New Issue: Dutchess County corporation, N.Y., brings $87.15 million of Vassar College bonds

By Sheri Kasprzak

New York, May 31 - The Dutchess County Local Development Corp. of New York sold $87,145,000 of series 2013A revenue bonds for Vassar College, according to a pricing sheet.

The bonds (Aa2/AA-/) were sold through senior managers J.P. Morgan Securities LLC and Goldman, Sachs & Co.

The bonds are due 2031 to 2039 with term bonds due in 2043 and 2049. The serial bonds have 5% coupons. The 2043 bonds have a 4% coupon priced at 98.293. The 2049 bonds have a split maturity with a 4.125% coupon priced at 95.944 and a 5% coupon priced at 107.883.

Proceeds will be used to finance the construction of a new science building at Vassar, as well as other capital improvements.

Issuer:	Dutchess County Local Development Corp./Vassar College
Issue:	Series 2013A revenue bonds
Amount:	$87,145,000
Type:	Negotiated
Underwriters:	J.P. Morgan Securities LLC and Goldman, Sachs & Co. (lead)
Ratings:	Moody's: Aa2
	Standard & Poor's: AA-
Pricing date:	May 30
Settlement date:	June 6
Amount	Maturity	Type	Coupon	Price
$1,595,000	2031	Serial	5%	114.203
$1.68 million	2032	Serial	5%	113.762
$1.76 million	2033	Serial	5%	113.323
$1,855,000	2034	Serial	5%	112.799
$1,945,000	2035	Serial	5%	112.365
$2,045,000	2036	Serial	5%	112.192
$2,145,000	2037	Serial	5%	111.847
$2.25 million	2038	Serial	5%	111.503
$2.36 million	2039	Serial	5%	111.16
$9,605,000	2043	Term	4%	98.293
$49,655,000	2049	Term	4.125%	95.944
$10.25 million	2049	Term	5%	107.883

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