New Issue: Troy Capital, N.Y., prices $80 million of Rensselaer Polytechnic revenue bonds

By Sheri Kasprzak

New York, Nov. 17 – The Troy Capital Resources Corp. of New York priced $80 million of series 2015 revenue bonds for Rensselaer Polytechnic Institute, according to a pricing sheet.

The bonds (A3/A-/) were sold through KeyBanc Capital Markets Inc.

The bonds are due 2016 to 2030 with term bonds due in 2032 and 2035. The serial coupons range from 1.5% to 5% with yields from 0.65% to 3.7%. The 2032 bonds have a 5% coupon priced at 112.731 to yield 3.5%, and the 2035 bonds have a 4% coupon priced at 99.59 to yield 4.03%.

Proceeds will be used to refund the corporation’s series 1999A-B and 2006 revenue bonds.

Issuer:	Troy Capital Resources Corp./Rensselaer Polytechnic Institute
Issue:	Series 2015 revenue bonds
Amount:	$80 million
Type:	Negotiated
Underwriter:	KeyBanc Capital Markets Inc. (lead)
Ratings:	Moody’s: A3
	Standard & Poor’s: A-
Pricing date:	Nov. 17
Settlement date:	Dec. 2
Maturity	Type	Coupon	Price	Yield
2016	Serial	1.5%	100.561	0.65%
2017	Serial	3%	103.291	1.00%
2018	Serial	3%	104.248	1.37%
2019	Serial	4%	108.319	1.65%
2020	Serial	5%	113.77	1.90%
2021	Serial	5%	115.118	2.15%
2022	Serial	5%	115.92	2.40%
2023	Serial	5%	116.198	2.65%
2024	Serial	5%	116.817	2.80%
2025	Serial	5%	117.308	2.93%
2026	Serial	5%	117.309	3.01%
2027	Serial	5%	116.262	3.12%
2028	Serial	5%	115.414	3.21%
2029	Serial	3.5%	98.924	3.60%
2030	Serial	3.625%	99.153	3.70%
2032	Term	5%	112.731	3.50%
2035	Term	4%	99.59	4.03%

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