Published on 2/6/2012 in the Prospect News Municipals Daily.
New Issue: Dasny sells $262.27 million revenue bonds for Memorial Sloan-Kettering
By Sheri Kasprzak
New York, Feb. 6 - The Dormitory Authority of the State of New York sold $262,265,000 of series 2012-1 revenue bonds for the Memorial Sloan-Kettering Cancer Center, according to a term sheet.
The bonds (Aa2/AA-/AA) were sold through Goldman Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
The co-managers were Bank of America Merrill Lynch, Citigroup Global Markets Inc., Rice Financial Products Co. and US Bancorp Inc.
The bonds are due 2020 to 2024 with term bonds due in 2034. The serial coupons range from 4% to 5%. The 2034 bonds have a split maturity with a 4% coupon priced at 99.265 and a 4.375% coupon priced at 103.03.
Proceeds will be used to refund all or a portion of the cancer center's series 2003 revenue bonds.
| Issuer: | Dormitory Authority of the State of New York/Memorial Sloan-Kettering Cancer Center
|
| Issue: | Series 2012-1 revenue bonds
|
| Amount: | $262,265,000
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC (lead), Bank of America Merrill Lynch, Citigroup Global Markets Inc., Rice Financial Products Co., US Bancorp Inc. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Fitch: AA
|
| Pricing date: | Jan. 25
|
| Settlement date: | Feb. 16
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $11,065,000 | 2020 | Serial | 4% | 113.125
|
| $12,915,000 | 2020 | Serial | 5% | 120.712
|
| $11,615,000 | 2021 | Serial | 4% | 112.553
|
| $13.45 million | 2021 | Serial | 5% | 120.868
|
| $12,195,000 | 2022 | Serial | 4% | 111.567
|
| $14.01 million | 2022 | Serial | 5% | 120.201
|
| $27.39 million | 2023 | Serial | 5% | 119.052
|
| $28,765,000 | 2024 | Serial | 5% | 118.199
|
| $20,245,000 | 2034 | Term | 4% | 99.265
|
| $110,615,000 | 2034 | Term | 4.375% | 103.03
|
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