New York City will offer $650 million of building aid revenue bonds

By Devika Patel

Knoxville, Tenn., Nov. 30 - The City of New York announced it will offer $650 million of taxable and tax-exempt new money building aid revenue bonds.

The city plans to price $550 million of tax-exempt fixed-rate bonds on Dec. 7. There will be a two-day retail order period for the negotiated sale beginning on Dec. 5.

Morgan Stanley will be the bookrunning senior manager, and Barclays Capital, Bank of America Merrill Lynch, Citigroup, Goldman, Sachs & Co., and JPMorgan are the co-senior managers.

The city also said it expects to price a $100 million competitive sale of taxable fixed-rate qualified school construction building aid revenue bonds on Dec. 7.

The ratings for New York City's general obligation bonds are Aa2 from Moody's Investors Service, AA from Standard & Poor's and AA from Fitch Ratings.

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