New York City's Sales Tax Asset Receivable Corp. plans to sell $2 billion of tax-exempt, fixed-rate bonds on Sept. 23 after a two-day retail order period, said a spokesman for city Comptroller Scott Stringer.
Joint lead managers JPMorgan, Goldman Sachs & Co., Loop Capital Markets LLC, Raymond James, and Siebert Brandford Shank & Co. LLC will oversee the negotiated sale, with Ramirez & Co., Inc. serving as an additional joint lead manager.
STAR is a local development corporation organized by the city. Its bonds are secured by a statutorily-required annual payment of $170 million due to the city from the New York State Local Government Assistance Corp.
Proceeds are expected to refund outstanding STAR debt and to defease outstanding debt of the New York City Transitional Finance Authority.
