Published on 1/13/2016 in the Prospect News Municipals Daily.
New Issue: Build NYC Resource Corp. prices $139 million New York Law School bonds
By Sheri Kasprzak
New York, Jan. 13 – The Build NYC Resource Corp. offered $139,045,000 of series 2016 tax-exempt revenue refunding bonds, according to a pricing sheet.
The bonds (Baa3/BBB/) were sold through Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and TD Securities (USA) LLC.
The bonds are due 2017 to 2036 with term bonds due in 2041 and 2045. The serial coupons range from 3.625% to 5%. The 2041 bonds have a 5% coupon priced at 110.889, and the 2045 bonds have a 4% coupon priced at 99.142.
Proceeds will be used to refund the corporation’s series 2006A-B and 2009 revenue bonds.
| Issuer: | Build NYC Resource Corp./New York Law School
|
| Issue: | Series 2016 tax-exempt revenue refunding bonds
|
| Amount: | $139,045,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and TD Securities (USA) LLC
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB
|
| Pricing date: | Jan. 12
|
| Settlement date: | Jan. 28
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $790,000 | 2017 | Serial | 4% | 103.915
|
| $1,345,000 | 2018 | Serial | 4% | 106.103
|
| $2.07 million | 2019 | Serial | 5% | 111.251
|
| $2.17 million | 2020 | Serial | 5% | 113.596
|
| $2,565,000 | 2021 | Serial | 5% | 115.627
|
| $2,935,000 | 2022 | Serial | 5% | 117.147
|
| $3,085,000 | 2023 | Serial | 5% | 117.957
|
| $3,235,000 | 2024 | Serial | 5% | 118.551
|
| $3,395,000 | 2025 | Serial | 5% | 118.75
|
| $3.57 million | 2026 | Serial | 5% | 118.091
|
| $3,745,000 | 2027 | Serial | 5% | 116.775
|
| $3.93 million | 2028 | Serial | 5% | 115.568
|
| $4.13 million | 2029 | Serial | 5% | 114.925
|
| $4,335,000 | 2030 | Serial | 5% | 114.376
|
| $4,555,000 | 2031 | Serial | 5% | 113.831
|
| $4.78 million | 2032 | Serial | 3.625% | 98.838
|
| $5.02 million | 2033 | Serial | 5% | 112.93
|
| $5.27 million | 2034 | Serial | 5% | 112.482
|
| $5,535,000 | 2035 | Serial | 5% | 112.037
|
| $5.81 million | 2036 | Serial | 5% | 111.594
|
| $33.71 million | 2041 | Term | 5% | 110.889
|
| $33,065,000 | 2045 | Term | 4% | 99.142
|
|
|
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