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Published on 7/10/2008 in the Prospect News Municipals Daily.

N.Y. bridge and tunnel authorities delay sale of $1 billion bonds to Tuesday

By Cristal Cody

Springdale, Ark., July 10 - MTA Bridges and Tunnels and the Triborough Bridge and Tunnel Authority in New York pushed back the sale of $1 billion of revenue bonds to Tuesday, a source with the issuer said Thursday.

The $650 million series 2008C general revenue bonds and $350 million series 2008D subordinate revenue bonds also will price in a retail order period on Monday.

The bonds were expected to price on Thursday, but the sale was delayed because the July 4 holiday meant fewer business days last week, the source said.

The bonds have serial maturities from 2009 through 2028.

Citigroup Global Markets is the senior manager of the negotiated sale.

Co-managers are Banc of America Securities LLC; Siebert Brandford Shank & Co.; M.R. Beal & Co.; Depfa First Albany Securities LLC; JPMorgan; Lehman Brothers; Loop Capital Markets LLC; Merrill Lynch & Co.; Morgan Stanley; Ramirez & Co.; Raymond James & Associates; RBC Capital Markets; Roosevelt & Cross Inc.; and Wachovia Bank, NA.

Proceeds will finance transit and commuter projects and refinance outstanding debt.


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