By Sheri Kasprzak
New York, June 1 - The Erie County Fiscal Stability Authority of New York sold $88.54 million in series 2010 sales tax and state aid secured bonds, according to an official statement. The bonds (Aa1//AA+) priced Thursday.
The offering included $46.365 million in series 2010B bonds and $42.175 million in series 2010C bonds.
The 2010B bonds are due 2010 to 2022 with coupons from 2% to 5% and with yields from 0.4% to 3.39%. The 2010C bonds are due 2011 to 2020 with coupons from 2.25% to 5.25% and with yields from 0.48% to 3.05%.
Roosevelt & Cross Inc. was the senior manager for the negotiated sale. The co-managers were Goldman Sachs & Co. and M&T Securities Inc.
Proceeds will be used to purchase county bonds to refund a portion of its existing debt.
The authority, which is based in Buffalo, N.Y., manages the finances of the county.
| Issuer: | Erie County Fiscal Stability Authority
|
| Issue: | Series 2010 sales tax and state aid secured bonds
|
| Amount: | $88.54 million
|
| Type: | Negotiated
|
| Underwriters: | Roosevelt & Cross Inc. (lead); Goldman Sachs & Co.; and M&T Securities Inc. (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Fitch: AA+
|
| Pricing date: | May 27
|
| Settlement date: | June 16
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 2% | 0.40%
|
| 2011 | Serial | 3% | 0.50%
|
| 2012 | Serial | 4.5% | 0.78%
|
| 2013 | Serial | 5% | 1.16%
|
| 2014 | Serial | 4% | 1.51%
|
| 2014 | Serial | 5% | 1.51%
|
| 2015 | Serial | 5% | 1.87%
|
| 2016 | Serial | 4% | 2.24%
|
| 2017 | Serial | 5% | 2.53%
|
| 2018 | Serial | 5% | 2.74%
|
| 2019 | Serial | 4.125% | 2.92%
|
| 2020 | Serial | 5% | 3.06%
|
| 2021 | Serial | 4.25% | 3.18%
|
| 2022 | Serial | 3.25% | 3.39%
|
|
|
| Series 2010C
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 3% | 0.48%
|
| 2012 | Serial | 4% | 0.71%
|
| 2013 | Serial | 4% | 1.10%
|
| 2014 | Serial | 2.25% | 1.46%
|
| 2014 | Serial | 4% | 1.46%
|
| 2015 | Serial | 2.5% | 1.81%
|
| 2015 | Serial | 3% | 1.81%
|
| 2015 | Serial | 4% | 1.81%
|
| 2015 | Serial | 5% | 1.81%
|
| 2016 | Serial | 4% | 2.18%
|
| 2016 | Serial | 5% | 2.18%
|
| 2017 | Serial | 4% | 2.50%
|
| 2017 | Serial | 5% | 2.50%
|
| 2018 | Serial | 4.125% | 2.70%
|
| 2018 | Serial | 5% | 2.70%
|
| 2019 | Serial | 4.125% | 2.89%
|
| 2019 | Serial | 5.25% | 2.89%
|
| 2020 | Serial | 4.125% | 3.05%
|
| 2020 | Serial | 5% | 3.05%
|
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