Published on 7/24/2015 in the Prospect News Municipals Daily.
New Issue: Metropolitan Transportation, N.Y., sells $550 million refunding bonds
By Sheri Kasprzak
New York, July 24 – The Metropolitan Transportation Authority of New York sold $550 million of series 2015C transportation revenue refunding bonds, according to a pricing sheet. The deal was upsized from $500 million.
The bonds (A1/AA-/A) were sold through senior managers Siebert Brandford Shank & Co. LLC and Morgan Stanley & Co. LLC.
The deal included $477.11 million of series 2015C-1 bonds and $72.89 million of series 2015C-2 mandatory tender bonds.
The 2015C-1 bonds are due 2025 to 2035 with 3.125% to 5% coupons. The 2015C-2 bonds are due in 2033 and have a 4% coupon priced at 110.861.
Proceeds will be used to refinance certain outstanding debt issued for transit and commuter projects.
| Issuer: | Metropolitan Transportation Authority
|
| Issue: | Series 2015C transportation revenue refunding bonds
|
| Amount: | $550 million
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. LLC and Morgan Stanley & Co. LLC (bookrunners)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: AA-
|
| Fitch: A
|
| Pricing date: | July 23
|
| Settlement date: | Aug. 18
|
|
|
| $477.11 million series 2015C-1 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,315,000 | 2025 | Serial | 5% | 120.655
|
| $16,235,000 | 2026 | Serial | 5% | 118.78
|
| $44.43 million | 2027 | Serial | 5% | 117.518
|
| $7,205,000 | 2028 | Serial | 3.125% | 99.621
|
| $24.76 million | 2028 | Serial | 5% | 116.654
|
| $30,195,000 | 2028 | Serial | 5.25% | 119.319
|
| $22.42 million | 2029 | Serial | 5% | 115.892
|
| $41,535,000 | 2029 | Serial | 5.25% | 118.641
|
| $10.2 million | 2030 | Serial | 3.4% | 99.408
|
| $17,145,000 | 2030 | Serial | 5% | 115.23
|
| $43.98 million | 2030 | Serial | 5.25% | 118.064
|
| $17.59 million | 2031 | Serial | 5% | 114.573
|
| $45.11 million | 2031 | Serial | 5.25% | 117.49
|
| $11,025,000 | 2034 | Serial | 3.7% | 99.859
|
| $63.17 million | 2034 | Serial | 5% | 113.364
|
| $76,795,000 | 2035 | Serial | 5% | 113.088
|
|
|
| $72.89 million series 2015C-2 mandatory tender bonds
|
| Maturity | Type | Coupon | Price
|
| 2033 | Term | 4% | 110.861
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
