Published on 12/4/2014 in the Prospect News Municipals Daily.
New Issue: Build NYC Resource prices $67.44 million of Metropolitan College bonds
By Sheri Kasprzak
New York, Dec. 4 – The Build NYC Resource Corp. sold $67.44 million of series 2014 revenue bonds for the Metropolitan College of New York, according to a pricing sheet.
The bonds (//BB) were sold through Janney Montgomery Scott LLC.
The bonds are due 2016 to 2025 with term bonds due in 2029, 2034, 2039 and 2044. The serial coupons range from 3% to 5% with 1.4% to 4.2% yields. The 2029 bonds have a 5.25% coupon priced at 106.34 to yield 4.45%, and the 2034 bonds have a 5.25% coupon priced at 104.306 to yield 4.7%. The 2039 bonds have a 5% coupon priced at par, and the 2044 bonds have a 5.5% coupon priced at 103.858 to yield 5%.
Proceeds will be used to acquire, furnish, equip and renovate condominiums at 40 Rector Street in Manhattan for administrative and classroom space.
| Issuer: | Build NYC Resource Corp./Metropolitan College of New York
|
| Issue: | Series 2014 revenue bonds
|
| Amount: | $67.44 million
|
| Type: | Negotiated
|
| Underwriter: | Janney Montgomery Scott LLC
|
| Rating: | Fitch: BB
|
| Pricing date: | Dec. 3
|
| Settlement date: | Dec. 10
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $660,000 | 2016 | Serial | 3% | 102.975 | 1.40%
|
| $680,000 | 2017 | Serial | 4% | 106.025 | 1.85%
|
| $705,000 | 2018 | Serial | 4% | 106.484 | 2.25%
|
| $735,000 | 2019 | Serial | 4% | 105.964 | 2.69%
|
| $765,000 | 2020 | Serial | 5% | 110.724 | 3.00%
|
| $805,000 | 2021 | Serial | 5% | 109.753 | 3.40%
|
| $845,000 | 2022 | Serial | 5% | 108.965 | 3.68%
|
| $1,585,000 | 2023 | Serial | 5% | 108.978 | 3.80%
|
| $1,665,000 | 2024 | Serial | 5% | 108.099 | 4.00%
|
| $1.75 million | 2025 | Serial | 5% | 106.416 | 4.20%
|
| $7.94 million | 2029 | Term | 5.25% | 106.34 | 4.45%
|
| $12.51 million | 2034 | Term | 5.25% | 104.306 | 4.70%
|
| $16,075,000 | 2039 | Term | 5% | 100 | 5.00%
|
| $20.72 million | 2044 | Term | 5.5% | 103.858 | 5.00%
|
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