By Sheri Kasprzak
New York, Nov. 5 - The Empire State Development Authority in New York priced $672.1 million in series 2008 building aid revenue bonds Wednesday, said Peter Heilbrunn of the authority.
The bonds (//A+) were sold through lead manager Merrill Lynch & Co.
The bonds are due 2012 to 2025 with term bonds due 2026, 2027 and 2028. The serials have coupons from 4% to 5.5% with yields from 3.87% to 5.67%. The 2026, 2027 and 2028 term bonds each have a 5.625% coupon to yield 5.75%.
Proceeds from the deal will be used to repay the authority's series 2003A correctional and youth facilities service contract revenue bonds, which are up for mandatory tender Jan. 1, 2009.
| Issuer: | Empire State Development Authority
|
| Issue: | Series 2008 building aid revenue bonds
|
| Amount: | $672.1 million
|
| Type: | Negotiated
|
| Underwriter: | Merrill Lynch & Co.
|
| Rating: | Fitch: A+
|
| Pricing date: | Nov. 5
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2012 | Serial | 4% | 3.87%
|
| 2012 | Serial | 5% | 3.87%
|
| 2013 | Serial | 4% | 4.14%
|
| 2013 | Serial | 5% | 4.14%
|
| 2014 | Serial | 4.25% | 4.33%
|
| 2014 | Serial | 5% | 4.33%
|
| 2015 | Serial | 4.5% | 4.52%
|
| 2015 | Serial | 5% | 4.52%
|
| 2016 | Serial | 5% | 4.73%
|
| 2017 | Serial | 5.25% | 4.91%
|
| 2018 | Serial | 5.25% | 5.10%
|
| 2019 | Serial | 5.5% | 5.27%
|
| 2020 | Serial | 5.25% | 5.38%
|
| 2021 | Serial | 5.375% | 5.47%
|
| 2021 | Serial | 5.25% | 5.47%
|
| 2022 | Serial | 5.375% | 5.50%
|
| 2023 | Serial | 5.5% | 5.56%
|
| 2024 | Serial | 5.5% | 5.62%
|
| 2025 | Serial | 5.5% | 5.67%
|
| 2026 | Term | 5.625% | 5.75%
|
| 2027 | Term | 5.625% | 5.75%
|
| 2028 | Term | 5.625% | 5.75%
|
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