By Sheri Kasprzak
New York, Nov. 10 - The Erie County Industrial Development Agency sold $249.905 million in series 2009A school facility revenue bonds for the City of Buffalo School District, according to a pricing sheet.
The bonds (A1/AA-/) were sold through senior manager Citigroup Global Markets Inc. The co-managers were Loop Capital Markets LLC, Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC and Sterne, Agee & Leach Inc.
The bonds are due 2011 to 2025 with term bonds due 2028 and 2031. The coupons on the serials range from 5% to 5.25% and yields range from 1.35% to 4.62%. The 2028 bonds have a 5.625% coupon to yield 4.1% and the 2031 bonds have a 5% coupon to yield 5.2%.
Proceeds will be used to reconstruct existing schools and construct new facilities in the city of Buffalo.
| Issuer: | Erie County Industrial Development Agency/City of Buffalo School District
|
| Issue: | Series 2009A school facility revenue bonds
|
| Amount: | $249.905 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead); Loop Capital Markets LLC, Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC and Sterne, Agee & Leach Inc. (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA-
|
| Pricing date: | Nov. 6
|
| Settlement date: | Nov. 19
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2011 | Serial | 5% | 1.35%
|
| 2012 | Serial | 5% | 1.80%
|
| 2013 | Serial | 5% | 2.19%
|
| 2014 | Serial | 5% | 2.65%
|
| 2015 | Serial | 5% | 3.07%
|
| 2016 | Serial | 5% | 3.38%
|
| 2017 | Serial | 5% | 3.61%
|
| 2018 | Serial | 5% | 3.83%
|
| 2019 | Serial | 5% | 4.03%
|
| 2020 | Serial | 5% | 4.23%
|
| 2021 | Serial | 5% | 4.36%
|
| 2022 | Serial | 5% | 4.43%
|
| 2023 | Serial | 5.25% | 4.50%
|
| 2024 | Serial | 5.25% | 4.57%
|
| 2025 | Serial | 5.25% | 4.62%
|
| 2028 | Term | 5.625% | 4.10%
|
| 2031 | Term | 5% | 5.20%
|
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