Published on 3/28/2013 in the Prospect News Municipals Daily.
New Issue: Westchester County, N.Y., corporation sells $64.33 million bonds
By Sheri Kasprzak
New York, March 28 - The Westchester County Local Development Corp. of New York sold $64.33 million of series 2013 revenue refunding bonds for the Kendal on Hudson Project, according to a pricing sheet.
The bonds (//BBB) were sold through BB&T Capital Markets LLC.
The bonds are due 2014 to 2020 with term bonds due in 2023, 2028 and 2034. The serial coupons range from 2% to 3%. The 2023 bonds have a 4% coupon priced at 105.173 and the 2028 bonds have a 5% coupon priced at 109.232. The 2034 bonds have a 5% coupon priced at 107.387.
Proceeds will be used to refund the corporation's series 2003 and 2007 revenue bonds.
| Issuer: | Westchester County Local Development Corp./Kendal on Hudson Project
|
| Issue: | Series 2013 revenue refunding bonds
|
| Amount: | $64.33 million
|
| Type: | Negotiated
|
| Underwriter: | BB&T Capital Markets LLC (lead)
|
| Rating: | Fitch: BBB
|
| Pricing date: | March 28
|
| Settlement date: | April 18
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,445,000 | 2014 | Serial | 2% | 100.501
|
| $2.09 million | 2015 | Serial | 2% | 100.819
|
| $2.13 million | 2016 | Serial | 2% | 100.471
|
| $2.17 million | 2017 | Serial | 3% | 103.224
|
| $2.24 million | 2018 | Serial | 3% | 102.74
|
| $2,305,000 | 2019 | Serial | 3% | 101.785
|
| $2,375,000 | 2020 | Serial | 3% | 100.845
|
| $7,635,000 | 2023 | Term | 4% | 105.173
|
| $15.2 million | 2028 | Term | 5% | 109.232
|
| $26.74 million | 2034 | Term | 5% | 107.387
|
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