Published on 9/2/2015 in the Prospect News Municipals Daily.
New Issue: Dasny brings to market $1.1 billion of personal income tax revenue bonds
By Sheri Kasprzak
New York, Sept. 2 – The Dormitory Authority of the State of New York sold $1,100,335,000 of series 2015E general purpose state personal income tax revenue bonds, according to a pricing sheet. The deal was upsized from $1 billion.
The bonds (Aa1) were sold through senior managers J.P. Morgan Securities LLC, BofA Merrill Lynch and Loop Capital Markets LLC.
The bonds are due 2017 to 2037 with 2% to 5% coupons.
Proceeds will be used to refund existing bonds.
| Issuer: | Dormitory Authority of the State of New York
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| Issue: | Series 2015E general purpose state personal income tax revenue bonds
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| Amount: | $1,100,335,000
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| Type: | Negotiated
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| Underwriters: | J.P. Morgan Securities LLC, BofA Merrill Lynch and Loop Capital Markets LLC (lead), Barclays, BNY Mellon Capital Markets, Citigroup Global Markets Inc., Fidelity Capital Markets, Goldman, Sachs & Co., Jefferies & Co., Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
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| Rating: | Moody’s: Aa1
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| Pricing date: | Sept. 2
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| Settlement date: | Sept. 11
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| Amount | Maturity | Type | Coupon | Price
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| $38,385,000 | 2017 | Serial | 3% | 103.759
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| $5.06 million | 2018 | Serial | 2% | 102.725
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| $16,995,000 | 2018 | Serial | 4% | 107.68
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| $22.81 million | 2018 | Serial | 5% | 110.157
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| $2,955,000 | 2019 | Serial | 4% | 109.49
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| $25,095,000 | 2019 | Serial | 5% | 112.916
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| $9.48 million | 2020 | Serial | 2% | 102.261
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| $3.24 million | 2020 | Serial | 4% | 110.958
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| $62.32 million | 2020 | Serial | 5% | 115.306
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| $7.64 million | 2021 | Serial | 4% | 111.604
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| $51,105,000 | 2021 | Serial | 5% | 116.832
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| $2,415,000 | 2022 | Serial | 4% | 111.958
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| $38.79 million | 2022 | Serial | 5% | 118.029
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| $2.79 million | 2023 | Serial | 2% | 98.417
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| $31.42 million | 2023 | Serial | 5% | 119.059
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| $1.56 million | 2024 | Serial | 3% | 104.83
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| $800,000 | 2024 | Serial | 4% | 112.496
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| $33,565,000 | 2024 | Serial | 5% | 120.163
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| $2,815,000 | 2025 | Serial | 2.5% | 100.168
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| $3,295,000 | 2025 | Serial | 4% | 112.808
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| $31,615,000 | 2025 | Serial | 5% | 121.234
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| $39,615,000 | 2026 | Serial | 5% | 120.642
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| $27.72 million | 2027 | Serial | 4% | 110.229
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| $5 million | 2027 | Serial | 5% | 119.476
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| $25,755,000 | 2028 | Serial | 4% | 108.592
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| $17,405,000 | 2029 | Serial | 5% | 117.468
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| $5,375,000 | 2030 | Serial | 3.125% | 98.335
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| $48.35 million | 2030 | Serial | 5% | 116.713
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| $56.41 million | 2031 | Serial | 5% | 115.964
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| $59.23 million | 2032 | Serial | 5% | 115.499
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| $62.19 million | 2033 | Serial | 5.25% | 117.629
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| $101.94 million | 2034 | Serial | 5% | 114.668
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| $100.12 million | 2035 | Serial | 3.25% | 95.395
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| $12.8 million | 2035 | Serial | 5% | 114.392
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| $48.56 million | 2036 | Serial | 3.25% | 98.964
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| $70 million | 2036 | Serial | 5% | 111.324
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| $25,715,000 | 2037 | Serial | 3.5% | 97.051
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