New York's Metropolitan Transportation Authority intends to issue $700 million of new-money transportation revenue bond anticipation notes and remarket $43.8 million next month, according to finance manager Patrick McCoy.
The new-money $700 million sale of Series 2015B bonds, through competitive bidding, will finance existing approved transit and commuter capital projects, McCoy said at the Nov. 16 MTA board's finance committee meeting. Nixon Peabody LLP and D. Seaton and Associates are co-bond counsel, with Public Financial Management Inc. as financial advisor.
In addition, the MTA will exercise a mandatory tender next month and remarket $43.8 million of Triborough Bridge and Tunnel Authority general revenue variable rate refunding bonds, Subseries 2005B-4d. Siebert Brandford Shank & Co. LLC and Morgan Stanley are joint remarketing agents. Orrick, Herrington & Sutcliffe LLP and Brant Rabbino LLP are co-bond counsel and PFM is the financial advisor.
Also on Nov. 16, the MTA closed on $156 million of TBTA general revenue bonds in two series – a $65 million new-money sale and a $91.1 million remarketing. The latter were converted from term-rate to fixed-rate mode because a mandatory put date approached. All-in true interest cost was 3.87% and average life was 19.17 years.
"We were very pleased with the result," said McCoy. Loop Capital Markets was senior manager on the transaction.
