Published on 5/22/2015 in the Prospect News Municipals Daily.
New Issue: Nassau County, N.Y., brings $388.5 million of G.O. bonds, RANs, BANs
By Sheri Kasprzak
New York, May 22 – Nassau County, N.Y., sold $388.5 million of series 2015 general obligation general improvement bonds, taxable bond anticipation notes and revenue anticipation notes, said a pricing sheet.
The deal included $168,895,000 of series 2015B G.O. bonds, $41,125,000 of series 2015C taxable BANs and $178.48 million of series 2015A RANs.
The 2015B bonds are due 2017 to 2035 with 5% coupons and yields from 0.85% to 3.81%.
The 2015C notes are due Dec. 15, 2016 and have a 1.125% coupon priced at par.
The 2015A notes are due March 15, 2016 and have a 2% coupon priced at 101.095 to yield 0.60%.
The bonds were sold competitively with J.P. Morgan Securities LLC winning the bid at a 3.7813% true interest cost. The notes were offered through senior managers BofA Merrill Lynch and Ramirez & Co. Inc.
Proceeds will be used to finance capital projects, including employment separation payments, Superstorm Sandy relief payments and tax certiorari payments.
| Issuer: | Nassau County, N.Y.
|
| Issue: | Series 2015 general obligation general improvement bonds, bond anticipation notes and revenue anticipation notes
|
| Amount: | $388.5 million
|
| Type: | Competitive/Negotiated
|
| Underwriters: | BofA Merrill Lynch and Ramirez & Co. Inc. (lead for notes)/J.P. Morgan Securities LLC (winner for bonds)
|
| TIC: | 3.7813% (for bonds)
|
| Pricing date: | May 21
|
| Settlement date: | June 2
|
|
|
| $168,895,000 series 2015B G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4,925,000 | 2017 | Serial | 5% | 107.52 | 0.85%
|
| $5,165,000 | 2018 | Serial | 5% | 110.248 | 1.30%
|
| $6,075,000 | 2019 | Serial | 5% | 112.661 | 1.58%
|
| $6.39 million | 2020 | Serial | 5% | 114.539 | 1.84%
|
| $6,715,000 | 2021 | Serial | 5% | 115.417 | 2.17%
|
| $7.06 million | 2022 | Serial | 5% | 115.945 | 2.45%
|
| $7,425,000 | 2023 | Serial | 5% | 116.439 | 2.66%
|
| $7,805,000 | 2024 | Serial | 5% | 116.507 | 2.87%
|
| $8,205,000 | 2025 | Serial | 5% | 115.075 | 3.04%
|
| $8,625,000 | 2026 | Serial | 5% | 113.994 | 3.17%
|
| $9,065,000 | 2027 | Serial | 5% | 113.008 | 3.29%
|
| $9.53 million | 2028 | Serial | 5% | 112.112 | 3.40%
|
| $10.02 million | 2029 | Serial | 5% | 111.385 | 3.49%
|
| $10,535,000 | 2030 | Serial | 5% | 110.744 | 3.57%
|
| $11,075,000 | 2031 | Serial | 5% | 110.266 | 3.63%
|
| $11,645,000 | 2032 | Serial | 5% | 109.791 | 3.69%
|
| $12.24 million | 2033 | Serial | 5% | 109.475 | 3.73%
|
| $12.87 million | 2034 | Serial | 5% | 109.16 | 3.77%
|
| $13,525,000 | 2035 | Serial | 5% | 108.847 | 3.81%
|
|
|
| $41,125,000 series 2015C taxable BANs
|
| Maturity | Type | Coupon | Price | Yield
|
| Dec. 15, 2016 | Term | 1.125% | 100 | 1.125%
|
|
|
| $178.48 million series 2015A RANs
|
| Maturity | Type | Coupon | Price | Yield
|
| March 15, 2016 | Term | 2% | 101.095 | 0.60%
|
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