Published on 3/9/2016 in the Prospect News Municipals Daily.
New Issue: Empire State Development, N.Y., brings $1.66 billion of revenue bonds
By Sheri Kasprzak
New York, March 9 – The Empire State Development Corp. of New York sold $1,655,590,000 of series 2016A state personal income tax revenue bonds, said a pricing sheet. The deal was upsized from $1,230,130,000.
The bonds (AA+/AAA) were sold through senior managers BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman, Sachs & Co. and Ramirez & Co. Inc.
The bonds are due 2019 to 2038 with 2% to 5% coupons and yields from 0.92% to 3.50%.
Proceeds will be used to refund existing debt.
| Issuer: | Empire State Development Corp.
|
| Issue: | Series 2016A state personal income tax revenue bonds
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| Amount: | $1,655,590,000
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| Type: | Negotiated
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| Underwriters: | BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman, Sachs & Co. and Ramirez & Co. Inc. (lead), Barclays, Goldman, Sachs & Co., Jefferies & Co., J.P. Morgan Securities LLC, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Rice Financial Products Co., Siebert Brandford Shank & Co. LLC, Wells Fargo Securities LLC, Blaylock Beal Van LLC, BNY Mellon Capital Markets LLC, Fidelity Capital Markets Inc., Janney Montgomery Scott LLC, KeyBanc Capital Markets Inc., Lebenthal & Co. Inc., M&T Securities Inc., Mesirow Financial Inc., Oppenheimer & Co. Inc., Piper Jaffray & Co., Raymond James/Morgan Keegan, Roosevelt & Cross Inc., Southwest Securities Inc., Stifel, Nicolaus & Co. Inc., TD Securities (USA) LLC, the Williams Capital Group LP and U.S. Bancorp Investments Inc. (co-managers)
|
| Ratings: | Standard & Poor’s: AA+
|
| Fitch: AAA
|
| Pricing date: | March 9
|
| Settlement date: | March 17
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $685,000 | 2019 | Serial | 3% | 106.129 | 0.92%
|
| $58.41 million | 2019 | Serial | 5% | 112.023 | 0.92%
|
| $1.12 million | 2020 | Serial | 3% | 107.283 | 1.13%
|
| $80.18 million | 2020 | Serial | 5% | 115.073 | 1.13%
|
| $5.11 million | 2021 | Serial | 2% | 103.227 | 1.33%
|
| $129,605,000 | 2021 | Serial | 5% | 117.677 | 1.33%
|
| $1.12 million | 2022 | Serial | 4% | 113.911 | 1.56%
|
| $140.09 million | 2022 | Serial | 5% | 119.613 | 1.56%
|
| $1,245,000 | 2023 | Seral | 4% | 114.539 | 1.78%
|
| $147,065,000 | 2023 | Serial | 5% | 121.088 | 1.78%
|
| $3,705,000 | 2024 | Serial | 3% | 107.584 | 1.97%
|
| $1 million | 2024 | Serial | 4% | 114.947 | 1.97%
|
| $151,105,000 | 2024 | Serial | 5% | 122.31 | 1.97%
|
| $2,995,000 | 2025 | Serial | 4% | 115.233 | 2.13%
|
| $160,025,000 | 2025 | Serial | 5% | 123.379 | 2.13%
|
| $1.72 million | 2026 | Serial | 3% | 106.679 | 2.25%
|
| $3,745,000 | 2026 | Serial | 4% | 115.585 | 2.25%
|
| $166,535,000 | 2026 | Serial | 5% | 124.49 | 2.25%
|
| $180,205,000 | 2027 | Serial | 5% | 123.382 | 2.36%
|
| $130.97 million | 2028 | Serial | 5% | 122.384 | 2.46%
|
| $25.53 million | 2029 | Serial | 5% | 121.79 | 2.52%
|
| $26,815,000 | 2030 | Serial | 5% | 121.003 | 2.60%
|
| $28.17 million | 2031 | Serial | 5% | 120.32 | 2.67%
|
| $29,595,000 | 2032 | Serial | 5% | 119.545 | 2.75%
|
| $13.65 million | 2033 | Serial | 3.25% | 100 | 3.25%
|
| $17.43 million | 2033 | Serial | 5% | 119.063 | 2.80%
|
| $32,425,000 | 2034 | Serial | 5% | 118.584 | 2.85%
|
| $34,055,000 | 2035 | Serial | 5% | 118.202 | 2.89%
|
| $35.77 million | 2036 | Serial | 4% | 106.444 | 3.24%
|
| $37,215,000 | 2037 | Serial | 4% | 106.005 | 3.29%
|
| $8.3 million | 2038 | Serial | 3.5% | 100 | 3.50%
|
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