Published on 7/22/2016 in the Prospect News Municipals Daily.
New Issue: New York City Cultural Resources prices $278.4 million revenue bonds for MoMA
By Cristal Cody
Eureka Springs, Ark., July 22 – The Trust for Cultural Resources of the City of New York sold $278.4 million of revenue bonds (Aa2/AA/) due 2023 through 2031, according to an official statement.
The series 2016-One-E bonds for the Museum of Modern Art were sold with 4% coupons and 1.26% to 2.14% yields in a negotiated offering managed by Goldman Sachs & Co.
Proceeds will be used to refund outstanding bonds and finance a portion of building costs for a museum-owned mixed-use condominium unit and additional new gallery, public, educational and back-office spaces.
Issuer: | Trust for Cultural Resources of the City of New York/Museum of Modern Art
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Issue: | Revenue bonds
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Amount: | $278.4 million
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Type: | Negotiated
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Underwriter: | Goldman Sachs & Co.
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Ratings: | Moody’s: Aa2
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| S&P: AA
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Pricing date: | July 21
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Settlement date: | Aug. 2
|
|
Series 2016-One-E bonds
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Amount | Maturity | Type | Coupon | Yield
|
$110,725,000 | Feb. 1, 2023 | Serial | 4% | 1.26%
|
$15.32 million | April 1, 2025 | Serial | 4% | 1.51%
|
$60,935,000 | April 1, 2026 | Serial | 4% | 1.62%
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$16,285,000 | April 1, 2027 | Serial | 4% | 1.77%
|
$16,745,000 | April 1, 2028 | Serial | 4% | 1.91%
|
$17,245,000 | April 1, 2029 | Serial | 4% | 1.99%
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$17,765,000 | April 1, 2030 | Serial | 4% | 2.07%
|
$23.38 million | April 1, 2031 | Serial | 4% | 2.14%
|
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