By Sheri Kasprzak
New York, June 30 - The Empire State Development Corp. priced $650 million in series 2010 Liberty bonds on Wednesday, according to a term sheet.
The bonds (/AA/AA) were sold on a negotiated basis with Bank of America Merrill Lynch as the senior manager.
The sale included $351.6 million in series 2010-1 second priority bonds, $87.1 million in series 2010-2 and $211.3 million in series 2010-3 second priority bonds.
The 2010-1 bonds are due 2044 and 2046. The 2044 bonds have a 5.125% coupon and were priced at 98.036. The 2046 bonds have a 5.625% coupon and were priced at 102.78.
The 2010-2 bonds are due 2047, have a 5.625% coupon and priced at par.
The 2010-3 bonds are due 2049, have a 6.375% coupon and priced at par.
Proceeds will be used to refund bonds issued to finance the construction of One Bryant Park, also known as the Bank of America Tower, a certified commercial tower.
Based in New York, the corporation finances economic development in the city.
| Issuer: | Empire State Development Corp.
|
| Issue: | Series 2010 Liberty bonds
|
| Amount: | $650 million
|
| Type: | Negotiated
|
| Underwriter: | Bank of America Merrill Lynch
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | June 30
|
| Settlement date: | July 8
|
|
|
| Series 2010-1
|
| Maturity | Type | Coupon | Price
|
| 2044 | Term | 5.125% | 98.036
|
| 2046 | Term | 5.625% | 102.78
|
|
|
| Series 2010-2
|
| Maturity | Type | Coupon | Price
|
| 2047 | Term | 5.625% | 100
|
|
|
| Series 2010-3
|
| Maturity | Type | Coupon | Price
|
| 2049 | Term | 6.375% | 100
|
|
|
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