By Sheri Kasprzak
New York, Oct. 6 - The Dormitory Authority of the State of New York released the deal terms on its downsized $1,316,860,000 sale of series 2010 state personal income tax revenue bonds sold during the first part of the week. The authority had intended to price $1,363,200,000 of the personal income tax bonds.
The offering included $562.51 million in series 2010E general purpose tax-exempt revenue bonds, $55.49 million in series 2010F tax-exempt bonds, $149.455 million in series 2010G federally taxable bonds and $549.405 million in series 2010H Build America Bonds, according to a pricing sheet released Wednesday.
The 2010E and 2010F bonds were sold through M.R. Beal & Co. and Bank of America Merrill Lynch. The lead managers for the 2010G and 2010H bonds were M.R. Beal, Bank of America and Siebert Brandford Shank & Co. LLC.
The co-managers for the 2010E and 2010F bonds were BB&T Capital Markets; Blaylock Robert Van LLC; Citigroup Global Markets Inc.; Duncan-Williams Inc.; Fidelity Capital Markets Inc.; Goldman, Sachs & Co.; Jackson Securities; J.P. Morgan Securities LLC; Janney Montgomery Scott LLC; Lebenthal & Co. LLC; Loop Capital Markets LLC; Morgan Keegan & Co. Inc.; Morgan Stanley & Co. Inc.; Raymond James & Associates Inc.; RBC Capital Markets Corp.; Rice Financial Products Co.; Roosevelt & Cross Inc.; Stifel, Nicolaus & Co. Inc.; and Stone & Youngberg.
The co-managers for the 2010G and 2010H bonds were Barclays Capital Inc., Jefferies & Co. and Wells Fargo Securities LLC.
The 2010E bonds are due 2012 to 2030 with term bonds due 2035 and 2040. The coupons range from 2% to 5%. The 2035 bonds have a 5% coupon priced at 107.22. The 2040 bonds have a 5% coupon priced at 107.158.
The 2010F bonds are due 2011 to 2030 with a term bond due 2035. The coupons range from 2% to 5%. The 2035 bonds have a 5% coupon priced at 115.118.
The 2010G bonds are due 2011 to 2020 with coupons from 0.749% to 4.076%, all priced at par.
The 2010H bonds are due 2021 to 2022 with term bonds due 2033 and 2040. The coupons range from 4.246% to 4.346%, priced at par. The 2033 bonds have a 5.289% coupon priced at par. The 2040 bonds have a 5.389% coupon priced at par.
Proceeds will be used to fund capital projects at the State University of New York and the City University of New York, as well as to fund economic development grants under state-run projects.
| Issuer: | Dormitory Authority of the State of New York
|
| Issue: | Series 2010 state personal income tax revenue bonds
|
| Amount: | $1,316,860,000
|
| Type: | Negotiated
|
| Underwriters: | M.R. Beal & Co. and Bank of America Merrill Lynch (lead for 2010E and 2010F); M.R. Beal, Bank of America and Siebert Brandford Shank & Co. LLC (lead for 2010G and 2010H); BB&T Capital Markets; Blaylock Robert Van LLC; Citigroup Global Markets Inc.; Duncan-Williams Inc.; Fidelity Capital Markets Inc.; Goldman, Sachs & Co.; Jackson Securities; J.P. Morgan Securities LLC; Janney Montgomery Scott LLC; Lebenthal & Co. LLC; Loop Capital Markets LLC; Morgan Keegan & Co. Inc.; Morgan Stanley & Co. Inc.; Raymond James & Associates Inc.; RBC Capital Markets Corp.; Rice Financial Products Co.; Roosevelt & Cross Inc.; Stifel, Nicolaus & Co. Inc.; and Stone & Youngberg (co-managers for 2010E and 2010F); Barclays Capital Inc., Jefferies & Co. and Wells Fargo Securities LLC (co-managers for 2010G and 2010H)
|
| Pricing dates: | Oct. 4 (for 2010E and 2010F); Oct. 5 (for 2010G and 2010H)
|
| Settlement date: | Oct. 14
|
|
|
| $562.51 million series 2010E
|
| Amount | Maturity | Type | Coupon | Price
|
| $19.505 million | 2011 | Serial | 2% | 100.641
|
| $8.685 million | 2012 | Serial | 2% | 101.752
|
| $24.71 million | 2012 | Serial | 5% | 105.735
|
| $8.325 million | 2013 | Serial | 2.5% | 103.619
|
| $26.485 million | 2013 | Serial | 5% | 109.382
|
| $2.6 million | 2014 | Serial | 2.5% | 103.971
|
| $33.72 million | 2014 | Serial | 3% | 105.598
|
| $3.935 million | 2015 | Serial | 2.5% | 103.882
|
| $110,000 | 2015 | Serial | 4% | 110.145
|
| $33.365 million | 2015 | Serial | 5% | 114.321
|
| $3.055 million | 2016 | Serial | 3% | 105.659
|
| $495,000 | 2016 | Serial | 4% | 110.713
|
| $35.62 million | 2016 | Serial | 5% | 115.767
|
| $1.35 million | 2017 | Serial | 3% | 104.645
|
| $1.265 million | 2017 | Serial | 4% | 110.526
|
| $38.465 million | 2017 | Serial | 5% | 116.408
|
| $1.92 million | 2018 | Serial | 3% | 103.398
|
| $1.13 million | 2018 | Serial | 4% | 110.064
|
| $40.03 million | 2018 | Serial | 5% | 116.731
|
| $480,000 | 2019 | Serial | 3% | 102.073
|
| $870,000 | 2019 | Serial | 4% | 109.486
|
| $43.83 million | 2019 | Serial | 5% | 116.899
|
| $6.34 million | 2020 | Serial | 4% | 108.937
|
| $41.08 million | 2020 | Serial | 5% | 117.064
|
| $15.4 million | 2021 | Serial | 5% | 116.978
|
| $14.76 million | 2022 | Serial | 5% | 115.559
|
| $10.655 million | 2023 | Serial | 5% | 114.597
|
| $11.185 million | 2024 | Serial | 5% | 113.99
|
| $11.74 million | 2025 | Serial | 5% | 113.301
|
| $4.635 million | 2026 | Serial | 3.375% | 98.639
|
| $5.635 million | 2026 | Serial | 5% | 117.81
|
| $10.715 million | 2027 | Serial | 5% | 111.938
|
| $11.245 million | 2028 | Serial | 5% | 111.264
|
| $11.81 million | 2029 | Serial | 5% | 110.594
|
| $12.4 million | 2030 | Serial | 5% | 109.93
|
| $35.755 million | 2035 | Term | 5% | 107.22
|
| $29.205 million | 2040 | Term | 5% | 107.158
|
|
|
| $55.49 million series 2010F
|
| Amount | Maturity | Type | Coupon | Price
|
| $950,000 | 2011 | Serial | 2% | 100.536
|
| $1.37 million | 2012 | Serial | 2% | 101.752
|
| $1.4 million | 2013 | Serial | 2.5% | 103.619
|
| $250,000 | 2014 | Serial | 2.5% | 103.971
|
| $1.185 million | 2014 | Serial | 5% | 112.109
|
| $1.5 million | 2015 | Serial | 2.5% | 103.797
|
| $250,000 | 2016 | Serial | 3% | 105.555
|
| $1.29 million | 2016 | Serial | 5% | 115.657
|
| $150,000 | 2017 | Serial | 3% | 104.524
|
| $1.46 million | 2017 | Serial | 5% | 116.28
|
| $1.685 million | 2018 | Serial | 3% | 103.262
|
| $500,000 | 2019 | Serial | 3% | 101.848
|
| $1.24 million | 2019 | Serial | 5% | 116.656
|
| $195,000 | 2020 | Serial | 4% | 108.681
|
| $1.62 million | 2020 | Serial | 5% | 116.797
|
| $400,000 | 2021 | Serial | 4% | 108.18
|
| $1.505 million | 2021 | Serial | 5% | 116.978
|
| $1.995 million | 2022 | Serial | 5% | 117.204
|
| $2.095 million | 2023 | Serial | 4% | 107.568
|
| $2.18 million | 2024 | Serial | 5% | 117.861
|
| $250,000 | 2025 | Serial | 4% | 106.642
|
| $460,000 | 2025 | Serial | 5% | 117.907
|
| $715,000 | 2026 | Serial | 3.375% | 98.639
|
| 2026 | Serial | 5% | NRO
|
| 2027 | Serial | 5% | NRO
|
| $100,000 | 2028 | Serial | 4% | 104.462
|
| 2028 | Serial | 5% | NRO
|
| 2029 | Serial | 5% | NRO
|
| $865,000 | 2030 | Serial | 4% | 102.44
|
| 2030 | Serial | 5% | NRO
|
| $29.88 million | 2035 | Term | 5% | 115.118
|
|
|
| $149.455 million series 2010G
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.845 million | 2011 | Serial | 0.749% | 100
|
| $14.545 million | 2012 | Serial | 1.149% | 100
|
| $14.71 million | 2013 | Serial | 1.534% | 100
|
| $14.935 million | 2014 | Serial | 1.998% | 100
|
| $15.245 million | 2015 | Serial | 2.298% | 100
|
| $15.59 million | 2016 | Serial | 2.825% | 100
|
| $16.035 million | 2017 | Serial | 3.225% | 100
|
| $16.555 million | 2018 | Serial | 3.626% | 100
|
| $17.155 million | 2019 | Serial | 3.946% | 100
|
| $17.84 million | 2020 | Serial | 4.076% | 100
|
|
|
| $549.405 million series 2010H
|
| Amount | Maturity | Type | Coupon | Price
|
| $18.44 million | 2021 | Serial | 4.246% | 100
|
| $19.105 million | 2022 | Serial | 4.346% | 100
|
| $253.36 million | 2033 | Term | 5.289% | 100
|
| $258.5 million | 2040 | Term | 5.389% | 100
|
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