Published on 8/15/2013 in the Prospect News Municipals Daily.
New Issue: Erie County Fiscal Stability, N.Y., prices $145.28 million BANs, bonds
By Sheri Kasprzak
New York, Aug. 15 - The Erie County Fiscal Stability Authority of New York sold $145,275,000 of series 2013 bond anticipation notes and state aid secured bonds, according to a pricing sheet.
The deal included $109.44 million of series 2013A BANs (MIG 1//F1+) and $35,835,000 of series 2013C sales tax and state aid secured bonds (Aa1//AA+).
The BANs are due July 31, 2014 and have a 1% coupon priced at 100.694 to yield 0.25%.
The bonds are due 2014 to 2023 with 1.625% to 5% coupons and yields from 0.33% to 3.07%.
The bonds were sold through Roosevelt & Cross Inc. and Ramirez & Co. Inc.
Proceeds will be used to finance capital outlay expenses.
| Issuer: | Erie County Fiscal Stability Authority, N.Y.
|
| Issue: | Series 2013 bond anticipation notes and state aid secured bonds
|
| Amount: | $145,275,000
|
| Type: | Negotiated
|
| Underwriters: | Roosevelt & Cross Inc. and Ramirez & Co. Inc. (lead)
|
| Pricing date: | Aug. 15
|
| Settlement date: | Aug. 27
|
|
|
| $109.44 million series 2013A BANs (MIG 1//F1+)
|
| Maturity | Type | Coupon | Price | Yield
|
| July 31, 2014 | Term | 1% | 100.694 | 0.25%
|
|
|
| $35,835,000 series 2013C sales tax and state aid secured bonds (Aa1//AA+)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,985,000 | 2014 | Serial | 2% | 101.61 | 0.33%
|
| $2.99 million | 2015 | Serial | 5% | 108.878 | 0.46%
|
| $3.14 million | 2016 | Serial | 5% | 112.32 | 0.79%
|
| $465,000 | 2017 | Serial | 1.625% | 101.914 | 1.13%
|
| $2.83 million | 2017 | Serial | 5% | 114.97 | 1.13%
|
| $3,445,000 | 2018 | Serial | 5% | 116.69 | 1.50%
|
| $3,615,000 | 2019 | Serial | 5% | 117.531 | 1.88%
|
| $3.8 million | 2020 | Serial | 5% | 117.358 | 2.29%
|
| $3,985,000 | 2021 | Serial | 5% | 116.933 | 2.63%
|
| $4,185,000 | 2022 | Serial | 5% | 116.475 | 2.90%
|
| $4,395,000 | 2023 | Serial | 5% | 116.462 | 3.07%
|
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