By Sheri Kasprzak
New York, Sept. 22 - The Power Authority of the State of New York sold $110.21 million of series 2011A revenue bonds, according to a term sheet.
The bonds were sold through Ramirez & Co. Inc. The co-managers were Barclays Capital Inc., Citigroup Global Markets Inc., Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, Bank of America Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC, M.R. Beal & Co. Inc. and Siebert Brandford Shank & Co. LLC.
The bonds are due 2012 to 2031 with a term bond due in 2038. The serial coupons range from 2% to 5%. The 2038 bonds have a split maturity with a 4% coupon priced at par and a 5% coupon priced at 108.677.
Proceeds will refund the authority's series 2000A and 2002A revenue bonds.
| Issuer: | Power Authority of the State of New York
|
| Issue: | Series 2011A revenue bonds
|
| Amount: | $110.21 million
|
| Type: | Negotiated
|
| Underwriters: | Ramirez & Co. Inc. (lead); Barclays Capital Inc.; Citigroup Global Markets Inc.; Loop Capital Markets LLC; Morgan Stanley & Co. LLC; Wells Fargo Securities LLC; Bank of America Merrill Lynch; Goldman Sachs & Co.; J.P. Morgan Securities LLC; M.R. Beal & Co. Inc.; and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Pricing date: | Sept. 22
|
| Settlement date: | Oct. 6
|
|
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 2% | 101.946
|
| 2013 | Serial | 2% | 103.419
|
| 2014 | Serial | 4% | 110.715
|
| 2015 | Serial | 4% | 113.167
|
| 2016 | Serial | 4% | 114.527
|
| 2017 | Serial | 4% | 115.613
|
| 2018 | Serial | 4% | 115.699
|
| 2019 | Serial | 5% | 123.107
|
| 2020 | Serial | 4.5% | 119.343
|
| 2021 | Serial | 5% | 124.022
|
| 2022 | Serial | 5% | 123.677
|
| 2023 | Serial | 3% | 101.836
|
| 2024 | Serial | 3% | 100
|
| 2025 | Serial | 3% | 98.749
|
| 2026 | Serial | 3.125% | 98.632
|
| 2027 | Serial | 3.25% | 98.883
|
| 2028 | Serial | 5% | 113.495
|
| 2029 | Serial | 5% | 112.583
|
| 2030 | Serial | 5% | 111.681
|
| 2031 | Serial | 5% | 110.965
|
| 2038 | Term | 4% | 100
|
| 2038 | Term | 5% | 108.677
|
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