Published on 8/14/2014 in the Prospect News Municipals Daily.
New Issue: Build NYC Resource sells $65.23 million Queens College refunding bonds
By Sheri Kasprzak
New York, Aug. 14 – The Build NYC Resource Corp. sold $65.23 million of series 2014 revenue refunding bonds for the City University of New York – Queens College, according to a pricing sheet.
The deal included $58.15 million of series 2014A tax-exempt bonds and $7.08 million of series 2014B taxable bonds.
The 2014A bonds are due 2023 to 2034 with term bonds due in 2038 and 2043. The serial bonds have 5% coupons. The 2038 bonds have a 5% coupon priced at 112.108, and the 2043 bonds have a 5% coupon priced at 111.409.
The 2014B bonds are due 2015 to 2023 with 0.55% to 3.171% coupons, all priced at par.
The bonds (Aa2/AA-/) were sold through Morgan Stanley & Co. LLC.
Proceeds will be used to finance capital projects for the college, as well as to refinance existing debt.
| Issuer: | Build NYC Resource Corp./City University of New York – Queens College
|
| Issue: | Series 2014 revenue refunding bonds
|
| Amount: | $65.23 million
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA-
|
| Pricing date: | Aug. 14
|
| Settlement date: | Sept. 5
|
|
|
| $58.15 million series 2014A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,305,000 | 2023 | Serial | 5% | 121.261
|
| $1.65 million | 2024 | Serial | 5% | 121.97
|
| $1.81 million | 2025 | Serial | 5% | 120.527
|
| $1.9 million | 2026 | Serial | 5% | 118.728
|
| $1,995,000 | 2027 | Serial | 5% | 117.981
|
| $2.09 million | 2028 | Serial | 5% | 117.146
|
| $2,195,000 | 2029 | Serial | 5% | 116.41
|
| $2,305,000 | 2030 | Serial | 5% | 115.77
|
| $2.42 million | 2031 | Serial | 5% | 115.225
|
| $2,545,000 | 2032 | Serial | 5% | 114.684
|
| $2.67 million | 2033 | Serial | 5% | 114.235
|
| $2,805,000 | 2034 | Serial | 5% | 113.787
|
| $12.69 million | 2038 | Term | 5% | 112.108
|
| $19.77 million | 2043 | Term | 5% | 111.409
|
|
|
| $7.08 million series 2014B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $655,000 | 2015 | Serial | 0.55% | 100
|
| $540,000 | 2016 | Serial | 0.90% | 100
|
| $645,000 | 2017 | Serial | 1.125% | 100
|
| $755,000 | 2018 | Serial | 1.869% | 100
|
| $880,000 | 2019 | Serial | 2.219% | 100
|
| $1.01 million | 2020 | Serial | 2.497% | 100
|
| $1.15 million | 2021 | Serial | 2.747% | 100
|
| $1,295,000 | 2022 | Serial | 2.971% | 100
|
| $150,000 | 2023 | Serial | 3.171% | 100
|
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