New York City announces $520 million fiscal 2009 series H tax-exempt, taxable G.O. bond offering

By Aaron Hochman-Zimmerman

New York, Feb. 17 - The City of New York plans to offer $520 million in fiscal 2009 series H G.O. bonds, according to a preliminary statement.

The bonds will be made up of subseries H-1 and H-2.

The city will sell $400 million of the tax-exempt H-1 bonds and $120 million of the taxable H-2 bonds.

Both tranches will carry maturities from 2011 to 2024.

Citigroup, J.P. Morgan Securities Inc., Merrill Lynch & Co. and Morgan Stanley will act as underwriters to the deal.

Proceeds from the series H-1 bonds will be used for general purposes and to finance the cost of issuance. The proceeds from the series H-2 bonds will be used for discrete capital purposes.

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