Published on 12/18/2014 in the Prospect News Municipals Daily.
New Issue: Dasny prices $73.67 million Pratt Institute revenue bonds
By Sheri Kasprzak
New York, Dec. 18 – The Dormitory Authority of the State of New York priced $73.67 million of series 2015A revenue bonds for the Pratt Institute, according to a pricing sheet.
The bonds (A3) were sold through Janney Montgomery Scott LLC.
The bonds are due 2015 to 2029 with term bonds due in 2034, 2036, 2039 and 2044. The serial coupons range from 3% to 5% with 0.39% to 3.09% yields. The 2034 bonds have a 5% coupon priced at 114.534 to yield 3.21%, and the 2036 bonds have a 3.625% coupon at 98.166 to yield 3.75%. The 2039 bonds have a 5% coupon priced at 113.05 to yield 3.38%, and the 2044 bonds have a 5% coupon priced at 112.273 to yield 3.47%.
Proceeds will be used to finance the construction of student residential facilities at the institute’s Brooklyn campus, as well as to refund the institute’s series 1999 bonds.
| Issuer: | Dormitory Authority of the State of New York/Pratt Institute
|
| Issue: | Series 2015A revenue bonds
|
| Amount: | $73.67 million
|
| Type: | Negotiated
|
| Underwriters: | Janney Montgomery Scott LLC (lead), Ramirez & Co. Inc. and Roosevelt & Cross Inc. (co-managers)
|
| Rating: | Moody’s: A3
|
| Pricing date: | Dec. 18
|
| Settlement date: | Jan. 7
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.22 million | 2015 | Serial | 4% | 101.741 | 0.39%
|
| $1.21 million | 2016 | Serial | 4% | 105.043 | 0.58%
|
| $1.26 million | 2017 | Serial | 4% | 107.621 | 0.89%
|
| $1.31 million | 2018 | Serial | 4% | 109.344 | 1.25%
|
| $1,365,000 | 2019 | Serial | 4% | 110.48 | 1.57%
|
| $1.43 million | 2020 | Serial | 5% | 116.523 | 1.82%
|
| $1.5 million | 2021 | Serial | 5% | 117.956 | 2.03%
|
| $1.58 million | 2022 | Serial | 5% | 118.918 | 2.24%
|
| $1.66 million | 2023 | Serial | 5% | 119.678 | 2.42%
|
| $1,745,000 | 2024 | Serial | 5% | 120.522 | 2.55%
|
| $1,835,000 | 2025 | Serial | 5% | 119.591 | 2.65%
|
| $1,925,000 | 2026 | Serial | 5% | 118.302 | 2.79%
|
| $2,005,000 | 2027 | Serial | 3% | 99.073 | 3.09%
|
| $2,085,000 | 2028 | Serial | 5% | 116.85 | 2.95%
|
| $2,195,000 | 2029 | Serial | 5% | 116.4 | 3.00%
|
| $12,785,000 | 2034 | Term | 5% | 114.534 | 3.21%
|
| $5,995,000 | 2036 | Term | 3.625% | 98.166 | 3.75%
|
| $10,055,000 | 2039 | Term | 5% | 113.05 | 3.38%
|
| $20.51 million | 2044 | Term | 5% | 112.273 | 3.47%
|
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