Published on 4/16/2013 in the Prospect News Municipals Daily.
New Issue: Erie County IDA, N.Y., sells $62.54 million of Buffalo school bonds
By Sheri Kasprzak
New York, April 16 - The Erie County Industrial Development Authority of New York sold $62.54 million of series 2013A school facility refunding revenue bonds for the Buffalo City School District, according to a pricing sheet.
The bonds (Aa3/AA-/) were sold through Citigroup Global Markets Inc. and Ramirez & Co. Inc.
The term bond is due in 2014 and the serial bonds are 2017 to 2027 with 3% to 5% serial coupons. The 2014 bonds have a 2% coupon priced at 101.775.
Proceeds will be used to refund the authority's series 2009A school facility revenue bonds.
| Issuer: | Erie County Industrial Development Authority/Buffalo City School District
|
| Issue: | Series 2013A school facility refunding revenue bonds
|
| Amount: | $62.54 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Ramirez & Co. Inc. (lead)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | April 16
|
| Settlement date: | April 25
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $735,000 | 2014 | Term | 2% | 101.775
|
| $240,000 | 2017 | Serial | 3% | 108.43
|
| $250,000 | 2018 | Serial | 3% | 109.351
|
| $255,000 | 2019 | Serial | 3% | 109.929
|
| $265,000 | 2020 | Serial | 4% | 116.446
|
| $275,000 | 2021 | Serial | 4% | 116.76
|
| $285,000 | 2022 | Serial | 4% | 116.694
|
| $300,000 | 2023 | Serial | 4% | 116.102
|
| $310,000 | 2024 | Serial | 5% | 122.926
|
| $330,000 | 2025 | Serial | 5% | 121.339
|
| $18,785,000 | 2026 | Serial | 5% | 119.679
|
| $19.75 million | 2027 | Serial | 5% | 118.523
|
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