New Issue: Dasny sells $332.88 million of school districts revenue bonds

By Sheri Kasprzak

New York, May 11 - The Dormitory Authority of the State of New York sold Wednesday $332.88 million of series 2011 school districts revenue bond financing revenue bonds, said a pricing sheet.

The offering included $267.825 million of series 2011A bonds (A1/A+/A+), $39.75 million of series 2011B bonds (A3/A+/A+), $7.885 million of series 2011C bonds (Aa3/A+/A+) and $17.42 million of series 2011D bonds (A2/A+/A+).

The 2011A bonds are due 2012 to 2030 with 3% to 5% coupons. The 2011B bonds are due 2012 to 2025 with term bonds due in 2031 and 2039. The serial coupons range from 2% to 5.25%. The 2031 bonds have a 4.75% coupon, and the 2039 bonds have a 5.25% coupon. The 2011C bonds are due 2012 to 2025 with 2% to 5% coupons. The 2011D bonds are due 2012 to 2026 with 2% to 5% coupons.

Jefferies & Co. and RBC Capital Markets LLC were the senior managers. The co-managers were Roosevelt & Cross Inc., Barclays Capital Markets Inc., Citigroup Global Markets Inc., KeyBanc Capital Markets LLC, Morgan Stanley & Co. Inc., Morgan Keegan & Co. Inc., Oppenheimer & Co. Inc., Ramirez & Co. Inc., Raymond James & Associates Inc., Rice Financial Products Co., Siebert Brandford Shank & Co. LLC, Stifel, Nicolaus & Co. Inc. and Wells Fargo Securities LLC.

Proceeds will be used to finance school district capital facilities and capital equipment, as well as to refinance bond anticipation notes.

Issuer:	Dormitory Authority of the State of New York
Issue:	Series 2011 school districts revenue bond financing revenue bonds
Amount:	$332.88 million
Type:	Negotiated
Underwriters:	Jefferies & Co. and RBC Capital Markets LLC (lead), Roosevelt & Cross Inc., Barclays Capital Markets Inc., Citigroup Global Markets Inc., KeyBanc Capital Markets LLC, Morgan Stanley & Co. Inc., Morgan Keegan & Co. Inc., Oppenheimer & Co. Inc., Ramirez & Co. Inc., Raymond James & Associates Inc., Rice Financial Products Co., Siebert Brandford Shank & Co. LLC, Stifel, Nicolaus & Co. Inc. and Wells Fargo Securities LLC (co-managers)
Ratings:	Moody's: A1 (for 2011A); A3 (for 2011B); Aa3 (for 2011C); A2 (for 2011D)
	Standard & Poor's: A+
	Fitch: A+
Pricing date:	May 11
Settlement date:	June 8
$267.825 million series 2011A
Maturity	Type	Coupon
2012	Serial	3%
2013	Serial	4%
2014	Serial	4%
2014	Serial	5%
2015	Serial	5%
2016	Serial	5%
2017	Serial	5%
2018	Serial	5%
2019	Serial	5%
2020	Serial	5%
2021	Serial	5%
2022	Serial	5%
2023	Serial	5%
2024	Serial	5%
2025	Serial	5%
2026	Serial	5%
2027	Serial	4.375%
2028	Serial	4.5%
2029	Serial	4.5%
2030	Serial	4.625%
$39.75 million series 2011B
Maturity	Type	Coupon
2012	Serial	2%
2013	Serial	3%
2014	Serial	4%
2015	Serial	4%
2016	Serial	5%
2017	Serial	5%
2018	Serial	4%
2019	Serial	3.25%
2020	Serial	4%
2021	Serial	5%
2022	Serial	5.25%
2023	Serial	5.25%
2024	Serial	5.25%
2025	Serial	5.25%
2031	Term	4.75%
2039	Term	5.25%
$7.885 million series 2011C
Maturity	Type	Coupon
2012	Serial	2%
2013	Serial	4%
2014	Serial	4%
2015	Serial	5%
2016	Serial	4%
2017	Serial	4%
2018	Serial	4%
2019	Serial	5%
2020	Serial	5%
2021	Serial	3.5%
2022	Serial	3.5%
2023	Serial	3.75%
2024	Serial	4%
2025	Serial	4.125%
$17.42 million series 2011D
Maturity	Type	Coupon
2012	Serial	2%
2013	Serial	3%
2014	Serial	4%
2015	Serial	4%
2016	Serial	4%
2017	Serial	4%
2018	Serial	5%
2019	Serial	5%
2020	Serial	5%
2021	Serial	5%
2022	Serial	5%
2023	Serial	4%
2024	Serial	4%
2025	Serial	4.125%
2026	Serial	4.25%

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