Published on 6/27/2013 in the Prospect News Municipals Daily.
New Issue: New York State Thruway brings $235 million transportation revenue bonds
By Sheri Kasprzak
New York, June 27 - The New York State Thruway Authority priced $235,005,000 of series 2013A state personal income tax transportation revenue bonds, according to a pricing sheet.
The bonds (/AAA/AA) were sold through lead managers Morgan Stanley & Co. LLC and Ramirez & Co. Inc.
The bonds are due 2015 to 2033 with coupons from 2.5% to 5% with 0.519% to 4.17% yields.
Proceeds will be used to reimburse municipalities for certain highway, bridge and multimodal projects.
| Issuer: | New York State Thruway Authority
|
| Issue: | Series 2013A state personal income tax transportation revenue bonds
|
| Amount: | $235,005,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Ramirez & Co. Inc. (lead), Barclays, Raymond James/Morgan Keegan, RBC Capital Markets LLC, BMO Capital Markets LLC, CastleOak Securities LP, Janney Montgomery Scott LLC, M.R. Beal & Co., Siebert Brandford Shank & Co. LLC and Southwest Securities Inc. (co-managers)
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AA
|
| Pricing date: | June 27
|
| Settlement date: | July 11
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8,235,000 | 2015 | Serial | 3% | 104.138 | 0.519%
|
| $3.48 million | 2016 | Serial | 3% | 105.352 | 0.97%
|
| $5 million | 2016 | Serial | 4% | 107.988 | 0.97%
|
| $3,785,000 | 2017 | Serial | 3% | 106.084 | 1.30%
|
| $5 million | 2017 | Serial | 5% | 113.243 | 1.30%
|
| $4.15 million | 2018 | Serial | 4% | 110.488 | 1.66%
|
| $5 million | 2018 | Serial | 5% | 114.97 | 1.66%
|
| $4,565,000 | 2019 | Serial | 3% | 105.23 | 2.02%
|
| $5 million | 2019 | Serial | 5% | 115.906 | 2.02%
|
| $4,955,000 | 2020 | Serial | 2.5% | 101.044 | 2.33%
|
| $5 million | 2020 | Serial | 5% | 116.42 | 2.33%
|
| $10,325,000 | 2021 | Serial | 5% | 116.527 | 2.61%
|
| $5 million | 2022 | Serial | 3% | 100.913 | 2.88%
|
| $5.84 million | 2022 | Serial | 5% | 116.171 | 2.88%
|
| $11.27 million | 2023 | Serial | 5% | 116.413 | 3.03%
|
| $11.83 million | 2024 | Serial | 5% | 114.516 | 3.24%
|
| $12,425,000 | 2025 | Serial | 5% | 112.744 | 3.44%
|
| $13,045,000 | 2026 | Serial | 5% | 111.61 | 3.57%
|
| $13,695,000 | 2027 | Serial | 5% | 110.318 | 3.72%
|
| $5 million | 2028 | Serial | 4% | 100 | 4.00%
|
| $9.32 million | 2028 | Serial | 5% | 109.212 | 3.85%
|
| $15,035,000 | 2029 | Serial | 5% | 108.371 | 3.95%
|
| $15.79 million | 2030 | Serial | 5% | 107.787 | 4.02%
|
| $16.58 million | 2031 | Serial | 5% | 107.289 | 4.08%
|
| $17,405,000 | 2032 | Serial | 5% | 106.794 | 4.14%
|
| $18,275,000 | 2033 | Serial | 5% | 106.548 | 4.17%
|
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