By Sheri Kasprzak
New York, May 25 - The Erie County Industrial Development Agency of New York priced $284 million of series 2011 school facilities revenue bonds for the Buffalo City School District, said a partial pricing sheet.
The deal included $170 million of series 2011A revenue bonds and $114 million of series 2011B refunding bonds.
The bonds (Aa3/AA-) were sold through Citigroup Global Markets Inc. with Morgan Keegan & Co. Inc., Ramirez & Co. Inc., Roosevelt & Cross Inc. and Siebert Brandford Shank & Co. LLC as the co-managers.
The 2011A bonds are due 2013 to 2032 with 5% to 5.25% coupons. The 2011B bonds are due 2012 to 2024 with 1.5% to 5% coupons.
Proceeds will be used to fund improvements and repairs to Buffalo schools, as well as to refund the agency's series 2003 bonds.
| Issuer: | Erie County Industrial Development Agency/Buffalo City School District
|
| Issue: | Series 2011 school facilities revenue bonds
|
| Amount: | $284 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Morgan Keegan & Co. Inc., Ramirez & Co. Inc., Roosevelt & Cross Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | May 25
|
| Settlement date: | June 15
|
|
|
| $170 million series 2011A revenue bonds
|
| Maturity | Type | Coupon
|
| 2013 | Serial | 5%
|
| 2014 | Serial | 5%
|
| 2015 | Serial | 5%
|
| 2016 | Serial | 5%
|
| 2017 | Serial | 5%
|
| 2018 | Serial | 5%
|
| 2019 | Serial | 5%
|
| 2020 | Serial | 5%
|
| 2021 | Serial | 5%
|
| 2022 | Serial | 5%
|
| 2023 | Serial | 5%
|
| 2024 | Serial | 5%
|
| 2025 | Serial | 5.25%
|
| 2026 | Serial | 5.25%
|
| 2027 | Serial | 5.25%
|
| 2028 | Serial | 5.25%
|
| 2029 | Serial | 5.25%
|
| 2030 | Serial | 5.25%
|
| 2031 | Serial | 5.25%
|
| 2032 | Serial | 5.25%
|
|
|
| $114 million series 2011B refunding bonds
|
| Maturity | Type | Coupon
|
| 2012 | Serial | 1.5%
|
| 2013 | Serial | 3%
|
| 2014 | Serial | 3%
|
| 2015 | Serial | 5%
|
| 2016 | Serial | 5%
|
| 2017 | Serial | 5%
|
| 2018 | Serial | 5%
|
| 2019 | Serial | 5%
|
| 2020 | Serial | 5%
|
| 2021 | Serial | 5%
|
| 2022 | Serial | 5%
|
| 2023 | Serial | 5%
|
| 2024 | Serial | 5%
|
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