By Cristal Cody
Springdale, Ark., Feb. 15 - The Erie County Industrial Development Agency priced $173.225 million school facility revenue bonds for the Buffalo city school district in New York, the issuer said Friday.
The bonds priced Thursday with coupons from 5% to 5.75% and with yields from 1.6% to 4.28%, said David Kerchoff, assistant treasurer for the agency.
The bonds have serial maturities from 2009 through 2029. The true interest cost was not available.
Principal and interest on the series 2008A bonds (Aaa/AAA) is guaranteed under an insurance policy by Financial Security Assurance Inc.
Citi is the lead underwriter of the negotiated pricing, with Depfa First Albany Securities LLC, Siebert Brandford Shank & Co., Sterne, Agee & Leach Inc. and UBS Investment Bank as co-managers.
Proceeds will be used to help finance the third phase of a 10-year comprehensive redevelopment program of Buffalo's public schools.
| Issuer: | Erie County Industrial Development Agency
|
| Type: | Negotiated
|
| Amount: | $173.225 million
|
| Maturities: | 2009 to 2029
|
| Coupons: | 5% to 5.75%
|
| Yields: | 1.6% to 4.28%
|
| Underwriter: | Citi (lead)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | Feb. 14
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 5% | 1.6%
|
| 2010 | Serial | 5% | 2.15%
|
| 2011 | Serial | 5% | 2.43%
|
| 2012 | Serial | 5% | 2.64%
|
| 2013 | Serial | 5% | 2.82%
|
| 2014 | Serial | 5% | 2.98%
|
| 2015 | Serial | 5% | 3.14%
|
| 2016 | Serial | 5% | 3.30%
|
| 2017 | Serial | 5% | 3.44%
|
| 2018 | Serial | 5% | 3.57%
|
| 2019 | Serial | 5% | 3.70%
|
| 2020 | Serial | 5.75% | 3.81%
|
| 2021 | Serial | 5.75% | 3.89%
|
| 2022 | Serial | 5.75% | 3.96%
|
| 2023 | Serial | 5.75% | 4.02%
|
| 2024 | Serial | 5.75% | 4.08%
|
| 2025 | Serial | 5.75% | 4.12%
|
| 2026 | Serial | 5.75% | 4.16%
|
| 2027 | Serial | 5.75% | 4.20%
|
| 2028 | Serial | 5.75% | 4.24%
|
| 2029 | Serial | 5.75% | 4.28%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
