Published on 5/15/2015 in the Prospect News Municipals Daily.
New Issue: Dasny brings to market $124.64 million school districts revenue bonds
By Sheri Kasprzak
New York, May 15 – The Dormitory Authority of the State of New York priced $124,635,000 of series 2015 school districts revenue financing program revenue bonds, according to a pricing sheet.
The deal included $84.05 million of series 2015D bonds (/A+/AA-), $13.33 million of series 2015E bonds (Aa3//AA-/) and $27,255,000 of series 2015E bonds (/A+/AA-).
The 2015D bonds are due 2016 to 2034 with 3% to 5% coupons.
The 2015E bonds are due 2016 to 2030 with coupons from 3% to 5%.
The 2015F bonds are due 2016 to 2028 with 2.5% to 5% coupons.
Proceeds will be used to repay bond anticipation notes issued by the school districts, which were used to finance capital projects.
| Issuer: | Dormitory Authority of the State of New York
|
| Issue: | Series 2015 school districts revenue financing program revenue bonds
|
| Amount: | $124,635,000
|
| Type: | Negotiated
|
| Underwriters: | Jefferies & Co. and RBC Capital Markets LLC (lead), Raymond James/Morgan Keegan and Roosevelt & Cross Inc. (co-managers)
|
| Pricing date: | May 14
|
| Settlement date: | June 10 (for 2015D-E), July 2 (for 2015F)
|
|
|
| $84.05 million series 2015D bonds (/A+/AA-)
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.42 million | 2016 | Serial | 3% | 103.029
|
| $4,585,000 | 2017 | Serial | 5% | 108.959
|
| $4,745,000 | 2018 | Serial | 5% | 111.562
|
| $4,885,000 | 2019 | Serial | 5% | 113.874
|
| $5,075,000 | 2020 | Serial | 5% | 115.909
|
| $5.32 million | 2021 | Serial | 5% | 117.37
|
| $5.59 million | 2022 | Serial | 5% | 118.286
|
| $5.88 million | 2023 | Serial | 5% | 118.73
|
| $6,165,000 | 2024 | Serial | 5% | 118.997
|
| $6,475,000 | 2025 | Serial | 5% | 119.182
|
| $6.73 million | 2026 | Serial | 5% | 117.422
|
| $6,995,000 | 2027 | Serial | 5% | 116.458
|
| $7,095,000 | 2028 | Serial | 5% | 115.504
|
| $6,975,000 | 2029 | Serial | 5% | 114.936
|
| $3,605,000 | 2030 | Serial | 3.5% | 98.019
|
| $1.02 million | 2030 | Serial | 5% | 114.184
|
| $275,000 | 2031 | Serial | 3.625% | 98.481
|
| $70,000 | 2032 | Serial | 3.625% | 97.791
|
| $70,000 | 2033 | Serial | 3.75% | 98.691
|
| $75,000 | 2034 | Serial | 3.75% | 97.974
|
|
|
| $13.33 million series 2015E bonds (Aa3//AA-)
|
| Amount | Maturity | Type | Coupon | Price
|
| $415,000 | 2016 | Serial | 3% | 103.029
|
| $755,000 | 2017 | Serial | 5% | 108.959
|
| $780,000 | 2018 | Serial | 4% | 108.341
|
| $840,000 | 2019 | Serial | 5% | 113.874
|
| $825,000 | 2020 | Serial | 4% | 110.607
|
| $875,000 | 2021 | Serial | 5% | 117.37
|
| $915,000 | 2022 | Serial | 5% | 118.286
|
| $975,000 | 2023 | Serial | 5% | 118.73
|
| $975,000 | 2024 | Serial | 5% | 118.997
|
| $1.05 million | 2025 | Serial | 5% | 119.182
|
| $1,105,000 | 2026 | Serial | 3% | 98.579
|
| $1,165,000 | 2027 | Serial | 3.125% | 98.338
|
| $1,225,000 | 2028 | Serial | 3.25% | 97.981
|
| $795,000 | 2029 | Serial | 3.375% | 97.826
|
| $635,000 | 2030 | Serial | 3.5% | 98.019
|
|
|
| $27,255,000 series 2015F bonds (/A+/AA-)
|
| Amount | Maturity | Type | Coupon | Price
|
| $785,000 | 2016 | Serial | 4% | 103.873
|
| $1.78 million | 2017 | Serial | 5% | 108.259
|
| $1,845,000 | 2018 | Serial | 5% | 110.681
|
| $1.93 million | 2019 | Serial | 5% | 112.807
|
| $2,025,000 | 2020 | Serial | 5% | 114.388
|
| $2.13 million | 2021 | Serial | 5% | 115.31
|
| $2.24 million | 2022 | Serial | 2.25% | 97.895
|
| $2,355,000 | 2023 | Serial | 2.5% | 97.874
|
| $2,475,000 | 2024 | Serial | 3% | 100
|
| $2,605,000 | 2025 | Serial | 5% | 116.185
|
| $2,735,000 | 2026 | Serial | 3.125% | 98.549
|
| $2,875,000 | 2027 | Serial | 3.25% | 98.209
|
| $1,475,000 | 2028 | Serial | 3.375% | 97.849
|
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