By Sheri Kasprzak
New York, July 13 - The Trust for Cultural Resources of the City of New York brought $50.075 million of series 2011 revenue bonds for the Whitney Museum, according to a pricing sheet. The deal was downsized from $125 million.
The bonds (A/A) were sold through senior manager Morgan Stanley & Co. Inc.
The bonds are due 2017 and 2021 to 2026 with a term bond due in 2031. The serial coupons range from 4% to 5.25%. Only the 2017 and 2022 bonds were reoffered; the 2017 bonds were reoffered at 113.368 and the 2022 bonds at par. The 2031 bonds have a 5% coupon.
Proceeds will be used to construct, improve, furnish and equip a 220,000 square-foot building in Lower Manhattan to house the museum's main facility for exhibition space, a conservatory, an auditorium and education and studio spaces.
| Issuer: | Trust for Cultural Resources of the City of New York/Whitney Museum
|
| Issue: | Series 2011 revenue bonds
|
| Amount: | $50.075 million
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. Inc.
|
| Ratings: | Standard & Poor's: A
|
| Fitch: A
|
| Pricing date: | July 13
|
| Settlement date: | Aug. 2
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $25,000 | 2017 | Serial | 5% | 113.368
|
| $50,000 | 2021 | Serial | 5% | NRO
|
| $1.485 million | 2022 | Serial | 4% | 100
|
| $1.555 million | 2023 | Serial | 5.25% | NRO
|
| $1.64 million | 2024 | Serial | 5.25% | NRO
|
| $1.73 million | 2025 | Serial | 5.25% | NRO
|
| $1.82 million | 2026 | Serial | 5.25% | NRO
|
| $41.77 million | 2031 | Term | 5% | NRO
|
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