New York City will refinance $641 million of general obligation debt next week with Bank of America Merrill Lynch senior managing the tax-exempt portion.

The city will refinance $400 million of tax-exempt GO bonds on Tuesday, following a two-day retail order period that will kick off on Friday, according to the city’s Office of Management and Budget. The transaction will include switching $50 million of variable-rate demand bonds into fixed-rate mode.

Citi, JPMorgan, Morgan Stanley, and Siebert Brandford Shank & Co. will be co-senior managers on the tax-exempts.

At the same time, New York City will issue $241 million of taxable GO refunding bonds through competitive bid.

The city had $41.56 billion of GO debt outstanding as of June 30. Fitch Ratings and Standard & Poor’s rate New York City AA, while Moody’s Investors Service assigns an equivalent Aa2.

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