Published on 9/25/2014 in the Prospect News Municipals Daily.
New Issue: Sales Tax Asset Receivable, N.Y., brings $2.04 billion of revenue bonds
By Sheri Kasprzak
New York, Sept. 25 – The Sales Tax Asset Receivable Corp. of New York sold $2,035,330,000 of series 2015A sales tax asset revenue bonds, according to a pricing sheet.
The bonds (Aa1/AAA/AA+) were sold on a negotiated basis through joint lead managers J.P. Morgan Securities LLC, Raymond James/Morgan Keegan, Goldman, Sachs & Co. and Loop Capital Markets LLC. The co-lead manager was Ramirez & Co. Inc.
The bonds are due 2015 to 2033 with 3% to 5% coupons and yields from 0.11% to 3.44%.
Proceeds will be used to redeem existing debt.
| Issuer: | Sales Tax Asset Receivable Corp., N.Y.
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| Issue: | Series 2015A sales tax asset revenue bonds
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| Amount: | $2,035,330,000
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| Type: | Negotiated
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| Underwriters: | J.P. Morgan Securities LLC, Raymond James/Morgan Keegan, Goldman, Sachs & Co. and Loop Capital Markets LLC (joint lead managers), Ramirez & Co. Inc. (co-lead manager), BofA Merrill Lynch, Jefferies & Co., Barclays, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Wells Fargo Securities LLC, Rice Financial Products Co., BMO Capital Markets LLC, Cabrera Capital Markets LLC, Estrada Hinojosa & Co., Lebenthal & Co. LLC, PNC Capital Markets LLC, Southwest Securities Inc., TD Securities (USA) LLC, BNY Mellon Capital Markets LLC, CastleOak Securities LP, Fidelity Capital Markets Inc., Northern Trust Co., Prager & Co. LLC, Sterne, Agee & Leach Inc., U.S. Bancorp Investments Inc., Blaylock Beal Van LLC, Drexel Hamilton LLC, Janney Montgomery Scott LLC, Oppenheimer & Co. Inc., Roosevelt & Cross Inc., Stifel, Nicolaus & Co. Inc. and Williams Capital Group LP (co-managers)
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| Ratings: | Moody’s: Aa1
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| Standard & Poor’s: AAA
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| Fitch: AA+
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| Pricing date: | Sept. 24
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| Settlement date: | Oct. 15
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $73,935,000 | 2015 | Serial | 5% | 104.885 | 0.11%
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| $76,895,000 | 2016 | Serial | 3% | 105.338 | 0.32%
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| $24.64 million | 2017 | Serial | 3% | 107.063 | 0.62%
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| $55,115,000 | 2017 | Serial | 5% | 112.998 | 0.62%
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| $8.57 million | 2018 | Serial | 4% | 112.068 | 0.92%
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| $74,935,000 | 2018 | Serial | 5% | 115.987 | 0.92%
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| $8,495,000 | 2019 | Serial | 4% | 113.34 | 1.24%
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| $79,155,000 | 2019 | Serial | 5% | 118.174 | 1.24%
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| $8,685,000 | 2020 | Serial | 4% | 113.985 | 1.55%
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| $83,325,000 | 2020 | Serial | 5% | 119.693 | 1.55%
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| $7,705,000 | 2021 | Serial | 4% | 114.267 | 1.82%
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| $88.89 million | 2021 | Serial | 5% | 120.811 | 1.82%
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| $24,465,000 | 2022 | Serial | 4% | 114.399 | 2.04%
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| $76.87 million | 2022 | Serial | 5% | 121.746 | 2.04%
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| $24,515,000 | 2023 | Serial | 4% | 114.273 | 2.24%
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| $81.71 million | 2023 | Serial | 5% | 122.383 | 2.24%
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| $3,755,000 | 2024 | Serial | 4% | 114.916 | 2.32%
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| $107.72 million 2024 | Serial | 5% | 123.795 | 2.32%
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| $117,115,000 | 2025 | Serial | 5% | 122.793 | 2.42%
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| $123,065,000 | 2026 | Serial | 5% | 121.801 | 2.52%
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| $129,315,000 | 2027 | Serial | 5% | 121.014 | 2.60%
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| $135.89 million | 2028 | Serial | 5% | 120.233 | 2.68%
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| $29.3 million | 2029 | Serial | 3% | 98.807 | 3.10%
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| $113,195,000 | 2029 | Serial | 5% | 119.748 | 2.73%
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| $149,435,000 | 2030 | Serial | 5% | 119.169 | 2.79%
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| $157,035,000 | 2031 | Serial | 5% | 118.593 | 2.85%
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| $164,175,000 | 2032 | Serial | 4% | 107.42 | 3.13%
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| $7,425,000 | 2033 | Serial | 3.375% | 99.098 | 3.44%
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