The New York City Municipal Water Finance Authority plans to sell about $435 million of second resolution, fixed-rate tax exempt new money bonds on Feb. 20, subject to market conditions.
A one-day retail period will precede the institutional sale, a spokesman for city Comptroller John Liu said Monday.
The financing will use New York Water’s underwriting syndicate with Barclays serving as book-running senior manager on the transaction. Citigroup, M.R. Beal & Co., Ramirez & Co. and Raymond James | Morgan Keegan will be co-senior managers.
Fitch Ratings and Standard & Poor’s assign AA-plus ratings to the bonds, while Moody’s Investors Service rates them Aa2.
New York Water held its previous sale, for $441 million, on Dec. 4. It received $42 million of orders during the preceding retail day. Yields-to-call at the final pricing varied by coupon from 2.89% to 3.13% in the single 2047 maturity.
New York Water in June sold $661 million, a combination of new money and refunding.
The authority has roughly $28.4 billion of debt outstanding as of December, according to documents posted on the New York Water website.
It provides more than 1 billion gallons of water daily to 9 million customers. Of that total, 8.2 million are in New York City and the rest are in Westchester, Putnam, Orange and Ulster counties.
