Published on 5/29/2012 in the Prospect News Municipals Daily.
New Issue: Dasny prices $224.88 million of school districts revenue bonds
By Sheri Kasprzak
New York, May 29 - The Dormitory Authority of the State of New York priced $224,875,000 of series 2012 school districts revenue bond financing program revenue bonds, according to a pricing sheet.
The offering included $124.12 million of series 2012A bonds, $22,065,000 of series 2012B bonds, $27.53 million of series 2012C bonds, $39.84 million of series 2012D bonds and $11.32 million of series 2012E bonds.
The bonds were sold through Roosevelt & Cross Inc. and Jefferies & Co. The co-managers were Blaylock Robert Van LLC, Janney Montgomery Scott LLC, RBC Capital Markets LLC, Edwards Jones & Co. LP, Ramirez & Co. Inc., Sterne, Agee & Leach Inc., Fidelity Capital Markets LLC, Raymond James/Morgan Keegan and The Williams Capital LP.
The 2012A bonds are due 2013 to 2027 with term bonds due in 2032 and 2038. The serial coupons range from 2% to 5%. The 2032 bonds have a 3.5% coupon priced at 96.465. The 2038 bonds have a 4% coupon priced at 99.03.
The 2012B bonds are due 2013 to 2022 with term bonds due in 2024, 2026 and 2031. The serial coupons range from 2% to 5%. The 2024 bonds have a 5% coupon priced at 118.378, and the 2026 bonds have a 5% coupon priced at 116.635. The 2031 bonds have a 3.25% coupon priced at 95.966.
The 2012C bonds are due 2013 to 2027 with a term bond due in 2031. The serial coupons range from 2% to 5%. The 2031 bonds have a 3.375% coupon priced at 96.411.
The 2012D bonds are due 2013 to 2026 with term bonds due in 2032, 2037 and 2041. The serial coupons range from 2% to 5%. The 2032 bonds have a 3.5% coupon priced at 95.778, and the 2037 bonds have a 4% coupon priced 99.051. The 2041 bonds have a 4% coupon priced at 98.298.
The 2012E bonds are due 2013 to 2027 with term bonds due in 2032 and 2039. The serial coupons range from 2% to 3.25%. The 2032 bonds have a 3.5% coupon priced at 96.465. The 2039 bonds have a 4% coupon priced at 99.01.
Proceeds will be used to make loans to local school districts to finance capital projects.
| Issuer: | Dormitory Authority of the State of New York
|
| Issue: | Series 2012 school districts revenue bond financing program revenue bonds
|
| Amount: | $224,875,000
|
| Type: | Negotiated
|
| Underwriters: | Roosevelt & Cross Inc. and Jefferies & Co. (lead), Blaylock Robert Van LLC, Janney Montgomery Scott LLC, RBC Capital Markets LLC, Edwards Jones & Co. LP, Ramirez & Co. Inc., Sterne, Agee & Leach Inc., Fidelity Capital Markets LLC, Raymond James/Morgan Keegan and The Williams Capital LP (co-managers)
|
| Pricing date: | May 29
|
| Settlement date: | June 14
|
|
|
|
|
| $124.12 million series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.37 million | 2013 | Serial | 2% | 101.312
|
| $2.94 million | 2013 | Serial | 3% | 103.228
|
| $2.13 million | 2014 | Serial | 3% | 103.825
|
| $4,835,000 | 2014 | Serial | 4% | 107.031
|
| $2,205,000 | 2015 | Serial | 4% | 107.965
|
| $5,045,000 | 2015 | Serial | 5% | 112.419
|
| $2,295,000 | 2016 | Serial | 4% | 109.775
|
| $5.27 million | 2016 | Serial | 5% | 114.96
|
| $2,385,000 | 2017 | Serial | 4% | 110.794
|
| $5,545,000 | 2017 | Serial | 5% | 116.591
|
| $2,485,000 | 2018 | Serial | 4% | 111.415
|
| $5,815,000 | 2018 | Serial | 5% | 117.794
|
| $2,585,000 | 2019 | Serial | 4% | 111.839
|
| $6,105,000 | 2019 | Serial | 5% | 118.926
|
| $2.69 million | 2020 | Serial | 4% | 111.388
|
| $6,415,000 | 2020 | Serial | 5% | 119.037
|
| $2.8 million | 2021 | Serial | 4% | 110.859
|
| $6,745,000 | 2021 | Serial | 5% | 119.158
|
| $2.93 million | 2022 | Serial | 5% | 119.11
|
| $7,075,000 | 2022 | Serial | 5% | 119.459
|
| $3,085,000 | 2023 | Serial | 5% | 119.163
|
| $7,425,000 | 2023 | Serial | 5% | 118.77
|
| $3.24 million | 2024 | Serial | 5% | 117.891
|
| $7.79 million | 2024 | Serial | 5% | 116.827
|
| $1,445,000 | 2025 | Serial | 3% | 97.192
|
| $7,595,000 | 2025 | Serial | 5% | 115.87
|
| $1.49 million | 2026 | Serial | 3% | 96.155
|
| $5.77 million | 2026 | Serial | 3% | 96.046
|
| $435,000 | 2027 | Serial | 3.25% | 98.263
|
| $2.9 million | 2027 | Serial | 3.25% | 98.219
|
| $1,365,000 | 2032 | Term | 3.5% | 96.465
|
| $1,915,000 | 2038 | Term | 4% | 99.03
|
|
|
|
|
| $22,065,000 series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $465,000 | 2013 | Serial | 2% | 101.352
|
| $475,000 | 2013 | Serial | 2% | 101.871
|
| $605,000 | 2014 | Serial | 3% | 104.008
|
| $625,000 | 2014 | Serial | 3% | 104.997
|
| $625,000 | 2015 | Serial | 3% | 105.616
|
| $640,000 | 2015 | Serial | 4% | 109.671
|
| $645,000 | 2016 | Serial | 3% | 106.93
|
| $670,000 | 2016 | Serial | 4% | 111.78
|
| $665,000 | 2017 | Serial | 3% | 107.252
|
| $695,000 | 2017 | Serial | 4% | 112.791
|
| $690,000 | 2018 | Serial | 4% | 112.526
|
| $725,000 | 2018 | Serial | 4% | 113.231
|
| $715,000 | 2019 | Serial | 4% | 112.92
|
| $750,000 | 2019 | Serial | 4% | 113.296
|
| $1,525,000 | 2020 | Serial | 4% | 112.771
|
| $1.59 million | 2021 | Serial | 4% | 112.283
|
| $810,000 | 2022 | Serial | 5% | 120.348
|
| $850,000 | 2022 | Serial | 5% | 120.752
|
| $3,575,000 | 2024 | Term | 5% | 118.378
|
| $3.95 million | 2026 | Term | 5% | 116.635
|
| $775,000 | 2031 | Term | 3.25% | 95.966
|
|
|
|
|
| $27.53 million series 2012C bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $840,000 | 2013 | Serial | 2% | 101.312
|
| $470,000 | 2013 | Serial | 2% | 101.936
|
| $960,000 | 2014 | Serial | 3% | 103.953
|
| $615,000 | 2014 | Serial | 3% | 104.973
|
| $635,000 | 2015 | Serial | 3% | 106.302
|
| $990,000 | 2015 | Serial | 4% | 108.311
|
| $645,000 | 2016 | Serial | 3% | 107.081
|
| $1.04 million | 2016 | Serial | 4% | 110.165
|
| $1.07 million | 2017 | Serial | 3% | 106.677
|
| $665,000 | 2017 | Serial | 3% | 106.976
|
| $1.11 million | 2018 | Serial | 4% | 111.648
|
| $685,000 | 2018 | Serial | 4% | 112.216
|
| $1,155,000 | 2019 | Serial | 4% | 112.109
|
| $715,000 | 2019 | Serial | 4% | 112.501
|
| $255,000 | 2020 | Serial | 4% | 111.969
|
| $2.02 million | 2021 | Serial | 4% | 111.493
|
| $1.3 million | 2022 | Serial | 5% | 119.584
|
| $800,000 | 2022 | Serial | 5% | 119.954
|
| $1,375,000 | 2023 | Serial | 5% | 119.065
|
| $3,165,000 | 2024 | Serial | 5% | 117.6
|
| $3.36 million | 2026 | Serial | 5% | 115.87
|
| $760,000 | 2027 | Serial | 3.125% | 97.32
|
| $255,000 | 2027 | Serial | 3.25% | 98.837
|
| $955,000 | 2031 | Term | 3.375% | 96.411
|
|
|
|
|
| $39.84 million series 2012D bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,835,000 | 2013 | Serial | 2% | 101.871
|
| $2,245,000 | 2014 | Serial | 3% | 104.809
|
| $2,305,000 | 2015 | Serial | 3% | 105.634
|
| $1.4 million | 2016 | Serial | 2% | 102.072
|
| $980,000 | 2016 | Serial | 4% | 110.364
|
| $1,945,000 | 2017 | Serial | 2% | 101.005
|
| $500,000 | 2017 | Serial | 5% | 116.096
|
| $2,115,000 | 2018 | Serial | 2% | 99.236
|
| $395,000 | 2018 | Serial | 5% | 116.826
|
| $2.33 million | 2019 | Serial | 2.25% | 99.198
|
| $240,000 | 2019 | Serial | 5% | 117.525
|
| $2,035,000 | 2020 | Serial | 2.5% | 98.887
|
| $600,000 | 2020 | Serial | 5% | 117.396
|
| $1,765,000 | 2021 | Serial | 2.75% | 99.185
|
| $955,000 | 2021 | Serial | 5% | 117.447
|
| $2,225,000 | 2022 | Serial | 3% | 100
|
| $585,000 | 2022 | Serial | 5% | 117.6
|
| $2.91 million | 2023 | Serial | 5% | 117.116
|
| $3.05 million | 2024 | Serial | 3% | 97.479
|
| $3,145,000 | 2025 | Serial | 3.125% | 97.703
|
| $3,245,000 | 2026 | Serial | 3.125% | 96.903
|
| $1,015,000 | 2032 | Term | 3.5% | 95.778
|
| $1,035,000 | 2037 | Term | 4% | 99.051
|
| $985,000 | 2041 | Term | 4% | 98.298
|
|
|
|
|
| $11.32 million series 2012E bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $275,000 | 2013 | Serial | 2% | 101.806
|
| $385,000 | 2014 | Serial | 2% | 102.54
|
| $390,000 | 2015 | Serial | 2% | 102.872
|
| $400,000 | 2016 | Serial | 2% | 102.704
|
| $405,000 | 2017 | Serial | 2% | 101.767
|
| $415,000 | 2018 | Serial | 2% | 100.412
|
| $425,000 | 2019 | Serial | 2.25% | 100.738
|
| $435,000 | 2020 | Serial | 2.5% | 100.371
|
| $445,000 | 2021 | Serial | 2.625% | 99.793
|
| $455,000 | 2022 | Serial | 2.75% | 99.553
|
| $470,000 | 2023 | Serial | 3% | 99.712
|
| $485,000 | 2024 | Serial | 3% | 98.377
|
| $495,000 | 2025 | Serial | 3.125% | 98.443
|
| $330,000 | 2026 | Serial | 3.25% | 98.868
|
| $340,000 | 2027 | Serial | 3.25% | 98.219
|
| $1,885,000 | 2032 | Term | 3.5% | 96.465
|
| $3,285,000 | 2039 | Term | 4% | 99.01
|
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