Published on 12/13/2011 in the Prospect News Municipals Daily.
New Issue: Empire State Development, N.Y., offers $702.89 million of state PIT revenue bonds
By Sheri Kasprzak
New York, Dec. 13 - The Empire State Development Corp. of New York priced $702,885,000 of series 2011 state personal income tax revenue bonds, according to a pricing sheet.
The sale included $545,485,000 of series 2011A tax-exempt bonds and $157.4 million of series 2011B taxable bonds.
Bank of America Merrill Lynch won the bid for both the tax-exempt and taxable bonds.
The 2011A bonds are due 2012 to 2036 with a term bond due in 2041. The serial coupons range from 3% to 5%. The 2041 bonds have a 4% coupon priced at 98.5. The series 2011B bonds are due 2012 to 2021 with 0.25% to 2.79% coupons, all priced at par.
Proceeds will be used to fund state-supported activities, economic development projects and other projects related to state facilities.
| Issuer: | Empire State Development Corp.
|
| Issue: | Series 2011 state personal income tax revenue bonds
|
| Amount: | $702,885,000
|
| Type: | Competitive
|
| Underwriter: | Bank of America Merrill Lynch (winner)
|
| Pricing date: | Dec. 13
|
| Settlement date: | Dec. 21
|
|
|
| $545.485 million series 2011A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.87 million | 2012 | Serial | 3% | 100.659
|
| $24.47 million | 2013 | Serial | 5% | 105.768
|
| $25,695,000 | 2014 | Serial | 5% | 109.816
|
| $18,185,000 | 2015 | Serial | 5% | 113.069
|
| $19,085,000 | 2016 | Serial | 5% | 116.492
|
| $18,645,000 | 2017 | Serial | 5% | 119.722
|
| $19,575,000 | 2018 | Serial | 5% | 121.881
|
| $18,825,000 | 2019 | Serial | 5% | 123.133
|
| $19.76 million | 2020 | Serial | 5% | 123.951
|
| $20.75 million | 2021 | Serial | 5% | 123.938
|
| $17.65 million | 2022 | Serial | 5% | 122.715
|
| $18,525,000 | 2023 | Serial | 5% | 120.586
|
| $19.45 million | 2024 | Serial | 4% | 109.871
|
| $20,225,000 | 2025 | Serial | 4% | 108.009
|
| $21,045,000 | 2026 | Serial | 5% | 116.108
|
| $22,085,000 | 2027 | Serial | 5% | 115.063
|
| $23.18 million | 2028 | Serial | 3.5% | 100
|
| $24.01 million | 2029 | Serial | 5% | 113.006
|
| $25,195,000 | 2030 | Serial | 5% | 112.161
|
| $26.47 million | 2031 | Serial | 5% | 111.408
|
| $11.02 million | 2032 | Serial | 4% | 101.54
|
| $11,465,000 | 2033 | Serial | 4% | 100.764
|
| $11.92 million | 2034 | Serial | 5% | 108.94
|
| $12,515,000 | 2035 | Serial | 5% | 108.454
|
| $13.14 million | 2036 | Serial | 5% | 108.212
|
| $74.73 million | 2041 | Term | 4% | 98.5
|
|
|
| $157.4 million series 2011B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4,575,000 | 2012 | Serial | 0.25% | 100
|
| $15.97 million | 2013 | Serial | 0.5% | 100
|
| $16.09 million | 2014 | Serial | 0.75% | 100
|
| $16,265,000 | 2015 | Serial | 0.98% | 100
|
| $16.51 million | 2016 | Serial | 1.33% | 100
|
| $16,785,000 | 2017 | Serial | 1.7% | 100
|
| $17,125,000 | 2018 | Serial | 2% | 100
|
| $17,535,000 | 2019 | Serial | 2.34% | 100
|
| $18,005,000 | 2020 | Serial | 2.59% | 100
|
| $18.54 million | 2021 | Serial | 2.79% | 100
|
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