New York City Transitional Finance refunds bonds with issue of fiscal 2010 series B bonds

By Jennifer Chiou

New York, Sept. 3 - The New York City Transitional Finance Authority announced that numerous series of its bonds have been refunded and defeased following the Aug. 12 issue of an upsized $800 million of series fiscal 2010B future tax secured subordinate-lien bonds (Aa2/AAA/AA+).

Affected securities include the fiscal 1998 series B dated Jan. 22, 1998; fiscal 1998 series C dated May 5, 1998; fiscal 1999 series A dated Nov. 24, 1998; fiscal 1999 series B dated March 9, 1999;

Also, fiscal 1999 series C dated May 13, 1999; fiscal 2000 series B dated Feb. 2, 2000; fiscal 2000 series C dated May 2, 2000; fiscal 2001 series A dated Oct. 31, 2000; fiscal 2001 series B dated March 7, 2001;

Also, fiscal 2001 series C dated April 11, 2001; fiscal 2002 series A dated July 10, 2001; fiscal 2002 series B dated Nov. 14, 2001; fiscal 2002 series C dated April 16, 2002; fiscal 2003 series C dated Nov. 7, 2002;

Also, fiscal 2003 series E dated April 10, 2003; fiscal 2004 series B dated Nov. 3, 2003; fiscal 2004 series C dated Feb. 5, 2004; fiscal 2007 series A, subseries A-1 dated Oct. 16, 2006; fiscal 2007 series B dated Feb. 22, 2007; and fiscal 2007 series C, subseries C-1 dated June 21, 2007.

As already noted, the 2010B bonds deal was upsized from $600 million with nearly $235 million coming from retail buyers. Yields ranged from 0.62% for bonds due 2010 to 4.08% for bonds due 2024. All of the bonds came as serial bonds.

The Bank of New York Mellon is the trustee.

Morgan Stanley & Co. Inc., Barclays Capital Inc., Goldman, Sachs & Co. and J.P. Morgan Securities Inc. acted as lead underwriters for the negotiated deal.

Co-managers were Citigroup Global Markets Inc., Jefferies & Co., Loop Capital Markets LLC, M.R. Beal & Co., Merrill Lynch & Co., Ramirez & Co., Inc., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC, Wachovia Bank, NA, Cabrera Capital Markets, Inc., Jackson Securities, Raymond James & Associates, Inc., RBC Capital Markets Corp., Stifel, Nicolaus & Co. Inc. and TD Securities (USA) LLC.

The New York City Transitional Finance Authority is located in New York City.

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