By Sheri Kasprzak
New York, Dec. 2 - The Empire State Urban Development Corp. priced $1,109,420,000 of series 2010 state personal income tax revenue bonds on Thursday, according to a pricing sheet.
The bonds (//AA) were sold on a negotiated basis with Morgan Stanley & Co. Inc. as the lead manager for the 2010A bonds and Citigroup Global Markets Inc. as the lead manager for the 2010B bonds. The co-managers were Bank of America Merrill Lynch; Loop Capital Markets LLC; M.R. Beal & Co.; Barclays Capital Inc.; J.P. Morgan Securities LLC; Goldman, Sachs & Co.; Ramirez & Co. Inc.; Rice Financial Products Co.; Siebert Brandford Shank & Co. LLC; Wells Fargo Securities LLC; BB&T Capital Markets LLC; Cabrera Capital Markets LLC; Fidelity Capital Markets Services Inc.; Jackson Securities; Jefferies & Co.; Janney Montgomery Scott LLC; Lebenthal & Co.; Mesirow Financial Inc.; Piper Jaffray & Co.; Raymond James & Associates Inc.; RBC Capital Markets Corp.; Roosevelt & Cross Inc.; Sterne, Agee & Leach Inc.; Stifel, Nicolaus & Co. Inc.; and Stone & Youngberg.
The offering included $367.295 million of series 2010A bonds and $742.125 million of series 2010B bonds.
The 2010A bonds are due 2011 and 2015 to 2020 with 2% to 5% coupons. The 2010B bonds are due 2011 to 2014 and 2020 to 2025 with a 2040 term bond. Serial coupons range from 1.56% to 5.51%, all priced at par. The 2040 bonds have a 5.838% coupon priced at par.
Proceeds will be used to finance capital improvements and equipment purchases for state agencies and the City University of New York.
Based in Albany, the corporation provides funding for economic development projects throughout the state.
| Issuer: | Empire State Urban Development Corp.
|
| Issue: | Series 2010 state personal income tax revenue bonds
|
| Amount: | $1,109,420,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead for 2010A); Citigroup Global Markets Inc. (lead for 2010B); Bank of America Merrill Lynch; Loop Capital Markets LLC; M.R. Beal & Co.; Barclays Capital Inc.; J.P. Morgan Securities LLC; Goldman, Sachs & Co.; Ramirez & Co. Inc.; Rice Financial Products Co.; Siebert Brandford Shank & Co. LLC; Wells Fargo Securities LLC; BB&T Capital Markets LLC; Cabrera Capital Markets LLC; Fidelity Capital Markets Services Inc.; Jackson Securities; Jefferies & Co.; Janney Montgomery Scott LLC; Lebenthal & Co.; Mesirow Financial Inc.; Piper Jaffray & Co.; Raymond James & Associates Inc.; RBC Capital Markets Corp.; Roosevelt & Cross Inc.; Sterne, Agee & Leach Inc.; Stifel, Nicolaus & Co. Inc.; and Stone & Youngberg (co-managers)
|
| Rating: | Fitch: AA
|
| Pricing date: | Dec. 2
|
| Settlement date: | Dec. 8
|
|
|
| $367.295 million series 2010A
|
| Amount | Maturity | Type | Coupon | Price
|
| $15.345 million | 2011 | Serial | 2% | 100.47
|
| $2.455 million | 2015 | Serial | 2% | 101.56
|
| $3.835 million | 2016 | Serial | 2% | 100.447
|
| $62.12 million | 2016 | Serial | 5% | 115.417
|
| $12.615 million | 2017 | Serial | 4% | 109.869
|
| $56.51 million | 2017 | Serial | 5% | 115.676
|
| $4.03 million | 2018 | Serial | 3% | 102.231
|
| $67.96 million | 2018 | Serial | 5% | 115.37
|
| $2.07 million | 2019 | Serial | 3.25% | 102.406
|
| $73.435 million | 2019 | Serial | 5% | 115.179
|
| $6.05 million | 2020 | Serial | 3.5% | 102.629
|
| $15 million | 2020 | Serial | 4% | 106.617
|
| $45.87 million | 2020 | Serial | 5% | 114.593
|
|
|
| $742.125 million series 2010B
|
| Amount | Maturity | Type | Coupon | Price
|
| $91.31 million | 2011 | Serial | 2% | 100
|
| $92.53 million | 2012 | Serial | 1.56% | 100
|
| $73.755 million | 2013 | Serial | 2.028% | 100
|
| $70.77 million | 2014 | Serial | 2.626% | 100
|
| $12.33 million | 2020 | Serial | 4.61% | 100
|
| $57.07 million | 2021 | Serial | 4.81% | 100
|
| $21.095 million | 2022 | Serial | 5.01% | 100
|
| $21.755 million | 2023 | Serial | 5.21% | 100
|
| $22.46 million | 2024 | Serial | 5.36% | 100
|
| $23.235 million | 2025 | Serial | 5.51% | 100
|
| $255.815 million 2040 | Term | 5.838% | 100
|
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