Published on 4/7/2015 in the Prospect News Municipals Daily.
New Issue: Dasny prices $124.26 million revenue bonds for the New School
By Sheri Kasprzak
New York, April 7 – The Dormitory Authority of the State of New York sold $124,255,000 of series 2015A revenue bonds for the New School, according to a pricing sheet.
The bonds (A3/A-/) were sold through Goldman Sachs & Co.
The bonds are due 2016 to 2035 with term bonds due in 2040, 2045 and 2050. The serial coupons range from 3% to 5%. The 2040 bonds have a 5% coupon priced at 113.928, and the 2045 bonds have a 5% coupon priced at 113.467. The 2050 bonds have a 4% coupon priced at 98.142 and a 5% coupon priced at 111.6.
Proceeds will finance capital improvements to the New School facilities.
| Issuer: | Dormitory Authority of the State of New York/The New School
|
| Issue: | Series 2015A revenue bonds
|
| Amount: | $124,255,000
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co. (lead), Barclays and Rice Financial Products Co. (co-managers)
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A-
|
| Pricing date: | April 7
|
| Settlement date: | May 1
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,535,000 | 2016 | Serial | 3% | 103.011
|
| $1,575,000 | 2017 | Serial | 4% | 107.061
|
| $1.64 million | 2018 | Serial | 5% | 112.27
|
| $1,725,000 | 2019 | Serial | 5% | 114.563
|
| $1.81 million | 2020 | Serial | 5% | 116.794
|
| $1,895,000 | 2021 | Serial | 5% | 118.596
|
| $1,995,000 | 2022 | Serial | 5% | 120.083
|
| $2.09 million | 2023 | Serial | 5% | 121.406
|
| $2,195,000 | 2024 | Serial | 5% | 122.105
|
| $2,305,000 | 2025 | Serial | 5% | 122.721
|
| $2,415,000 | 2026 | Serial | 5% | 121.217
|
| $1.59 million | 2027 | Serial | 5% | 120.03
|
| $1.67 million | 2028 | Serial | 5% | 118.954
|
| $1,755,000 | 2029 | Serial | 5% | 118.275
|
| $1.84 million | 2030 | Serial | 5% | 117.313
|
| $1,935,000 | 2031 | Serial | 5% | 116.551
|
| $5.04 million | 2032 | Serial | 5% | 116.077
|
| $5.29 million | 2033 | Serial | 5% | 115.606
|
| $2.99 million | 2034 | Serial | 5% | 115.23
|
| $3.14 million | 2035 | Serial | 5% | 114.95
|
| $18,235,000 | 2040 | Term | 5% | 113.928
|
| $26.06 million | 2045 | Term | 5% | 113.467
|
| $10 million | 2050 | Term | 4% | 98.142
|
| $23.53 million | 2050 | Term | 5% | 111.6
|
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