2,865,000 | 2036 | Serial | 4% | 104.78 | 3.41%
|
| $1.59 million | 2037 | Serial | 3.25% | 96.234 | 3.50%
|
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