By Sheri Kasprzak
New York, June 25 - New York University priced $616.465 million in series 2008 revenue bonds, according to an official statement released Wednesday.
The bonds (Aa3/AA-/) were sold on a negotiated basis with Morgan Stanley as the senior manager. The co-managers were Banc of America Securities LLC; J.P. Morgan Securities Inc.; Prager, Sealy & Co.; Loop Capital Markets; Merrill Lynch; Ramirez & Co.; Raymond James; Roosevelt & Cross; and Southwest Securities.
The bonds were sold through the Dormitory Authority of the State of New York.
The sale includes $280.25 million in series 2008A bonds, $226.705 million in series 2008B bonds, $98.805 million in series 2008C bonds and $10.705 million in federally taxable bonds.
The 2008A bonds are due from 2013 to 2023 with term bonds due 2029, 2038 and 2048. The serial bonds have coupons from 4% to 5% with yields from 3.31% to 4.47%. The 2029 bonds have a 5% coupon to yield 4.74%. The 2038 bonds have a 5% coupon to yield 4.88% and the 2048 bonds have a 5.25% coupon to yield 5.05%.
The 2008B bonds are due 2010 to 2023 with term bonds in 2029, 2029, 2038 and 2048. The serials have coupons from 3% to 5% with yields from 2.48% to 4.47%. The 2029 bonds have a 4.7% coupon to yield 4.74% and the other 2029 bonds have a 5% coupon to yield 4.74%. The 2038 bonds have a 5% coupon to yield 4.88%. The 2048 bonds have a 5.25% coupon to yield 5.05%.
The 2008C bonds are due 2010 to 2023 with term bonds due 2029 and 2038. The serial bonds have coupons from 3% to 4.4% with yields from 2.48% to 4.47%. The 2029 bonds have a 5% coupon to yield 4.74% and the 2038 bonds have a 5% coupon to yield 4.88%.
The 2008D bonds are due 2010 to 2013 with coupons from 4.24% to 5.33%, all priced at par.
Proceeds will be used to reimburse the university for costs incurred in the construction, reconstruction, renovation, equipment, repair and purchase of office buildings, residential facilities and retail space, the renovation of residential facility and retail space, the reconstruction and renovation of maintenance and equipment of existing buildings, as well as the repayment of a line of credit that financed the redemption of the university's series 2004B1 and 2004B2 insured revenue bonds.
| Issuer: | New York University / Dormitory Authority of the State of New York
|
| Issue: | Series 2008 revenue bonds
|
| Amount: | $616.465 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley (lead); Banc of America Securities LLC; J.P. Morgan Securities Inc.; Prager, Sealy & Co.; Loop Capital Markets; Merrill Lynch; Ramirez & Co.; Raymond James; Roosevelt & Co.; Southwest Securities
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | June 19
|
| Settlement date: | July 18
|
|
|
| Series 2008A bonds
|
| Maturity | Type | Coupon | Yield
|
| 2013 | Serial | 4% | 3.31%
|
| 2014 | Serial | 4% | 3.46%
|
| 2015 | Serial | 4% | 3.62%
|
| 2016 | Serial | 5% | 3.78%
|
| 2017 | Serial | 5% | 3.92%
|
| 2018 | Serial | 4% | 4.03%
|
| 2019 | Serial | 5% | 4.15%
|
| 2020 | Serial | 5% | 4.27%
|
| 2021 | Serial | 5% | 4.37%
|
| 2022 | Serial | 5% | 4.43%
|
| 2023 | Serial | 5% | 4.47%
|
| 2029 | Term | 5% | 4.74%
|
| 2038 | Term | 5% | 4.88%
|
| 2048 | Term | 5.25% | 5.05%
|
|
|
| Series 2008B bonds
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 3% | 2.48%
|
| 2011 | Serial | 3.25% | 2.90%
|
| 2012 | Serial | 3.125% | 3.14%
|
| 2013 | Serial | 4% | 3.31%
|
| 2014 | Serial | 4% | 3.46%
|
| 2015 | Serial | 4% | 3.62%
|
| 2016 | Serial | 5% | 3.78%
|
| 2017 | Serial | 5% | 3.92%
|
| 2018 | Serial | 4% | 4.03%
|
| 2019 | Serial | 5% | 4.15%
|
| 2020 | Serial | 5% | 4.27%
|
| 2021 | Serial | 5% | 4.37%
|
| 2022 | Serial | 5% | 4.43%
|
| 2023 | Serial | 5% | 4.47%
|
| 2029 | Term | 4.7% | 4.74%
|
| 2029 | Term | 5% | 4.74%
|
| 2038 | Term | 5% | 4.88%
|
| 2048 | Term | 5.25% | 5.05%
|
|
|
| Series 2008C bonds
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 3% | 2.48%
|
| 2011 | Serial | 3.25% | 2.90%
|
| 2012 | Serial | 3.125% | 3.14%
|
| 2013 | Serial | 4% | 3.31%
|
| 2014 | Serial | 4% | 3.46%
|
| 2015 | Serial | 4% | 3.62%
|
| 2016 | Serial | 4% | 3.78%
|
| 2017 | Serial | 4% | 3.92%
|
| 2018 | Serial | 4% | 4.03%
|
| 2019 | Serial | 4.125% | 4.15%
|
| 2020 | Serial | 4.25% | 4.27%
|
| 2021 | Serial | 4.3% | 4.37%
|
| 2022 | Serial | 4.375% | 4.43%
|
| 2023 | Serial | 4.4% | 4.47%
|
| 2029 | Term | 5% | 4.74%
|
| 2038 | Term | 5% | 4.88%
|
|
|
| Series 2008D bonds
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 4.24% | 4.24%
|
| 2011 | Serial | 4.98% | 4.98%
|
| 2012 | Serial | 5.23% | 5.23%
|
| 2013 | Serial | 5.33% | 5.33%
|
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