By Sheri Kasprzak
New York, Jan. 27 - Westchester County in New York priced $168.21 million in series 2009 general obligation and G.O. refunding bonds, according to an official statement.
The sale included $108.405 million in series 2009A G.O. bonds, $8.925 million in series 2009B G.O. serial bonds and $50.88 million in series 2009C G.O. refunding bonds.
The 2009A bonds are due 2011 to 2024 with a term bond due 2023. The serials have coupons from 2% to 4% with yields from 1.22% to 4.36%. The 2023 bonds have a 4% coupon to yield 4.18%.
The 2009B bonds are due 2011 to 2029 with coupons from 2% to 4.5% and yields from 1.22% to 4.84%.
The 2009C bonds are due 2009 to 2019 with coupons from 3% to 5% and yields from 0.65% to 3.15%.
The bonds were sold on a negotiated basis with Citigroup Global Markets Inc. as the lead manager for the 2009A and 2009B bonds and Sterne, Agee & Leach Inc. as the lead manager for the 2009C bonds.
Citi was a co-manager for the 2009C bonds, and Sterne, Agee & Leach was a co-manager for the 2009A and 2009B bonds. The other co-managers were Banc of America Securities LLC, Loop Capital Markets LLC and Morgan Stanley & Co. Inc.
Proceeds will be used for infrastructure improvements as well as to refund outstanding bonds.
| Issuer: | Westchester County, N.Y.
|
| Issue: | Series 2009 general obligation bonds
|
| Amount: | $168.21 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead for 2009A and 2009B); Sterne, Agee & Leach Inc. (lead for 2009C); Banc of America Securities LLC; Loop Capital Markets LLC; and Morgan Stanley & Co. Inc. (co-managers)
|
| Pricing date: | Jan. 22
|
| Settlement date: | Feb. 4
|
|
|
| Series 2009A
|
| Maturity | Type | Coupon | Yield
|
| 2011 | Serial | 2% | 1.22%
|
| 2012 | Serial | 2.25% | 1.35%
|
| 2013 | Serial | 2.25% | 1.60%
|
| 2014 | Serial | 2.5% | 1.95%
|
| 2015 | Serial | 3% | 2.10%
|
| 2016 | Serial | 3% | 2.46%
|
| 2017 | Serial | 3% | 2.68%
|
| 2024 | Serial | 4% | 4.36%
|
| 2023 | Term | 4% | 4.18%
|
|
|
| Series 2009B
|
| Maturity | Type | Coupon | Yield
|
| 2011 | Serial | 2% | 1.22%
|
| 2012 | Serial | 2.25% | 1.35%
|
| 2013 | Serial | 2.25% | 1.60%
|
| 2014 | Serial | 2.5% | 1.95%
|
| 2015 | Serial | 3% | 2.21%
|
| 2016 | Serial | 3% | 2.46%
|
| 2017 | Serial | 3% | 2.68%
|
| 2018 | Serial | 3% | 2.90%
|
| 2019 | Serial | 4% | 3.20%
|
| 2020 | Serial | 4% | 3.51%
|
| 2021 | Serial | 4% | 3.80%
|
| 2022 | Serial | 4% | 3.99%
|
| 2023 | Serial | 4% | 4.18%
|
| 2024 | Serial | 4% | 4.36%
|
| 2025 | Serial | 4% | 4.44%
|
| 2026 | Serial | 4.25% | 4.55%
|
| 2027 | Serial | 4.375% | 4.66%
|
| 2028 | Serial | 4.375% | 4.77%
|
| 2029 | Serial | 4.5% | 4.84%
|
|
|
| Series 2009C
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 3% | 0.65%
|
| 2013 | Serial | 5% | 1.75%
|
| 2014 | Serial | 5% | 2.03%
|
| 2015 | Serial | 5% | 2.25%
|
| 2016 | Serial | 5% | 2.47%
|
| 2017 | Serial | 5% | 2.73%
|
| 2018 | Serial | 5% | 2.93%
|
| 2019 | Serial | 5% | 3.15%
|
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