Published on 12/5/2013 in the Prospect News Municipals Daily.
New Issue: Tobacco Settlement Financing, N.Y., sells $1.23 billion revenue bonds
By Sheri Kasprzak
New York, Dec. 5 - The Tobacco Settlement Financing Corp. of New York sold $1,230,620,000 of series 2013 asset-backed revenue bonds, according to a pricing sheet.
The deal included $662,545,000 of series 2013A bonds and $568,075,000 of series 2013B bonds.
The 2013A bonds are due 2018 to 2022 with 3% to 5% coupons and 0.55% to 2.03% yields.
The 2013B bonds are due 2019 to 2022 with 5% coupons and 0.70% to 2.03% yields.
Citigroup Global Markets Inc., Barclays and Ramirez & Co. Inc. were the senior managers.
Proceeds will be used to refund all of the corporation's series 2003A-1C and series 2003B-1C asset-backed revenue bonds. The issuer is a subsidiary of the State of New York Municipal Bond Bank Agency.
| Issuer: | Tobacco Settlement Financing Corp.
|
| Issue: | Series 2013 asset-backed revenue bonds
|
| Amount: | $1,230,620,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc., Barclays and Ramirez & Co. Inc. (lead), Academy Securities, Inc., BofA Merrill Lynch, BNY Mellon Capital Markets LLC, Drexel Hamilton LLC, Goldman Sachs & Co., Jefferies & Co., J.P. Morgan Securities LLC, Lebenthal & Co. LLC, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Raymond James/Morgan Keegan, RBC Capital Markets LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Pricing date: | Dec. 5
|
| Settlement date: | Dec. 12
|
|
|
| $662,545,000 series 2013A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6,135,000 | 2018 | Serial | 3% | 101.146 | 0.55%
|
| $86.15 million | 2019 | Serial | 5% | 102.011 | 0.70%
|
| $11.43 million | 2020 | Serial | 4% | 101.424 | 0.95%
|
| $132.49 million | 2020 | Serial | 5% | 105.518 | 1.20%
|
| $34,885,000 | 2020 | Serial | 5% | 108.25 | 1.58%
|
| $189.93 million | 2021 | Serial | 5% | 107.997 | 1.68%
|
| $61.18 million | 2022 | Serial | 5% | 107.745 | 1.78%
|
| $140,345,000 | 2022 | Serial | 5% | 109.9 | 2.03%
|
|
|
| $568,075,000 series 2013B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $67.78 million | 2019 | Serial | 5% | 102.011 | 0.70%
|
| $60.77 million | 2019 | Serial | 5% | 105.895 | 0.95%
|
| $33,655,000 | 2020 | Serial | 5% | 105.518 | 1.20%
|
| $144,545,000 | 2020 | Serial | 5% | 108.25 | 1.58%
|
| $122,685,000 | 2021 | Serial | 5% | 107.997 | 1.68%
|
| $67.54 million | 2021 | Serial | 5% | 110.431 | 1.88%
|
| $71.1 million | 2022 | Serial | 5% | 109.9 | 2.03%
|
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