By Sheri Kasprzak
New York, Jan. 6 - The Dormitory Authority of the State of New York priced $132.28 million of series 2011A revenue bonds for the NYU Hospitals Center, said a pricing sheet.
The bonds (Baa1/BBB+/BBB+) were sold on a negotiated basis with Morgan Stanley & Co. Inc. and Bank of America Merrill Lynch as the senior managers. The co-managers were Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and TD Securities Inc.
The bonds are due 2012 to 2026 with term bonds due 2031 and 2040. The serial coupons range from 3% to 5.625%. The 2031 bonds have a 5.75% coupon priced at 97.648. The 2040 bonds have a 6% coupon priced at 97.965.
Proceeds will be used to construct and renovate an existing emergency department and renovate existing space for a musculoskeletal department.
The Albany-based authority provides funding for nonprofit education, health care and other organizations throughout the state.
| Issuer: | Dormitory Authority of the State of New York/NYU Hospitals Center
|
| Issue: | Series 2011A hospital revenue bonds
|
| Amount: | $132.28 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. and Bank of America Merrill Lynch (leads); Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and TD Securities Inc. (co-managers)
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
| Pricing date: | Jan. 6
|
| Settlement date: | Jan. 25
|
|
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 3% | 101.860
|
| 2013 | Serial | 4% | 104.483
|
| 2014 | Serial | 3% | 101.238
|
| 2015 | Serial | 3% | 99.669
|
| 2015 | Serial | 5% | 107.897
|
| 2016 | Serial | 5% | 107.566
|
| 2017 | Serial | 5% | 106.848
|
| 2018 | Serial | 4% | 98.794
|
| 2018 | Serial | 5% | NRO
|
| 2019 | Serial | 4.45% | 101.828
|
| 2019 | Serial | 5% | 103.615
|
| 2020 | Serial | 5% | 103.961
|
| 2021 | Serial | 5% | 102.034
|
| 2022 | Serial | 5% | 100.145
|
| 2023 | Serial | 5.125% | 98.596
|
| 2024 | Serial | 5.25% | 98.295
|
| 2025 | Serial | 5.5% | 99.014
|
| 2026 | Serial | 5.625% | 98.828
|
| 2031 | Term | 5.75% | 97.648
|
| 2040 | Term | 6% | 97.965
|
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