Published on 8/29/2013 in the Prospect News Municipals Daily.
New Issue: Babylon, N.Y., offers up $59.1 million of G.O. bond anticipation notes
By Sheri Kasprzak
New York, Aug. 29 - The Town of Babylon, N.Y., sold $59.1 million of series 2013 general obligation bond anticipation notes and public improvement bonds, according to a pricing sheet.
The deal included $24.59 million of series 2013 bond anticipation notes (MIG 1/SP-1+/), $26.01 million of series 2013 tax-exempt public improvement bonds (Aa2/AA+/) and $8.5 million of series 2013 taxable public improvement bonds (Aa2/AA+/).
The notes are due in 2014 and have a 1% coupon to yield 0.50% and a 2% coupon to yield 0.22%.
The tax-exempt bonds are due 2014 to 2028 with coupons from 2% to 4.25% and yields from 0.28% to 4.35%.
The taxable bonds are due 2014 to 2032 with coupons from 4% to 5.25% and yields from 0.85% to 5.35%.
The notes and bonds were sold through Goldman, Sachs & Co. and Ramirez & Co.
Proceeds will be used to finance road reconstruction, park improvements, land acquisition and other capital improvements for the town.
| Issuer: | Town of Babylon, N.Y.
|
| Issue: | Series 2013 general obligation bond anticipation notes and public improvement bonds
|
| Amount: | $59.1 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. and Ramirez & Co. (lead)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Pricing date: | Aug. 22
|
| Settlement date: | Aug. 29
|
|
|
| $24.59 million series 2013 bond anticipation notes
|
| Amount | Maturity | Type | Coupon | Yield
|
| $15.35 million | 2014 | Term | 2% | 0.22%
|
| $9.24 million | 2014 | Term | 1% | 0.50%
|
|
|
| $26.01 million series 2013 tax-exempt public improvement bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $545,000 | 2014 | Serial | 2% | 0.28%
|
| $1,565,000 | 2015 | Serial | 2% | 0.58%
|
| $1.62 million | 2016 | Serial | 2% | 0.85%
|
| $1,675,000 | 2017 | Serial | 3% | 1.25%
|
| $1.73 million | 2018 | Serial | 3% | 1.76%
|
| $1,785,000 | 2019 | Serial | 3% | 2.20%
|
| $1.84 million | 2020 | Serial | 3% | 2.55%
|
| $1,895,000 | 2021 | Serial | 3% | 2.90%
|
| $1.95 million | 2022 | Serial | 3% | 3.20%
|
| $2,005,000 | 2023 | Serial | 3.25% | 3.45%
|
| $2.08 million | 2024 | Serial | 3.5% | 3.65%
|
| $2.14 million | 2025 | Serial | 3.75% | 3.85%
|
| $2.21 million | 2026 | Serial | 4% | 4.05%
|
| $1.47 million | 2027 | Serial | 4% | 4.23%
|
| $1.5 million | 2028 | Serial | 4.25% | 4.35%
|
|
|
| $8.5 million series 2013 taxable public improvement bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $360,000 | 2014 | Serial | 4% | 0.85%
|
| $370,000 | 2015 | Serial | 4% | 1.10%
|
| $380,000 | 2016 | Serial | 4% | 1.60%
|
| $390,000 | 2017 | Serial | 4% | 2.30%
|
| $400,000 | 2018 | Serial | 4% | 2.65%
|
| $410,000 | 2019 | Serial | 4% | 3.00%
|
| $420,000 | 2020 | Serial | 4% | 3.40%
|
| $430,000 | 2021 | Serial | 4% | 3.80%
|
| $440,000 | 2022 | Serial | 4% | 4.00%
|
| $450,000 | 2023 | Serial | 4.125% | 4.125%
|
| $460,000 | 2024 | Serial | 4.25% | 4.25%
|
| $470,000 | 2025 | Serial | 4.5% | 4.50%
|
| $480,000 | 2026 | Serial | 4.5% | 4.65%
|
| $490,000 | 2027 | Serial | 5% | 4.85%
|
| $500,000 | 2028 | Serial | 5% | 5.00%
|
| $500,000 | 2029 | Serial | 5% | 5.10%
|
| $505,000 | 2030 | Serial | 5.125% | 5.20%
|
| $505,000 | 2031 | Serial | 5.25% | 5.30%
|
| $540,000 | 2032 | Serial | 5.25% | 5.35%
|
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