By Sheri Kasprzak
New York, Aug. 20 - The Dormitory Authority of the State of New York priced $397.885 million in series 2008 consolidated fifth general resolution revenue bonds for the City University System, according to an official statement.
The sale included $117.105 million in series 2008A bonds and $280.78 million in series 2008B bonds.
The 2008A bonds are due from 2009 to 2019 with coupons from 3% to 5% with yields from 1.7% to 4.31%. The 2008B bonds are due from 2009 to 2019 with coupons from 3% to 5% and yields from 1.7% to 4.89%.
The bonds (//A+) were sold on a negotiated basis with Citigroup Global Markets as the senior manager. The co-managers were Merrill Lynch; Ramirez & Co.; Siebert Brandford Shank & Co.; David Lerner & Associates; Goldman, Sachs & Co.; Janney Montgomery Scott; JB Hanauer; J.P. Morgan Securities Inc.; Prager, Sealy & Co.; Raymond James; RBC Capital Markets; and Wachovia Bank.
Proceeds will be used to refund the authority's series 2003-3A, 2003-3B and 2003-3C auction-rate bonds in September.
| Issuer: | Dormitory Authority of the State of New York
|
| Issue: | Series 2008 consolidated fifth general resolution revenue bonds
|
| Amount: | $397.885 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets (lead); Merrill Lynch; Ramirez & Co.; Siebert Brandford Shank & Co.; David Lerner & Associates; Goldman, Sachs & Co.; Janney Montgomery Scott; JB Hanauer; J.P. Morgan Securities Inc.; Prager, Sealy & Co.; Raymond James; RBC Capital Markets; and Wachovia Bank
|
| Rating: | Fitch: A+
|
| Pricing date: | Aug. 15
|
| Settlement date: | Aug. 28
|
|
|
| Series 2008A
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 3% | 1.70%
|
| 2010 | Serial | 3% | 2.15%
|
| 2011 | Serial | 3% | 2.66%
|
| 2012 | Serial | 3% | 2.94%
|
| 2013 | Serial | 3.2% | 3.27%
|
| 2014 | Serial | 4% | 3.55%
|
| 2015 | Serial | 4% | 3.72%
|
| 2015 | Serial | 5% | 3.72%
|
| 2016 | Serial | 5% | 3.87%
|
| 2017 | Serial | 5% | 4.02%
|
| 2018 | Serial | 4% | 4.16%
|
| 2019 | Serial | 5% | 4.31%
|
|
|
| Series 2008B
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 3% | 1.70%
|
| 2010 | Serial | 3% | 2.15%
|
| 2011 | Serial | 3% | 2.66%
|
| 2012 | Serial | 3% | 2.94%
|
| 2013 | Serial | 3.2% | 3.27%
|
| 2014 | Serial | 5% | 3.55%
|
| 2015 | Serial | 5% | 3.72%
|
| 2016 | Serial | 5% | 3.87%
|
| 2017 | Serial | 5% | 4.02%
|
| 2018 | Serial | 5% | 4.16%
|
| 2020 | Serial | 4.3% | 4.39%
|
| 2021 | Serial | 5% | 4.55%
|
| 2022 | Serial | 5% | 4.62%
|
| 2024 | Serial | 4.6% | 4.66%
|
| 2025 | Serial | 5% | 4.77%
|
| 2026 | Serial | 5% | 4.82%
|
| 2027 | Serial | 5% | 4.87%
|
| 2028 | Serial | 4.8% | 4.89%
|
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