Published on 8/26/2008 in the Prospect News Municipals Daily.
New Issue: New York State Urban Development sells $124.13 million bonds with 1.7%-4.88% yields
By Sheri Kasprzak
New York, Aug. 26 - The Empire State Development Corp. priced $124.13 million in series 2008C service contract revenue refunding bonds Tuesday, said Peter Heilbrunn with the corporation. The bonds were sold for the New York State Urban Development Corp.
The bonds (/AA-/A+) are due in 2009 and from 2017 to 2030 with coupons from 3% to 5% and yields from 1.7% to 4.88%.
Goldman, Sachs & Co. was the lead manager for the sale. The co-managers included J.P. Morgan Securities Inc., Ramirez & Co., Banc of America Securities LLC, Citigroup Global markets, Lehman Brothers, Merrill Lynch, Morgan Stanley, Depfa First Albany, KeyBanc Capital markets, Loop Capital Markets, M.R. Beal & Co., Prager, Sealy & Co., Raymond James & Associates, RBC Capital Markets, Roosevelt & Cross, Siebert Brandford Shank & Co. and Wachovia Bank.
Proceeds will be used to refund the corporation's outstanding series 2002B-1 bonds.
| Issuer: | Empire State Development Corp./New York State Urban Development Corp.
|
| Issue: | Series 2008C service contract revenue refunding bonds
|
| Amount: | $124.13 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. (lead); J.P. Morgan Securities Inc., Ramirez & Co., Banc of America Securities LLC, Citigroup Global markets, Lehman Brothers, Merrill Lynch, Morgan Stanley, Depfa First Albany, KeyBanc Capital markets, Loop Capital Markets, M.R. Beal & Co., Prager, Sealy & Co., Raymond James & Associates, RBC Capital Markets, Roosevelt & Cross, Siebert Brandford Shank & Co. and Wachovia Bank
|
| Ratings: | Standard & Poor's: AA-
|
| Fitch: A+
|
| Pricing date: | Aug. 26
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 3% | 1.70%
|
| 2017 | Serial | 3.75% | 3.81%
|
| 2017 | Serial | 5% | 3.81%
|
| 2018 | Serial | 3.875% | 3.97%
|
| 2018 | Serial | 5% | 3.97%
|
| 2019 | Serial | 4% | 4.12%
|
| 2019 | Serial | 5% | 4.12%
|
| 2020 | Serial | 4.25% | 4.31%
|
| 2020 | Serial | 5% | 4.31%
|
| 2021 | Serial | 5% | 4.45%
|
| 2022 | Serial | 5% | 4.56%
|
| 2023 | Serial | 4.5% | 4.62%
|
| 2023 | Serial | 5% | 4.62%
|
| 2024 | Serial | 5% | 4.68%
|
| 2025 | Serial | 5% | 4.73%
|
| 2026 | Serial | 5% | 4.78%
|
| 2027 | Serial | 5% | 4.81%
|
| 2028 | Serial | 4.75% | 4.84%
|
| 2028 | Serial | 5% | 4.84%
|
| 2029 | Serial | 5% | 4.87%
|
| 2030 | Serial | 4.75% | 4.88%
|
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