Published on 6/11/2014 in the Prospect News Municipals Daily.
New Issue: Dasny brings to market $94.29 million Touro College revenue bonds
By Sheri Kasprzak
New York, June 11 – The Dormitory Authority of the State of New York priced $94,285,000 of series 2014 revenue bonds for the Touro College and University System Obligated Group, according to a pricing sheet.
The deal included $55.96 million of series 2014A bonds and $38,325,000 of series 2014B bonds.
The 2014A bonds are due 2018 to 2030 with term bonds due in 2034, 2039 and 2044. The serial coupons range from 3% to 4.125% with 1.93% to 4.29% yields. The 2034 bonds have a 5.25% coupon priced at 107.663 to yield 4.3%, and the 2039 bonds have a 5.5% coupon priced at 107.989 to yield 4.5%. The 2044 bonds have a 5.5% coupon priced at 107.488 to yield 4.56%.
The 2014B bonds are due 2015 to 2024 with a term bond due in 2029. The serial coupons range from 1.1% 5% with yields from 1.1% to 5.14%. The 2029 bonds have a 5.75% coupon priced at 98.645 to yield 5.89%.
The bonds (//BBB-) were sold through Stifel, Nicolaus & Co. Inc.
Proceeds will be used to finance improvements to the university’s facilities in Middletown, N.Y.
| Issuer: | Dormitory Authority of the State of New York/Touro College and University System Obligated Group
|
| Issue: | Series 2014 revenue bonds
|
| Amount: | $94,285,000
|
| Type: | Negotiated
|
| Underwriters: | Stifel, Nicolaus & Co. Inc. (lead), Ramirez & Co. Inc. and Ziegler Inc. (co-managers)
|
| Rating: | Fitch: BBB-
|
| Pricing date: | June 11
|
| Settlement date: | June 26
|
|
|
| $55.96 million series 2014A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $400,000 | 2018 | Serial | 3% | 103.618 | 1.93%
|
| $405,000 | 2019 | Serial | 3% | 102.638 | 2.38%
|
| $415,000 | 2020 | Serial | 3% | 101.27 | 2.75%
|
| $425,000 | 2021 | Serial | 4% | 105.21 | 3.11%
|
| $435,000 | 2022 | Serial | 4% | 103.814 | 3.42%
|
| $445,000 | 2023 | Serial | 4% | 102.91 | 3.60%
|
| $460,000 | 2024 | Serial | 4% | 102.225 | 3.72%
|
| $470,000 | 2025 | Serial | 4% | 101.402 | 3.83%
|
| $485,000 | 2026 | Serial | 4% | 100.574 | 3.93%
|
| $495,000 | 2027 | Serial | 4% | 99.706 | 4.03%
|
| $510,000 | 2028 | Serial | 4% | 98.969 | 4.10%
|
| $525,000 | 2029 | Serial | 4.125% | 99.083 | 4.21%
|
| $2.33 million | 2030 | Serial | 4.125% | 98.144 | 4.29%
|
| $10.6 million | 2034 | Term | 5.25% | 107.663 | 4.30%
|
| $16,915,000 | 2039 | Term | 5.5% | 107.989 | 4.50%
|
| $20,645,000 | 2044 | Term | 5.5% | 107.488 | 4.56%
|
|
|
| $38,325,000 series 2014B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.95 million | 2015 | Serial | 1.1% | 100 | 1.10%
|
| $2 million | 2016 | Serial | 1.7% | 100 | 1.70%
|
| $2.04 million | 2017 | Serial | 2.2% | 100 | 2.20%
|
| $2,095,000 | 2018 | Serial | 2.7% | 100 | 2.70%
|
| $2,155,000 | 2019 | Serial | 3.25% | 100 | 3.25%
|
| $2.23 million | 2020 | Serial | 3.65% | 100 | 3.65%
|
| $2.32 million | 2021 | Serial | 4.2% | 100 | 4.20%
|
| $2,425,000 | 2022 | Serial | 4.7% | 100 | 4.70%
|
| $2,545,000 | 2023 | Serial | 4.9% | 100 | 4.90%
|
| $2,675,000 | 2024 | Serial | 5% | 98.956 | 5.14%
|
| $15.89 million | 2029 | Term | 5.75% | 98.645 | 5.89%
|
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