The New York City Transitional Finance Authority is planning to sell $1.1 billion of future tax secured subordinate bonds next week.
TFA plans to sell about $840 million of tax-exempt bonds on Tuesday, April 11, after a two day retail order period starting on Friday. About $800 million of the proceeds will be used to fund capital projects and around $40 million will be used to convert existing index-rate bonds to fixed-rate bonds, TFA said Monday.
The negotiated deal will priced by TFA's underwriting syndicate, led by book-running senior manager RBC Capital Markets, with Bank of America Merrill Lynch, Citigroup, Goldman, Sachs, Jefferies, JPMorgan, Loop Capital Markets, Ramirez & Co., Siebert Cisneros Shank & Co. and Wells Fargo Securities serving as co-senior managers.
TFA said it also plans to competitively sell $300 million of taxable fixed-rate new money bonds on April 11.
Since 2013, the TFA has sold about $18 billion of bonds, with the most issuance occurring in 2015 when it offered $5.48 billion of debt. So far this year, the TFA has sold about $795 million of bonds.