The New York City Municipal Water Finance Authority intends to sell roughly $435 million of second resolution, fixed-rate tax-exempt refunding bonds on May 19, subject to market conditions.
A one-day retail order period will precede the institutional sale, according to officials from the Mayor's Office of Management and Budget and city Comptroller Scott Stringer.
The financing will use New York Water's underwriting syndicate, with Barclays as book-running senior manager. Citigroup, Ramirez & Co. and Raymond James Inc. will be co-senior managers.
The authority, along with the city's Water Board and Department of Environmental Protection, manage the city's water and wastewater system.
The water system has storage capacity of 550 billion gallons and provides more than 1 billion daily gallons of drinking water to more than 8 million city residents and another 1 million users in four upstate counties.
