Published on 12/4/2014 in the Prospect News Municipals Daily.
New Issue: Nassau County, N.Y., offers up $437.08 million of G.O. bonds and TANs
By Sheri Kasprzak
New York, Dec. 4 – Nassau County, N.Y., sold $437.08 million of series 2014 general obligation bonds and tax anticipation notes, according to a pricing sheet.
The deal includes $237,755,000 of series 2014A general improvement G.O. bonds, $140 million of series 2014A tax anticipation notes and $59,325,000 of series 2014B tax anticipation notes.
The G.O.s are due 2016 to 2030 with 5% coupons and 0.5% to 3.18% yields.
The 2014A notes are due Sept. 15, 2015 and have a 2% coupon priced at 101.265.
The 2014B notes are due Oct. 15, 2015 and have a 2% coupon priced at 101.394.
The notes (/SP-1+/F1) were sold through senior manager BofA Merrill Lynch. The bonds (A2/A+/A) were sold competitively, but the winning bidder was not immediately available.
Proceeds will be used to finance county capital improvements.
| Issuer: | Nassau County, N.Y.
|
| Issue: | Series 2014 general obligation bonds and tax anticipation notes
|
| Amount: | $437.08 million
|
| Type: | Competitive and negotiated
|
| Underwriters: | BofA Merrill Lynch (lead for notes), J.P. Morgan Securities LLC and FTN Financial Capital Markets LLC (co-managers for notes)
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A+/SP-1+
|
| Fitch: A/F1
|
| Pricing date: | Dec. 4
|
| Settlement date: | Dec. 10
|
|
|
| $237,755,000 series 2014A general improvement general obligation bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $10,765,000 | 2016 | Serial | 5% | 105.86 | 0.50%
|
| $11,315,000 | 2017 | Serial | 5% | 109.634 | 0.78%
|
| $11,895,000 | 2018 | Serial | 5% | 112.843 | 1.04%
|
| $13.64 million | 2019 | Serial | 5% | 114.998 | 1.40%
|
| $14.34 million | 2020 | Serial | 5% | 116.569 | 1.72%
|
| $15,075,000 | 2021 | Serial | 5% | 117.499 | 2.03%
|
| $15.85 million | 2022 | Serial | 5% | 118.064 | 2.30%
|
| $16,665,000 | 2023 | Serial | 5% | 118.564 | 2.51%
|
| $17,515,000 | 2024 | Serial | 5% | 119.087 | 2.67%
|
| $18,415,000 | 2025 | Serial | 5% | 118.003 | 2.79%
|
| $19.36 million | 2026 | Serial | 5% | 117.108 | 2.89%
|
| $20.35 million | 2027 | Serial | 5% | 116.399 | 2.97%
|
| $21,395,000 | 2028 | Serial | 5% | 115.519 | 3.07%
|
| $22,495,000 | 2029 | Serial | 5% | 114.994 | 3.13%
|
| $8.68 million | 2030 | Serial | 5% | 114.56 | 3.18%
|
|
|
| $140 million series 2014A tax anticipation notes
|
| Maturity | Type | Coupon | Price
|
| Sept. 15, 2015 | Term | 2% | 101.265
|
|
|
| $59,325,000 series 2014B tax anticipation notes
|
| Maturity | Type | Coupon | Price
|
| Oct. 15, 2015 | Term | 2% | 101.394
|
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