Metropolitan Transportation Authority, N.Y., offers $500 million revenue refunding bonds

By Cristal Cody

Tupelo, Miss., July 16 – The Metropolitan Transportation Authority of New York plans to price $500 million of series 2015C transportation revenue refunding bonds (A1/AA-/A) in three tranches, according to a preliminary official statement.

The deal includes $400 million of subseries 2015C-1 fixed-rate bonds, $50 million of subseries 2015C-2 mandatory tender bonds and $50 million of subseries 2015C-3 floating-rate tender notes.

Siebert Brandford Shank & Co., LLC and Morgan Stanley & Co., LLC are the bookrunners for the negotiated sale.

Co-managers are BofA Merrill Lynch, J.P. Morgan Securities LLC, Ramirez & Co., Inc.; Citigroup Global Markets Inc.; Goldman Sachs & Co.; Jefferies & Co.; Loop Capital Markets LLC; Wells Fargo Securities LLC; Academy Securities Inc.; Barclays; BNY Mellon Capital Markets; Cabrera Capital Markets, LLC; CastleOak Securities, LP; Drexel Hamilton, LLC; Duncan-Williams, Inc.; Estrada Hinojosa & Co., Inc.; Fidelity Capital Markets; Janney Montgomery Scott LLC; KeyBanc Capital Markets Inc.; M&T Securities, Inc.; Mesirow Financial, Inc.; Oppenheimer & Co. Inc.; Piper Jaffray & Co.; PNC Capital Markets LLC; Raymond James/Morgan Keegan; Rice Financial Products Co..; TD Securities (USA) Inc.; U.S. Bancorp Investments Inc. and Williams Capital Group, LP.

Proceeds will be used to refinance certain outstanding debt issued for transit and commuter projects.

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