New York City Industrial Development's 2006B New York Law School bonds have mandatory tender

By Marisa Wong

Madison, Wis., Aug. 4 - The New York City Industrial Development Agency said its New York Law School Project civic facility revenue bonds, series 2006B-1 and 2006B-2, are subject to a mandatory tender for purchase on Sept. 3.

The bonds will be purchased at par plus accrued interest up to the settlement date.

Affected are $47.5 million of 2006B-1 bonds due June 1, 2036 and $20 million of 2006B-2 bonds due June 1, 2036.

The mandatory tender is due to the replacement of the initial letters of credit securing the 2006B bonds with an alternate letter of credit to be issued by TD Bank, NA for the 2006B-1 bonds and an alternate letter of credit to be issued by JPMorgan Chase Bank, NA for the 2006B-2 bonds. The substitution will be made on Sept. 3.

U.S. Bank NA is the trustee.

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