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HUDSON YARDS INFRASTRUCTURE CORPORATION ANNOUNCES SUCCESSFUL SALE OF $2.15 BILLION REFUNDING BONDS

May 23, 2017

The   Hudson   Yards   Infrastructure   Corporation   (“HYIC”)   announced today the sale  of$2.15  billion of  Series  2017  Second  Indenture  Bonds  (“Series  2017  Bonds”),  comprised of $2.12 billion of tax-exempt fixed rate bonds and $33.4 million of taxable fixed rate bonds.

Proceeds will be used to currently refund all outstanding Series 2007 First Indenture Bonds and advance refund a portion of the Series 2012 First Indenture Bonds.

During a two-day retail order period for the tax-exempt bonds,  HYIC  received approximately $509 million of retail orders, of which $468 million was usable. During the institutional order period, HYIC received $7.6 billion of priority orders from over 150 institutional investors, representing 4.5x the bonds offered for sale. As a result of strong investor demand, yields were reduced by 2-4 basis points for maturities in 2022 – 2031 and 5-9 basis points for maturities in 2032 – 2046. Final stated yields ranged from 1.28% in 2022 to 3.43% in 2044 for a 4% coupon bond and 3.13% in 2045 for a 5% coupon bond.

The tax-exempt bonds were sold via negotiated sale by HYIC’s underwriting syndicate, led by lead manager Goldman Sachs & Co. LLC, with Ramirez & Co., Inc., J.P. Morgan and Loop Capital Markets serving as joint lead managers.

HYIC also sold $33.4 million of taxable bonds maturing in 2038 via competitive bid. The bonds attracted eleven bidders, with Wells Fargo Bank, NA winning at a true interest cost of 3.898%.

The Series 2017 Bonds were rated Aa3 by Moody’s Investors Service, A+ by S&P Global Ratings and A+ by Fitch Ratings. In conjunction with the sale of Series 2017 Bonds, the Series 2012 First Indenture Bonds were upgraded to Aa3 from  A2 by Moody’s  Investors  Service,  AA- from A by S&P Global Ratings and AA- from A by Fitch, Inc.

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$242 billion
Aug
2022