By Sheri Kasprzak
New York, May 28 - The Dormitory Authority of the State of New York released the terms of its previously announced $285 million sale of series 2010A revenue bonds for Cornell University.
The bonds (Aa1/AA/) were sold on Thursday through Bank of America Merrill Lynch and Citigroup Global Markets Inc. The co-managers were M.R. Beal & Co.; Fidelity Capital Markets Services Inc.; Goldman, Sachs & Co.; Janney Montgomery Scott LLC; J.P. Morgan Securities Inc.; M&T Securities; and Morgan Stanley & Co. Inc.
The bonds are due 2032, 2035 and 2040 with 4% to 5% coupons.
Proceeds will be used to refinance commercial paper and fund the construction of a medical research building.
The Albany-based authority provides financing to qualified nonprofit entities in the state.
| Issuer: | Dormitory Authority of the State of New York/Cornell University
|
| Issue: | Series 2010A revenue bonds
|
| Amount: | $285 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and Citigroup Global Markets Inc. (lead), M.R. Beal & Co.; Fidelity Capital Markets Services Inc.; Goldman, Sachs & Co.; Janney Montgomery Scott LLC; J.P. Morgan Securities Inc.; M&T Securities; and Morgan Stanley & Co. Inc. (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Pricing date: | May 27
|
| Settlement date: | June 9
|
|
|
| Maturity | Type | Coupon | Price
|
| 2032 | Term | 4% | 97.843
|
| 2032 | Term | 5% | 107.698
|
| 2035 | Term | 5% | 106.506
|
| 2040 | Term | 5% | 105.917
|
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