TSASC Inc. has scheduled a $1 billion sale of tobacco settlement bonds on Nov. 16 after a one-day retail period.
Proceeds will primarily be used to refund all of TSASC's outstanding bonds, according to representatives of New York City's Office of Management and Budget and city Comptroller Scott Stringer.
Jefferies LLC is book-running lead manager, with Citigroup and Siebert Cisneros Shank & Co. LLC additional lead managers for the negotiated sale.
TSASC is a local development corporation that issues debt secured by tobacco settlement revenues, which cigarette companies pay as part of their 1998 settlement with 46 states, including New York.
A preliminary official statement was expected to be available on Nov. 7.
