Published on 3/14/2016 in the Prospect News Municipals Daily.
New Issue: Westchester County Local Development, N.Y., sells $283.78 million bonds
By Sheri Kasprzak
New York, March 14 – The Westchester County Local Development Corp. of New York sold $283,775,000 of series 2016 revenue bonds for the Westchester Medical Center Obligated Group, said a pricing sheet.
The bonds (Baa2/BBB/) were sold through Wells Fargo Securities LLC.
The bonds are due 2016 to 2034 with term bonds due in 2037 and 2046. The serial coupons range from 3% to 5%. The 2037 bonds have a 3.75% coupon priced at 97.822, and the 2046 bonds have a 5% coupon priced at 109.646.
Proceeds will finance capital projects for the obligated group and refund its series 2010B-C revenue bonds.
Issuer: | Westchester County Local Development Corp./Westchester Medical Center Obligated Group
|
Issue: | Series 2016 revenue bonds
|
Amount: | $283,775,000
|
Type: | Negotiated
|
Underwriters: | Wells Fargo Securities LLC (lead), Drexel Hamilton LLC, Loop Capital Markets LLC and Raymond James/Morgan Keegan (co-managers)
|
Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB
|
Pricing date: | March 14
|
Settlement date: | March 30
|
|
Amount | Maturity | Type | Coupon | Price
|
$305,000 | 2016 | Serial | 3% | 101.491
|
$160,000 | 2017 | Serial | 4% | 104.627
|
$170,000 | 2018 | Serial | 4% | 107.002
|
$2.15 million | 2019 | Serial | 5% | 112.36
|
$2.26 million | 2020 | Serial | 5% | 114.689
|
$2,575,000 | 2021 | Serial | 5% | 116.47
|
$2,695,000 | 2022 | Serial | 5% | 117.816
|
$2,825,000 | 2023 | Serial | 5% | 118.695
|
$2,965,000 | 2024 | Serial | 5% | 119.208
|
$3.11 million | 2025 | Serial | 5% | 119.589
|
$3,255,000 | 2026 | Serial | 5% | 118.197
|
$3,415,000 | 2027 | Serial | 5% | 117.097
|
$5.29 million | 2028 | Serial | 5% | 116.371
|
$5,455,000 | 2029 | Serial | 5% | 115.649
|
$2.84 million | 2030 | Serial | 5% | 114.756
|
$3.69 million | 2031 | Serial | 5% | 113.87
|
$3.88 million | 2032 | Serial | 5% | 113.08
|
$4.07 million | 2033 | Serial | 5% | 112.644
|
$5.81 million | 2034 | Serial | 5% | 112.209
|
$50.85 million | 2037 | Term | 3.75% | 97.822
|
$176,005,000 | 2046 | Term | 5% | 109.646
|
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