New York City TFA Plans $800M Sale

The New York City Transitional Finance Authority has scheduled an $800 million sale of future tax secured subordinate new money bonds for Wednesday, June 12.

The authority funds a portion of the city's capital program.

The sale of Series 2013I fixed-rate, tax-exempt bonds will follow a two-day retail order period, according to a spokesman for city Comptroller John Liu.

Book-running senior manager Loop Capital Markets LLC will lead the underwriting syndicate. Barclays, Bank of America Merrill Lynch, Goldman Sachs & Co., JPMorgan, Morgan Stanley and Wells Fargo are co-senior managers.

Standard & Poor's and Fitch Ratings assign AAA ratings to the bonds, while Moody's Investors Service rates them Aa1.

The pledge of city personal income tax and sales tax revenues secures the bonds. Maturities will extend from 2015 to 2039.

In March, the TFA sold $1 billion in new money and refunding bonds. The sale included $650 million in new money bonds and $250 in refunding bonds -- both tax-exempt, fixed rate -- and $100 million in taxable qualified school construction bonds. The authority received $177 million in retail orders for the two days before the sale.

Sidley Austin LLP is bond counsel. Fulbright & Jaworski LLP is advising on tax matters. The city's corporation counsel is also advising. Hawkins

Delafield & Wood LLP and Gonzalez Saggio & Harlan LLP are co-counsel for the underwriters.

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