The New York City Transitional Finance Authority plans to sell $900 million of future tax-secured subordinate bonds in two series next week.
The authority intends to sell $728 million of tax-exempt bonds on Wednesday after a two-day retail order period.
Of that total, $428.4 million of Series 2003B bonds are a conversion to a fixed rate of previously issued floating-rate bonds.
The TFA also aims to isue $300 million of tax-exempt Series 2012A refunding bonds.
JPMorgan will be the book-running senior manager. Barclays Capital, Bank of America Merrill Lynch, Citi, Goldman, Sachs & Co. and Morgan Stanley will be co-senior managers.
In addition, the authority intends to convert $172 million of Series B 2002 taxable, variable-rate tax-secured senior bonds to fixed-rate subordinate bonds through competitive bid on Wednesday.
The TFA, created to issue debt to fund part of New York City’s capital program, sold $300 million of new-money building aid revenue bonds in June. The BARBs were sold in two series, with Goldman Sachs and Bank of America Merrill submitting the winning bids.
In April, it sold $650 million of tax-exempt fixed-rate refunding bonds that are secured by future taxes.
Standard & Poor’s and Fitch Ratings rate the subordinate-lien bonds AAA. Moody’s Investors Service rates them Aa1.