By Sheri Kasprzak
New York, May 27 - The Dormitory Authority of the State of New York sold $285 million in series 2010A revenue bonds for Cornell University Thursday, according to a pricing sheet.
The full details of the offering were unavailable by press time Thursday.
The bonds (Aa1/AA/) were sold 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. The yields were not immediately available.
Proceeds will be used to refinance commercial paper and to fund the construction of a medical research building.
The Albany, N.Y.-based authority provides financing to qualified nonprofit entities in the state.
Issuer: | Dormitory Authority of the State of New York/Cornell University
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Issue: | Series 2010A revenue bonds
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Amount: | $285 million
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Type: | Negotiated
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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)
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Ratings: | Moody's: Aa1
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| Standard & Poor's: AA
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Pricing date: | May 27
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Settlement date: | June 9
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Maturity | Type | Coupon
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2032 | Term | 4%
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2032 | Term | 5%
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2035 | Term | 5%
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2040 | Term | 5%
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