Published on 4/19/2016 in the Prospect News Municipals Daily.
New Issue: Dasny prices $125.85 million Cornell University revenue bonds
By Sheri Kasprzak
New York, April 19 – The Dormitory Authority of the State of New York sold $125.85 million of series 2016A revenue bonds for Cornell University on Tuesday, according to a pricing sheet. The deal was downsized from $131,655,000.
The bonds (Aa1/AA) were sold through BofA Merrill Lynch.
The bonds are due 2017 to 2035 with 3% to 5% coupons and yields from 0.56% to 2.49%.
Proceeds will be used to refund the university’s series 2006A revenue bonds.
| Issuer: | Dormitory Authority of the State of New York/Cornell University
|
| Issue: | Series 2016A revenue bonds
|
| Amount: | $125.85 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), BNY Mellon Capital Markets LLC, Citigroup Global Markets Inc., Drexel Hamilton LLC, Morgan Stanley & Co. LLC and Ramirez & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA
|
| Pricing date: | April 19
|
| Settlement date: | May 17
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.93 million | 2017 | Serial | 5% | 101.608 | 0.56%
|
| $4,715,000 | 2018 | Serial | 5% | 109.086 | 0.68%
|
| $4,945,000 | 2019 | Serial | 4% | 109.944 | 0.77%
|
| $5,155,000 | 2020 | Serial | 3% | 108.521 | 0.89%
|
| $5,305,000 | 2021 | Serial | 5% | 119.757 | 1.03%
|
| $5,575,000 | 2022 | Serial | 4% | 116.671 | 1.17%
|
| $5,795,000 | 2023 | Serial | 5% | 125.399 | 1.26%
|
| $6,085,000 | 2024 | Serial | 5% | 127.37 | 1.42%
|
| $6,385,000 | 2025 | Serial | 4% | 120.67 | 1.56%
|
| $6.19 million | 2026 | Serial | 5% | 130.783 | 1.68%
|
| $6.5 million | 2027 | Serial | 5% | 131.297 | 1.87%
|
| $6.82 million | 2028 | Serial | 5% | 128.315 | 1.91%
|
| $7,165,000 | 2029 | Serial | 5% | 127.575 | 1.98%
|
| $7,525,000 | 2030 | Serial | 5% | 127.259 | 2.01%
|
| $7,895,000 | 2031 | Serial | 5% | 126.631 | 2.07%
|
| $8.29 million | 2032 | Serial | 5% | 125.902 | 2.14%
|
| $8,715,000 | 2033 | Serial | 5% | 125.384 | 2.19%
|
| $9,145,000 | 2034 | Serial | 4% | 113.434 | 2.49%
|
| $9,715,000 | 2035 | Serial | 5% | 124.255 | 2.30%
|
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