Published on 4/14/2015 in the Prospect News Municipals Daily.
New Issue: Dasny brings to market $104.13 million school districts revenue bonds
By Sheri Kasprzak
New York, April 14 – The Dormitory Authority of the State of New York sold $104,125,000 of series 2015 school districts revenue bond financing program revenue bonds, according to a term sheet.
The deal included $41,235,000 of series 2015A bonds, $57.04 million of series 2015B bonds and $5.85 million of series 2015C bonds.
The 2015A bonds are due 2015 to 2034 with 3% to 5% coupons and 0.25% to 3.54% yields.
The 2015B bonds are due 2015 to 2035 with a term bond due in 2039. The serial coupons range from 3% to 5% with yields from 0.3% to 3.48% yields. The 2039 bonds have a 5% coupon priced at 114.982 to yield 3.29%.
The 2015C bonds are due 2015 to 2024 with 2% to 4% coupons and 0.25% to 2.34% yields.
The bonds (Aa3/AA/AA-) were sold through senior managers Raymond James/Morgan Keegan and Roosevelt & Cross Inc.
Proceeds will be used to finance capital improvements for qualified school districts and refund existing bonds.
| Issuer: | Dormitory Authority of the State of New York
|
| Issue: | Series 2015 school districts revenue bond financing program revenue bonds
|
| Amount: | $104,125,000
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| Type: | Negotiated
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| Underwriters: | Raymond James/Morgan Keegan and Roosevelt & Cross Inc. (lead), Jefferies & Co. and RBC Capital Markets LLC (co-managers)
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| Ratings: | Moody’s: Aa3
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| Standard & Poor’s: AA
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| Fitch: AA-
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| Pricing date: | April 2
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| Settlement date: | April 29
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| $41,235,000 series 2015A bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $90,000 | 2015 | Serial | 3% | 101.159 | 0.25%
|
| $60,000 | 2016 | Serial | 3% | 102.475 | 0.31%
|
| $15,000 | 2016 | Serial | 3% | 103.523 | 0.51%
|
| $55,000 | 2017 | Serial | 3% | 104.403 | 0.69%
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| $1.24 million | 2017 | Serial | 4% | 107.46 | 0.88%
|
| $55,000 | 2018 | Serial | 3% | 105.626 | 1.04%
|
| $1,295,000 | 2018 | Serial | 4% | 109.43 | 1.18%
|
| $470,000 | 2019 | Serial | 4% | 110.21 | 1.32%
|
| $3,375,000 | 2019 | Serial | 5% | 115.291 | 1.42%
|
| $485,000 | 2020 | Serial | 4% | 111.717 | 1.52%
|
| $3.07 million | 2020 | Serial | 5% | 117.476 | 1.62%
|
| $505,000 | 2021 | Serial | 4% | 112.724 | 1.73%
|
| $3,225,000 | 2021 | Serial | 5% | 119.057 | 1.84%
|
| $525,000 | 2022 | Serial | 4% | 113.213 | 1.95%
|
| $3,385,000 | 2022 | Serial | 5% | 120.366 | 2.03%
|
| $545,000 | 2023 | Serial | 4% | 113.564 | 2.13%
|
| $3.55 million | 2023 | Serial | 5% | 121.417 | 2.20%
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| $565,000 | 2024 | Serial | 4% | 113.727 | 2.29%
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| $3.73 million | 2024 | Serial | 5% | 122.373 | 2.34%
|
| $1,195,000 | 2025 | Serial | 5% | 123.327 | 2.45%
|
| $1.26 million | 2026 | Serial | 5% | 121.989 | 2.58%
|
| $1,325,000 | 2027 | Serial | 5% | 120.669 | 2.71%
|
| $1.39 million | 2028 | Serial | 5% | 119.765 | 2.80%
|
| $1,465,000 | 2029 | Serial | 5% | 118.968 | 2.88%
|
| $1,535,000 | 2030 | Serial | 5% | 118.276 | 2.95%
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| $1,615,000 | 2031 | Serial | 5% | 117.686 | 3.01%
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| $1.7 million | 2032 | Serial | 5% | 117.198 | 3.06%
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| $1.77 million | 2033 | Serial | 3.375% | 98.311 | 3.50%
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| $1.83 million | 2034 | Serial | 3.375% | 97.694 | 3.54%
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|
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| $57.04 million series 2015B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $60,000 | 2015 | Serial | 3% | 101.138 | 0.30%
|
| $20,000 | 2016 | Serial | 3% | 103.451 | 0.56%
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| $240,000 | 2016 | Serial | 3% | 102.428 | 0.36%
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| $25,000 | 2017 | Serial | 4% | 107.335 | 0.93%
|
| $160,000 | 2017 | Serial | 4% | 106.21 | 0.74%
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| $3,935,000 | 2018 | Serial | 4% | 109.254 | 1.23%
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| $360,000 | 2018 | Serial | 4% | 108.346 | 1.09%
|
| $5.68 million | 2019 | Serial | 5% | 114.966 | 1.49%
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| $1,265,000 | 2019 | Serial | 5% | 113.732 | 1.39%
|
| $5.97 million | 2020 | Serial | 5% | 117.079 | 1.69%
|
| $1,325,000 | 2020 | Serial | 5% | 116.082 | 1.59%
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| $6.26 million | 2021 | Serial | 5% | 118.59 | 1.91%
|
| $1,385,000 | 2021 | Serial | 5% | 117.898 | 1.80%
|
| $4,055,000 | 2022 | Serial | 5% | 119.833 | 2.10%
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| $1,455,000 | 2022 | Serial | 5% | 119.159 | 2.02%
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| $1.98 million | 2023 | Serial | 5% | 120.819 | 2.27%
|
| $1.54 million | 2023 | Serial | 5% | 120.253 | 2.20%
|
| $2,085,000 | 2024 | Serial | 5% | 121.712 | 2.41%
|
| $1,605,000 | 2024 | Serial | 5% | 121.126 | 2.36%
|
| $110,000 | 2025 | Serial | 4% | 113.489 | 2.52%
|
| $1,705,000 | 2025 | Serial | 5% | 122.042 | 2.48%
|
| $1,895,000 | 2026 | Serial | 5% | 121.276 | 2.65%
|
| $2.01 million | 2027 | Serial | 5% | 120.166 | 2.76%
|
| $2,105,000 | 2028 | Serial | 5% | 119.266 | 2.85%
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| $1.47 million | 2029 | Serial | 5% | 118.473 | 2.93%
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| $915,000 | 2030 | Serial | 3.25% | 98.801 | 3.35%
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| $960,000 | 2031 | Serial | 3.25% | 97.752 | 3.43%
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| $970,000 | 2032 | Serial | 3.375% | 98.634 | 3.48%
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| $1.01 million | 2033 | Serial | 5% | 116.324 | 3.15%
|
| $1.07 million | 2034 | Serial | 5% | 115.939 | 3.19%
|
| $1.13 million | 2035 | Serial | 5% | 115.651 | 3.22%
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| $2,285,000 | 2039 | Term | 5% | 114.982 | 3.29%
|
|
|
| $5.85 million series 2015C bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $95,000 | 2015 | Serial | 3% | 101.159 | 0.25%
|
| $150,000 | 2016 | Serial | 3% | 103.523 | 0.51%
|
| $155,000 | 2017 | Serial | 3% | 105.069 | 0.88%
|
| $160,000 | 2018 | Serial | 3% | 106.086 | 1.18%
|
| $905,000 | 2019 | Serial | 4% | 111.019 | 1.42%
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| $940,000 | 2020 | Serial | 4% | 112.305 | 1.62%
|
| $970,000 | 2021 | Serial | 2% | 100.964 | 1.84%
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| $990,000 | 2022 | Serial | 2% | 99.793 | 2.03%
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| $1 million | 2023 | Serial | 2% | 98.469 | 2.20%
|
| $485,000 | 2024 | Serial | 2.25% | 99.242 | 2.34%
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