Published on 6/10/2015 in the Prospect News Municipals Daily.
New Issue: Erie County IDA, N.Y., prices $237.53 million Buffalo City School bonds
By Sheri Kasprzak
New York, June 10 – The Erie County Industrial Development Authority of New York sold $237.53 million of series 2015A school facility refunding revenue bonds for the Buffalo City School District, according to a pricing sheet.
The bonds (Aa2/AA/) were sold through Citigroup Global Markets Inc. and Loop Capital Markets LLC.
The bonds are due 2016 to 2029 with 4% to 5% coupons.
Proceeds will be used to refund the district’s series 2007A and 2008A revenue bonds.
| Issuer: | Erie County Industrial Development Authority/Buffalo City School District
|
| Issue: | Series 2015A school facility refunding revenue bonds
|
| Amount: | $237.53 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Loop Capital Markets LLC (lead), Siebert Brandford Shank & Co. LLC (co-manager)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Pricing date: | June 10
|
| Settlement date: | June 24
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $15.83 million | 2016 | Serial | 4% | 103.159
|
| $9,875,000 | 2017 | Serial | 5% | 107.862
|
| $10.38 million | 2018 | Serial | 5% | 110.595
|
| $10,915,000 | 2019 | Serial | 5% | 112.933
|
| $11,475,000 | 2020 | Serial | 5% | 114.955
|
| $18,585,000 | 2021 | Serial | 5% | 116.19
|
| $19,545,000 | 2022 | Serial | 5% | 116.956
|
| $20.54 million | 2023 | Serial | 5% | 118.034
|
| $21.6 million | 2024 | Serial | 5% | 118.519
|
| $22,705,000 | 2025 | Serial | 5% | 118.92
|
| $23.07 million | 2026 | Serial | 5% | 118.268
|
| $23.45 million | 2027 | Serial | 5% | 117.196
|
| $23.76 million | 2028 | Serial | 5% | 116.327
|
| $5.8 million | 2029 | Serial | 5% | 115.561
|
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