By Sheri Kasprzak
New York, Nov. 13 - The Dormitory Authority of the State of New York priced $646.125 million in series 2008 personal income tax revenue bonds, said Charles Heritage, public finance director for Dasny.
The sale included $532.95 million in series 2008B education bonds, $61.835 million in series 2008C education bonds and $51.34 million in series 2008C economic development and housing bonds.
The 2008B education bonds (/AAA/AA-) are due from 2010 to 2026 with term bonds due 2028, 2035 and 2038. The serials have coupons from 3% to 5% and yields from 2.25% to 5.08%. The 2028 bonds have a 5% coupon to yield 5.16%. The 2035 bonds have a 5.75% coupon to yield 5.5%, and the 2038 bonds have a 5.375% to yield 5.55%.
The 2008C education bonds are term bonds due 2028 and 2032. The 2028 bonds have a 5% coupon to yield 5.16%, and the 2032 bonds have a 5.25% coupon to yield 5.43%.
The 2008C housing bonds are term bonds due 2010, 2011 and 2014. The 2010 bonds have a 1.5% coupon, priced at par, and the 2011 bonds have a 4.625% coupon, also priced at par. The 2014 bonds have a 2.75% coupon, priced at par.
The bonds were sold through lead manager Morgan Stanley & Co. Inc.
Co-managers were Ramirez & Co.; Siebert Brandford Shank & Co.; Banc of America Securities LLC; Citigroup Global Markets; Goldman, Sachs & Co.; Janney Montgomery Scott; J.P. Morgan Securities Inc.; Merrill Lynch & Co.; Piper Jaffray; Raymond James & Associates; RBC Capital Markets; and Southwest Securities.
Proceeds will be used for capital improvements at state educational facilities, as well as for refunding outstanding bonds.
| Issuer: | Dormitory Authority of the State of New York
|
| Issue: | Series 2008 personal income tax revenue bonds
|
| Amount: | $646.125 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead); Ramirez & Co.; Siebert Brandford Shank & Co.; Banc of America Securities LLC; Citigroup Global Markets; Goldman, Sachs & Co.; Janney Montgomery Scott; J.P. Morgan Securities Inc.; Merrill Lynch & Co.; Piper Jaffray; Raymond James & Associates; RBC Capital Markets; and Southwest Securities (co-managers)
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AA-
|
| Pricing date: | Nov. 13
|
| Settlement date: | Nov. 25
|
|
|
| 2008B education bonds
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 3% | 2.25%
|
| 2011 | Serial | 4% | 2.59%
|
| 2012 | Serial | 3% | 2.96%
|
| 2013 | Serial | 5% | 3.19%
|
| 2014 | Serial | 4% | 3.39%
|
| 2015 | Serial | 3.5% | 3.59%
|
| 2016 | Serial | 5% | 3.81%
|
| 2017 | Serial | 4% | 4.02%
|
| 2018 | Serial | 4.2% | 4.22%
|
| 2019 | Serial | 5% | 4.42%
|
| 2020 | Serial | 5% | 4.60%
|
| 2021 | Serial | 5% | 4.71%
|
| 2022 | Serial | 5% | 4.80%
|
| 2023 | Serial | 5% | 4.89%
|
| 2024 | Serial | 5% | 5.00%
|
| 2025 | Serial | 5% | 5.04%
|
| 2026 | Serial | 5% | 5.08%
|
| 2028 | Term | 5% | 5.16%
|
| 2035 | Term | 5.75% | 5.50%
|
| 2038 | Term | 5.375% | 5.55%
|
|
|
| 2008C education bonds
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| Maturity | Type | Coupon | Yield
|
| 2028 | Term | 5% | 5.16%
|
| 2032 | Term | 5.25% | 5.43%
|
|
|
| Series 2008C housing bonds
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| Maturity | Type | Coupon | Yield
|
| 2010 | Term | 1.5% | 1.50%
|
| 2011 | Term | 4.625% | 4.625%
|
| 2014 | Term | 2.75% | 2.75%
|
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