The New York City Municipal Water Finance Authority plans to sell about $425 million of bonds over the next two weeks, according to a statement from the mayor's Office of Management and Budget and city Comptroller Scott Stringer.
New York Water plans a $200 million sale of second resolution, fixed-rate, tax-exempt new money bonds by competitive sale on Sept.10, subject to market conditions.
It has also scheduled a $225 million sale on Sept. 16 after a one-day retail order period. New York Water will use its underwriting syndicate with Rice Financial Products Co. serving as book-running senior manager on the transaction.
Barclays Capital, Citigroup, Ramirez & Co. and Raymond James will be co-senior managers.
Moody's Investors Service rates the second-resolution bonds Aa2. Standard & Poor's and Fitch Ratings rate them AA-plus.
The system provides more than 1 billion gallons per day of drinking water to more than 8 million city residents and another 1 million users in four upstate counties.
