New Issue: New York Convention Center prices $631.58 million of refunding bonds

By Sheri Kasprzak

New York, Aug. 25 – The New York Convention Center Development Corp. priced $631.58 million of series 2015 hotel unit fee refunding revenue bonds, according to a pricing sheet.

The bonds (Aa3) were sold through senior managers Citigroup Global Markets Inc., BofA Merrill Lynch and Loop Capital Markets LLC.

The bonds are due 2016 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 3% to 5% with 0.42% to 3.75% yields. The 2040 bonds have a 4% coupon priced at par and a 5% coupon priced at 112.146 to yield 3.57%. The 2045 bonds have a 4% coupon priced at 99.473 to yield 4.03% and a 5% coupon priced at 111.602 to yield 3.63%.

Proceeds will be used to refund the corporation’s series 2005 revenue bonds.

Issuer:	New York Convention Center Development Corp.
Issue:	Series 2015 hotel unit fee refunding revenue bonds
Amount:	$631,575,000
Type:	Negotiated
Underwriters:	Citigroup Global Markets Inc., BofA Merrill Lynch and Loop Capital Markets LLC (lead), Barclays, RBC Capital Markets LLC, Goldman Sachs & Co., Rice Financial Products Co., Jefferies & Co. Ramirez & Co. Inc., J.P. Morgan Securities LLC, Siebert Brandford Shank & Co. LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, Blaylock Beal Van LLC, M&T Securities Inc., Roosevelt & Cross Inc., BNY Mellon Capital Markets, Mesirow Financial Inc., Southwest Securities Inc., Fidelity Capital Markets Inc., Raymond James/Morgan Keegan, Stifel, Nicolaus & Co. Inc., Janney Montgomery Scott LLC, Oppenheimer & Co., TD Securities (USA) LLC, KeyBanc Capital Markets LLC, Piper Jaffray & Co., Williams Capital Group LLC, Lebenthal & Co. LLC, Prager & Co. LLC and U.S. Bancorp Investments Inc. (co-managers)
Rating:	Moody’s: Aa3
Pricing date:	Aug. 21
Settlement date:	Aug. 27
Amount	Maturity	Type	Coupon	Price	Yield
$4,015,000	2016	Serial	4%	104.339	0.42%
$10.58 million	2017	Serial	3%	104.823	0.80%
$3,635,000	2018	Serial	3%	105.922	1.12%
$7,265,000	2018	Serial	5%	112.223	1.12%
$4,635,000	2019	Serial	4%	110.738	1.37%
$6,735,000	2019	Serial	5%	114.821	1.37%
$5 million	2020	Serial	4%	111.486	1.69%
$6,895,000	2020	Serial	5%	116.458	1.69%
$12.44 million	2021	Serial	5%	117.452	2.00%
$13.06 million	2022	Serial	5%	118.147	2.26%
$2.06 million	2023	Serial	3%	104.22	2.43%
$11.65 million	2023	Serial	5%	119.034	2.43%
$14.36 million	2024	Serial	5%	119.734	2.58%
$15,075,000	2025	Serial	5%	120.214	2.72%
$15.83 million	2026	Serial	5%	118.838	2.86%
$16.62 million	2027	Serial	5%	117.868	2.96%
$17,455,000	2028	Serial	5%	116.811	3.07%
$18.32 million	2029	Serial	5%	116.239	3.13%
$19,245,000	2030	Serial	5%	115.576	3.20%
$9,215,000	2031	Serial	3.375%	98.459	3.50%
$10,985,000	2031	Serial	5%	114.634	3.30%
$21,065,000	2032	Serial	5%	114.171	3.35%
$22,115,000	2033	Serial	5%	113.707	3.40%
$8 million	2034	Serial	3.5%	96.86	3.73%
$15.22 million	2034	Serial	5%	113.337	3.44%
$6,045,000	2035	Serial	3.625%	98.235	3.75%
$18.22 million	2035	Serial	5%	112.969	3.48%
$18.68 million	2040	Term	4%	100	4.00%
$121,635,000	2040	Term	5%	112.146	3.57%
$25.01 million	2045	Term	4%	99.473	4.03%
$100,225,000	2045	Term	5%	111.602	3.63%

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