New York expects to price $448 million G.O. bonds; also plans $1.3 billion multi-modal G.O. bond sale

By Cristal Cody

Springdale, Ark., March 4 - New York plans to price $448.025 million of general obligation bonds, according to a preliminary official statement released Monday.

The bonds will price as $354.155 million tax-exempt subseries J-1 bonds; $81.87 million taxable subseries J-2 bonds; and $12 million tax-exempt series K bonds.

Series J bonds have maturities from 2009 through 2018. Series K bonds have serial maturities from Aug. 1, 2008 through Aug. 1, 2029.

Merrill Lynch & Co. is the senior manager of the negotiated sale, with 23 underwriters as co-managers.

Proceeds will be used to redeem previous bond series.

The city also expects to price $1.315 billion multi-modal general obligation bonds as adjustable rate bonds, according to the statement.

Additional information was not available.

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