By Sheri Kasprzak
New York, May 26 - The New York State Urban Development Corp. brought to market $503.41 million in series 2010A service contract revenue refunding bonds, according to a pricing sheet.
The sale included $223.615 million in series 2010A-1 bonds and $279.795 million in series 2010A-2 bonds.
The lead managers were Wells Fargo Securities LLC and Siebert Brandford Shank & Co. LLC.
The co-managers included Barclays Capital Inc.; Bank of America Merrill Lynch; Citigroup Global Markets Inc.; Goldman Sachs & Co.; Loop Capital Markets LLC; J.P. Morgan Securities Inc.; Morgan Stanley & Co. Inc.; Ramirez & Co. Inc.; Rice Financial Products Co.; BB&T Capital Markets; M.R. Beal & Co. Inc.; Cabrera Capital Markets LLC; Fidelity Capital Markets Services Inc.; Jackson Securities LLC; Janney Montgomery Scott LLC; Jefferies & Co.; Lebenthal & Co.; Mesirow Financial Inc.; Morgan Keegan & Co. Inc.; Piper Jaffray & Co.; Raymond James & Associates Inc.; RBC Capital Markets Corp.; Roosevelt & Cross Inc; Sterne, Agee & Leach Inc.; Stifel, Nicolaus & Co.; and Stone & Youngberg.
The 2010A-1 bonds are due 2011 to 2022 with coupons from 3% to 5%. The 2010A-2 bonds are due 2011 to 2022 with 4% to 5% coupons.
Proceeds will be used to refund the corporation's series 2008 bonds.
The corporation, based in New York, provides affordable housing for low- to moderate-income families and individuals.
| Issuer: | New York State Urban Development Corp.
|
| Issue: | Series 2010A service contract revenue refunding bonds
|
| Amount: | $503.41 million
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC and Siebert Brandford Shank & Co. LLC (lead); Barclays Capital Inc.; Bank of America Merrill Lynch; Citigroup Global Markets Inc.; Goldman Sachs & Co.; Loop Capital Markets LLC; J.P. Morgan Securities Inc.; Morgan Stanley & Co. Inc.; Ramirez & Co. Inc.; Rice Financial Products Co.; BB&T Capital Markets; M.R. Beal & Co. Inc.; Cabrera Capital Markets LLC; Fidelity Capital Markets Services Inc.; Jackson Securities LLC; Janney Montgomery Scott LLC; Jefferies & Co.; Lebenthal & Co.; Mesirow Financial Inc.; Morgan Keegan & Co. Inc.; Piper Jaffray & Co.; Raymond James & Associates Inc.; RBC Capital Markets Corp.; Roosevelt & Cross Inc; Sterne, Agee & Leach Inc.; Stifel, Nicolaus & Co.; and Stone & Youngberg (co-managers)
|
| Pricing date: | May 26
|
| Settlement date: | June 3
|
|
|
| Series 2010A-1
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | NRO | NRO
|
| 2012 | Serial | 3% | 103.202
|
| 2012 | Serial | 4% | 104.764
|
| 2013 | Serial | 3% | 104.165
|
| 2013 | Serial | 5% | 109.215
|
| 2014 | Serial | 4% | 107.805
|
| 2014 | Serial | 5% | 111.259
|
| 2015 | Serial | 4% | 108.113
|
| 2015 | Serial | 5% | 112.453
|
| 2016 | Serial | 4% | 107.492
|
| 2016 | Serial | 5% | 112.661
|
| 2017 | Serial | 4% | 106.727
|
| 2017 | Serial | 5% | 112.682
|
| 2018 | Serial | 4% | 106.312
|
| 2018 | Serial | 5% | 113.03
|
| 2019 | Serial | 4% | 105.419
|
| 2019 | Serial | 5% | 112.846
|
| 2020 | Serial | 5% | 112.548
|
| 2021 | Serial | 5% | NRO
|
| 2022 | Serial | 5% | NRO
|
|
|
| Series 2010A-2
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | NRO | NRO
|
| 2012 | Serial | 4% | 104.764
|
| 2013 | Serial | 5% | 109.215
|
| 2014 | Serial | 5% | 111.259
|
| 2015 | Serial | 5% | 112.453
|
| 2016 | Serial | 5% | 112.661
|
| 2017 | Serial | 5% | 112.682
|
| 2018 | Serial | 5% | 113.03
|
| 2019 | Serial | 5% | 112.846
|
| 2020 | Serial | 5% | 112.548
|
| 2021 | Serial | 5% | 111.511
|
| 2022 | Serial | 5% | 110.57
|
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