Published on 3/24/2015 in the Prospect News Municipals Daily.
New Issue: Dasny offers up $104.57 million of St. John’s University revenue bonds
By Sheri Kasprzak
New York, March 24 – The Dormitory Authority of the State of New York sold $104,565,000 of series 2015A revenue bonds for St. John’s University, according to a term sheet.
The bonds (A3/A-/) were sold through Morgan Stanley & Co. LLC.
The bonds are due 2018 to 2034 with a term bond due in 2037. The serial coupons range from 3% to 5%. The 2037 bonds have a 5% coupon priced at 115.098.
Proceeds will be used to refund the authority’s series 2007A revenue bonds issued for the university.
| Issuer: | Dormitory Authority of the State of New York/St. John’s University
|
| Issue: | Series 2015A revenue bonds
|
| Amount: | $104,565,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Ramirez & Co. Inc. and Roosevelt & Cross Inc. (co-managers)
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A-
|
| Pricing date: | March 24
|
| Settlement date: | April 14
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.95 million | 2018 | Serial | 3% | 106.01
|
| $3.35 million | 2019 | Serial | 4% | 110.465
|
| $3.48 million | 2020 | Serial | 4% | 111.633
|
| $3,655,000 | 2021 | Serial | 5% | 118.335
|
| $3.84 million | 2022 | Serial | 5% | 119.679
|
| $4.03 million | 2023 | Serial | 5% | 120.592
|
| $4,235,000 | 2024 | Serial | 5% | 121.276
|
| $4,445,000 | 2025 | Serial | 5% | 121.9
|
| $5.11 million | 2026 | Serial | 5% | 120.601
|
| $4.92 million | 2027 | Serial | 5% | 119.416
|
| $5.17 million | 2028 | Serial | 3% | 98.068
|
| $5,395,000 | 2029 | Serial | 5% | 117.474
|
| $5,665,000 | 2030 | Serial | 5% | 116.803
|
| $5,935,000 | 2031 | Serial | 5% | 116.231
|
| $6.23 million | 2032 | Serial | 5% | 115.852
|
| $6,545,000 | 2033 | Serial | 5% | 115.474
|
| $6.87 million | 2034 | Serial | 5% | 115.286
|
| $22.74 million | 2037 | Term | 5% | 115.098
|
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