By Sheri Kasprzak
New York, March 20 - The Tobacco Settlement Financing Corp. of the state of New York priced $443.875 million in asset-backed revenue bonds (/AA-/A+) Wednesday, according to a final official statement.
The offering includes $219.935 million in series 2008A bonds with a serial structure from 2009 to 2012. The coupons for the 2008A bonds range from 3% to 5%, and the yields range from 2.85% to 3.65%.
The deal also includes $223.94 million in series 2008B bonds with a serial structure from 2009 to 2012 with 4% and 5% coupons and yields from 2.85% to 3.65%.
Citigroup Global Markets; Bear, Stearns & Co.; Banc of America Securities LLC; Goldman, Sachs & Co.; Merrill Lynch & Co.; M.R. Beal & Co.; RBC Capital Markets; Roosevelt & Cross Inc.; Ramirez & Co.; and UBS Investment Bank were the underwriters for the negotiated sale.
Proceeds from the sale will be placed in an escrow account to refund the corporation's series 2003A auction-rate bonds.
| Issuer: | Tobacco Settlement Financing Corp.
|
| Issue: | Asset-backed revenue bonds
|
| Amount: | $443.875 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets; Bear, Stearns & Co.; Banc of America Securities LLC; Goldman, Sachs & Co.; Merrill Lynch & Co.; M.R. Beal & Co.; RBC Capital Markets; Roosevelt & Cross Inc.; Ramirez & Co.; and UBS Investment Bank
|
| Ratings: | Standard & Poor's: AA-
|
| Fitch: A+
|
| Pricing date: | March 19
|
|
|
| Series 2008A bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 4% | 2.85%
|
| 2010 | Serial | 3% | 3.25%
|
| 2010 | Serial | 4% | 3.25%
|
| 2011 | Serial | 4% | 3.42%
|
| 2011 | Serial | 5% | 3.42%
|
| 2012 | Serial | 4% | 3.65%
|
|
|
| Series 2008B bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 4% | 2.85%
|
| 2010 | Serial | 5% | 3.25%
|
| 2011 | Serial | 5% | 3.42%
|
| 2012 | Serial | 5% | 3.65%
|
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