By Sheri Kasprzak
New York, Sept. 22 - The Dormitory Authority of the State of New York came to market with $392.2 million of series 2011A revenue bonds for the North Shore-Long Island Jewish Obligated Group, according to an official statement.
The bonds (A3/A-/A-) were sold through Citigroup Global Markets Inc.
The co-managers included Morgan Stanley & Co. LLC; Bank of America Merrill Lynch; Blaylock Robert Van LLC; Fidelity Capital Markets Services Inc.; J.P. Morgan Securities LLC; Lebenthal & Co. LLC; M.R. Beal & Co.; Raymond James & Associates Inc.; Rice Financial Products Co.; Roosevelt & Cross Inc.; TD Securities (USA) LLC; and Wells Fargo Securities LLC.
The bonds are due 2012 to 2023 with term bonds due in 2026, 2032, 2034 and 2041. The serial coupons range from 2% to 5%. The 2026 bonds have a split maturity with a 4.375% coupon to yield 4.44% and a 5% coupon to yield 4.44%. The 2032 bonds have a 5% coupon to yield 5.01%. The 2034 bonds have a 5.25% coupon to yield 4.95%, and the 2041 bonds have a 5% coupon to yield 5.09%.
Proceeds will be used to construct an addition at Zucker Hillside Hospital to replace 115 beds, to construct a parking facility at Huntington Hospital, to refund the obligated group's series 2001A, 2001B and 2001D debt issued through the Nassau County Industrial Development Authority and to refund bonds issued on behalf of Franklin Hospital, Southside Hospital, Staten Island University Hospital, Huntington Hospital and Lenox Hospital.
| Issuer: | Dormitory Authority of the State of New York/North Shore-Long Island Jewish Obligated Group
|
| Issue: | Series 2011A revenue bonds
|
| Amount: | $392.2 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead); Morgan Stanley & Co. LLC; Bank of America Merrill Lynch; Blaylock Robert Van LLC; Fidelity Capital Markets Services Inc.; J.P. Morgan Securities LLC; Lebenthal & Co. LLC; M.R. Beal & Co.; Raymond James & Associates Inc.; Rice Financial Products Co.; Roosevelt & Cross Inc.; TD Securities (USA) LLC; and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Pricing date: | Sept. 16
|
| Settlement date: | Oct. 6
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $5.815 million | 2012 | Serial | 2% | 0.39%
|
| $6.265 million | 2013 | Serial | 3% | 1.25%
|
| $5.525 million | 2014 | Serial | 3% | 1.53%
|
| $1.41 million | 2014 | Serial | 5% | 1.53%
|
| $4.745 million | 2015 | Serial | 4% | 1.79%
|
| $2.475 million | 2015 | Serial | 5% | 1.79%
|
| $7.09 million | 2016 | Serial | 4% | 2.25%
|
| $7.38 million | 2017 | Serial | 4% | 2.56%
|
| $3.035 million | 2018 | Serial | 4% | 2.85%
|
| $5.01 million | 2018 | Serial | 5% | 2.85%
|
| $6.72 million | 2019 | Serial | 4% | 3.12%
|
| $1.85 million | 2019 | Serial | 5% | 3.12%
|
| $1.47 million | 2020 | Serial | 4% | 3.40%
|
| $7.19 million | 2020 | Serial | 5% | 3.40%
|
| $5.77 million | 2021 | Serial | 4% | 3.57%
|
| $3.595 million | 2021 | Serial | 5% | 3.57%
|
| $9.38 million | 2022 | Serial | 5% | 3.75%
|
| $9.855 million | 2023 | Serial | 5% | 3.95%
|
| $21.35 million | 2026 | Term | 4.375% | 4.44%
|
| $18.28 million | 2026 | Term | 5% | 4.44%
|
| $83.835 million | 2032 | Term | 5% | 5.01%
|
| $34.085 million | 2034 | Term | 5.25% | 4.95%
|
| $140.07 million | 2041 | Term | 5% | 5.09%
|
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