Published on 6/14/2016 in the Prospect News Municipals Daily.
New Issue: Nassau County, N.Y., prices $300.09 million offering of bonds, notes
By Sheri Kasprzak
New York, June 14 – Nassau County, N.Y., sold $300.09 million of series 2016 bonds and notes, according to a pricing sheet.
The deal included $140,195,000 of series 2016C general improvement bonds (A2/A+/A), $5.17 million of series 2016B bond anticipation notes (/SP-1+/F1), $35.13 million of series 2016C BANs and $119,595,000 of series 2016C taxable BANs.
The bonds are due 2018 to 2043 with 5% coupons and yields from 0.82% to 2.83%.
The 2016B notes are due June 14, 2017 and have a 3% coupon priced at 102.131 to yield 0.85%.
The 2016C notes are due Dec. 15, 2016 and have a 1.10% coupon priced at par.
The 2016D notes are due Dec. 7, 2016 and have a 2% coupon priced at 100.622 to yield 0.70%.
The notes were sold through senior managers Morgan Stanley & Co. LLC and Siebert Brandford Shank & Co. LLC. The bonds were sold competitively with Citigroup Global Markets Inc. winning the bid.
Proceeds will be used to finance capital projects for the county.
| Issuer: | Nassau County, N.Y.
|
| Issue: | Series 2016 bonds and notes
|
| Amount: | $300.09 million
|
| Type: | Negotiated/Competitive
|
| Underwriters: | Morgan Stanley & Co. LLC and Siebert Brandford Shank & Co. LLC (for notes), Citigroup Global Markets Inc. (winner for bonds)
|
| Pricing date: | June 8
|
| Settlement date: | June 14
|
|
|
| $140,195,000 series 2016C general improvement bonds (A2/A+/A)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,455,000 | 2018 | Serial | 5% | 107.44 | 0.82%
|
| $2.58 million | 2019 | Serial | 5% | 111.005 | 1.00%
|
| $2.71 million | 2020 | Serial | 5% | 114.182 | 1.17%
|
| $3.31 million | 2021 | Serial | 5% | 116.745 | 1.38%
|
| $3,475,000 | 2022 | Serial | 5% | 118.994 | 1.56%
|
| $3,655,000 | 2023 | Serial | 5% | 121.024 | 1.71%
|
| $3,845,000 | 2024 | Serial | 5% | 123.016 | 1.82%
|
| $4.04 million | 2025 | Serial | 5% | 124.36 | 1.97%
|
| $4.25 million | 2026 | Serial | 5% | 125.656 | 2.09%
|
| $4,465,000 | 2027 | Serial | 5% | 124.453 | 2.21%
|
| $4.69 million | 2028 | Serial | 5% | 123.757 | 2.28%
|
| $4,935,000 | 2029 | Serial | 5% | 123.263 | 2.33%
|
| $5.19 million | 2030 | Serial | 5% | 122.674 | 2.39%
|
| $5,455,000 | 2031 | Serial | 5% | 122.185 | 2.44%
|
| $5,735,000 | 2032 | Serial | 5% | 121.698 | 2.49%
|
| $6.03 million | 2033 | Serial | 5% | 121.214 | 2.54%
|
| $6,335,000 | 2034 | Serial | 5% | 120.732 | 2.59%
|
| $6.66 million | 2035 | Serial | 5% | 120.252 | 2.64%
|
| $7,005,000 | 2036 | Serial | 5% | 119.774 | 2.69%
|
| $7,365,000 | 2037 | Serial | 5% | 119.394 | 2.73%
|
| $7.74 million | 2038 | Serial | 5% | 119.11 | 2.76%
|
| $8,135,000 | 2039 | Serial | 5% | 118.826 | 2.79%
|
| $8,555,000 | 2040 | Serial | 5% | 118.732 | 2.80%
|
| $8,995,000 | 2041 | Serial | 5% | 118.638 | 2.81%
|
| $9,455,000 | 2042 | Serial | 5% | 118.543 | 2.82%
|
| $3.13 million | 2043 | Serial | 5% | 118.449 | 2.83%
|
|
|
| $5.17 million series 2016B BANs (/SP-1+/F1)
|
| Maturity | Type | Coupon | Price | Yield
|
| June 14, 2017 | Term | 3% | 102.131 | 0.85%
|
|
|
| $35.13 million series 2016C taxable BANs (/SP-1+/F1)
|
| Maturity | Type | Coupon | Price | Yield
|
| Dec. 15, 2016 | Term | 1.10% | 100 | 1.10%
|
|
|
| $119,595,000 series 2016A revenue anticipation notes (/SP-1+/F1)
|
| Maturity | Type | Coupon | Price | Yield
|
| Dec. 7, 2016 | Term | 2% | 100.622 | 0.70%
|
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