By Sheri Kasprzak
New York, Dec. 9 - The City of New York sold late Tuesday $900 million in series 2009 fixed-rate tax-exempt refunding bonds, said a sellside source familiar with the deal. The offering was upsized from $700 million.
The bonds (Aa3/AA/AA-) were sold through Citigroup Global Markets Inc.
The co-managers were J.P. Morgan Securities Inc., Merrill Lynch & Co., Morgan Stanley & Co. and Siebert Brandford Shank & Co. LLC.
The deal included $838 million in series 2009E bonds and $62 million in series 2009F bonds.
The 2009E bonds are due 2010 to 2028 with 3% to 5% yields. The 2009F bonds are due 2012 to 2017. The yields on the 2009F bonds range from 2% to 5%.
The bonds were priced after a three-day retail order period.
Proceeds will be used to refund existing debt.
| Issuer: | City of New York
|
| Issue: | Series 2009 fixed-rate tax-exempt refunding bonds
|
| Amount: | $900 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), J.P. Morgan Securities Inc., Merrill Lynch & Co., Morgan Stanley & Co., Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA-
|
| Pricing date: | Dec. 8
|
|
|
| Series 2009E
|
| Amount: | $838 million
|
| Maturities: | 2010 to 2028
|
| Yields: | 3% to 5%
|
|
|
| Series 2009F
|
| Amount: | $62 million
|
| Maturities: | 2012 to 2017
|
| Yields: | 2% to 5%
|
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