Published on 5/5/2016 in the Prospect News Municipals Daily.
New Issue: Dasny brings $216.66 million of school districts program revenue bonds
By Sheri Kasprzak
New York, May 5 – The Dormitory Authority of the State of New York sold $216,665,000 of series 2016 school districts revenue bond financing program revenue bonds, said a pricing sheet.
The bonds were sold through RBC Capital Markets LLC and Roosevelt & Cross Inc.
The deal included $190,555,000 of series 2016A bonds (/A+/AA-), $14.88 million of series 2016B bonds (Aa3//AA-), $7,615,000 of series 2016C bonds (/AA-/AA-) and $3,615,000 of series 2016 bonds (/A+/AA-).
The 2016A bonds are due 2016 to 2036 with a term bond due in 2039. The serial coupons range from 2% to 5% with yields from 0.40% to 3.14%. The 2039 bonds have a 3.25% coupon priced at 99.834 to yield 3.26%.
The 2016B bonds are due 2016 to 2024 with coupons from 2% to 5% and yields from 0.54% to 1.67%.
The 2016C bonds are due 2016 to 2024 with coupons from 0.54% to 1.67%.
The 2016D bonds are due 2016 to 2024 with 2% to 5% coupons and 0.54% to 1.72% yields.
Proceeds will be used to refund the authority’s series 2008A, 2009A-D and 2011G revenue bonds.
| Issuer: | Dormitory Authority of the State of New York
|
| Issue: | Series 2016 school districts revenue bond financing program revenue bonds
|
| Amount: | $216,665,000
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC and Roosevelt & Cross Inc. (lead), Fidelity Capital Markets Inc., Jefferies & Co., Loop Capital Markets LLC, Piper Jaffray & Co., Ramirez & Co. Inc. and Raymond James/Morgan Keegan (co-managers)
|
| Pricing date: | May 4
|
| Settlement date: | May 27
|
|
|
| $190,555,000 series 2016A bonds (/A+/AA-)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $655,000 | 2016 | Serial | 2% | 100.549 | 0.40%
|
| $140,000 | 2017 | Serial | 2% | 101.668 | 0.75%
|
| $145,000 | 2018 | Serial | 2% | 102.616 | 0.87%
|
| $3.66 million | 2019 | Serial | 3% | 106.493 | 1.02%
|
| $225,000 | 2020 | Serial | 3% | 107.816 | 1.15%
|
| $19.43 million | 2020 | Serial | 4% | 112.042 | 1.15%
|
| $5 million | 2020 | Serial | 5% | 103.591 | 1.15%
|
| $310,000 | 2021 | Serial | 3% | 108.748 | 1.30%
|
| $24,195,000 | 2021 | Serial | 5% | 119.041 | 1.30%
|
| $2,735,000 | 2022 | Serial | 4% | 115.401 | 1.45%
|
| $22,845,000 | 2022 | Serial | 5% | 121.441 | 1.45%
|
| $16,085,000 | 2023 | Serial | 4% | 116.717 | 1.58%
|
| $9,865,000 | 2023 | Serial | 5% | 123.625 | 1.58%
|
| $1 million | 2024 | Serial | 4% | 117.65 | 1.72%
|
| $19,225,000 | 2024 | Serial | 5% | 125.392 | 1.72%
|
| $8.22 million | 2025 | Serial | 5% | 126.718 | 1.87%
|
| $3 million | 2026 | Serial | 3% | 109.105 | 2.02%
|
| $4.79 million | 2026 | Serial | 5% | 127.69 | 2.02%
|
| $7.21 million | 2027 | Serial | 5% | 126.304 | 2.15%
|
| $7.56 million | 2028 | Serial | 5% | 125.145 | 2.26%
|
| $7,105,000 | 2029 | Serial | 5% | 124.414 | 2.33%
|
| $4.34 million | 2030 | Serial | 5% | 123.895 | 2.38%
|
| $4,005,000 | 2031 | Serial | 5% | 123.276 | 2.44%
|
| $3,735,000 | 2032 | Serial | 5% | 122.66 | 2.50%
|
| $3,925,000 | 2033 | Serial | 5% | 122.354 | 2.53%
|
| $2.01 million | 2034 | Serial | 3% | 99.717 | 3.02%
|
| $2.04 million | 2034 | Serial | 5% | 121.743 | 2.59%
|
| $3,675,000 | 2035 | Serial | 3% | 99.126 | 3.06%
|
| $1.98 million | 2036 | Serial | 3.125% | 99.773 | 3.14%
|
| $1,445,000 | 2039 | Term | 3.25% | 99.834 | 3.26%
|
|
|
| $14.88 million series 2016B bonds (Aa3//AA-)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $65,000 | 2016 | Serial | 2% | 100.501 | 0.54%
|
| $55,000 | 2017 | Serial | 2% | 101.695 | 0.73%
|
| $55,000 | 2018 | Serial | 2% | 102.71 | 0.83%
|
| $1,295,000 | 2019 | Serial | 2% | 103.38 | 0.97%
|
| $3.12 million | 2020 | Serial | 3% | 108.037 | 1.10%
|
| $3,215,000 | 2021 | Serial | 4% | 114.172 | 1.25%
|
| $3,345,000 | 2022 | Serial | 4% | 115.73 | 1.40%
|
| $2.01 million | 2023 | Serial | 5% | 124.016 | 1.53%
|
| $1.72 million | 2024 | Serial | 5% | 125.835 | 1.67%
|
|
|
| $7,615,000 series 2016C bonds (/AA-/AA-)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $40,000 | 2016 | Serial | 2% | 100.501 | 0.54%
|
| $35,000 | 2017 | Serial | 2% | 101.695 | 0.73%
|
| $35,000 | 2018 | Serial | 2% | 102.71 | 0.83%
|
| $820,000 | 2019 | Serial | 2% | 103.38 | 0.97%
|
| $1.51 million | 2020 | Serial | 3% | 108.037 | 1.10%
|
| $1,555,000 | 2021 | Serial | 4% | 114.172 | 1.25%
|
| $1,625,000 | 2022 | Serial | 4% | 115.73 | 1.40%
|
| $1.2 million | 2023 | Serial | 5% | 124.016 | 1.53%
|
| $795,000 | 2024 | Serial | 5% | 125.835 | 1.67%
|
|
|
| $3,615,000 series 2016D bonds (/A+/AA-)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $10,000 | 2016 | Serial | 2% | 100.501 | 0.54%
|
| $5,000 | 2017 | Serial | 2% | 101.668 | 0.75%
|
| $5,000 | 2018 | Serial | 2% | 102.616 | 0.87%
|
| $5,000 | 2019 | Serial | 2% | 103.213 | 1.02%
|
| $665,000 | 2020 | Serial | 3% | 107.816 | 1.15%
|
| $685,000 | 2021 | Serial | 4% | 113.895 | 1.30%
|
| $710,000 | 2022 | Serial | 5% | 121.441 | 1.45%
|
| $745,000 | 2023 | Serial | 5% | 123.625 | 1.58%
|
| $785,000 | 2024 | Serial | 5% | 125.392 | 1.72%
|
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