By Sheri Kasprzak
New York, July 28 - The Erie County Fiscal Stability Authority of New York priced $131.745 million of series 2011 sales tax and state aid secured bonds, according to a pricing sheet.
The offering included $28.775 million of series 2011A bonds, $16.62 million of series 2011B bonds and $86.35 million of series 2011C bonds.
The 2011A bonds are due 2011 to 2018 with 2% to 5% coupons.
The 2011B bonds are due 2012 to 2023 with 3% to 5% coupons.
The 2011C bonds are due 2013 to 2028 with coupons from 4% to 5%.
The bonds (Aa1//AA+) were sold through Roosevelt & Cross Inc. with Jefferies & Co. as the co-manager.
Proceeds will be used to refund a portion of the county's outstanding series 2004B bonds, purchase county bonds and make loans to provide for the payment of costs for county-approved commitments to the Erie County Medical Center Corp.
| Issuer: | Erie County Fiscal Stability Authority
|
| Issue: | Series 2011 sales tax and state aid secured bonds
|
| Amount: | $131.745 million
|
| Type: | Negotiated
|
| Underwriters: | Roosevelt & Cross Inc. (lead), Jefferies & Co. (co-manager)
|
| Ratings: | Moody's: Aa1
|
| Fitch: AA+
|
| Pricing date: | July 28
|
| Settlement date: | Aug. 11
|
|
|
| $28.775 million series 2011A
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2% | 100.242
|
| 2012 | Serial | 2% | 101.019
|
| 2013 | Serial | 3% | 103.824
|
| 2014 | Serial | 3% | 105.463
|
| 2015 | Serial | 5% | 113.604
|
| 2016 | Serial | 4% | 111.256
|
| 2016 | Serial | 5% | 115.722
|
| 2017 | Serial | 5% | 116.908
|
| 2018 | Serial | 4% | 110.864
|
| 2018 | Serial | 5% | 117.002
|
|
|
| $16.62 million series 2011B
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 3% | 103.315
|
| 2013 | Serial | 3% | 105.203
|
| 2014 | Serial | 3% | 106.553
|
| 2015 | Serial | 2% | 103.176
|
| 2015 | Serial | 3% | 107.355
|
| 2015 | Serial | 4% | 111.535
|
| 2016 | Serial | 4% | 112.376
|
| 2016 | Serial | 5% | 117.448
|
| 2017 | Serial | 4% | 112.231
|
| 2017 | Serial | 5% | 118.141
|
| 2018 | Serial | 4% | 111.156
|
| 2018 | Serial | 5% | 117.837
|
| 2019 | Serial | 4% | 109.845
|
| 2019 | Serial | 5% | 117.249
|
| 2020 | Serial | 4% | 108.826
|
| 2020 | Serial | 5% | 116.926
|
| 2021 | Serial | 4% | 108.251
|
| 2021 | Serial | 5% | 117.032
|
| 2022 | Serial | 4% | NRO
|
| 2022 | Serial | 5% | NRO
|
| 2023 | Serial | 5% | NRO
|
|
|
| $86.35 million series 2011C
|
| Maturity | Type | Coupon | Price
|
| 2013 | Serial | 4% | 107.485
|
| 2014 | Serial | 4% | 109.798
|
| 2015 | Serial | 4% | 111.535
|
| 2016 | Serial | 5% | 117.448
|
| 2017 | Serial | 5% | 118.141
|
| 2018 | Serial | 5% | 117.837
|
| 2019 | Serial | 5% | 117.249
|
| 2020 | Serial | 5% | 116.926
|
| 2021 | Serial | 5% | 117.032
|
| 2022 | Serial | 5% | NRO
|
| 2023 | Serial | 5% | NRO
|
| 2024 | Serial | 5% | NRO
|
| 2025 | Serial | 5% | NRO
|
| 2026 | Serial | 5% | NRO
|
| 2027 | Serial | 5% | NRO
|
| 2028 | Serial | 5% | NRO
|
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