New York City organizes $950 million G.O. bond offering for Wednesday

By Sheri Kasprzak

New York, May 20 - The City of New York is scheduled to price $950 million of series 2013 general obligation bonds on Wednesday, according to a sales calendar.

The offering includes $230 million of series 2013I G.O.s and $720 million of series 2013J bonds.

The bonds (Aa2//AA) will be sold on a negotiated basis with BofA Merrill Lynch as the lead manager.

Proceeds will be used to refund outstanding G.O.s for a debt service savings and to fix out a portion of the city's outstanding variable-rate demand bonds.

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