New York City Municipal Water Finance plans $600 million bond sale

By Sheri Kasprzak

New York, Sept. 9 - The New York City Municipal Water Finance Authority is set to bring to market $600 million in series 2011AA water and sewer system second general resolution revenue bonds, said a preliminary official statement. The pricing is scheduled for Sept. 16.

The bonds (Aa2/AA+/AA+) will be sold on a negotiated basis with Barclays Capital Inc. as the senior manager. The co-managers include Jefferies & Co.; Morgan Keegan & Co. Inc.; M.R. Beal & Co.; Ramirez & Co. Inc.; Bank of America Merrill Lynch; Citigroup Global Markets Inc.; Fidelity Capital Markets; Goldman, Sachs & Co.; J.P. Morgan Securities Inc.; Loop Capital Markets LLC; Morgan Stanley & Co. Inc.; Raymond James & Associates Inc.; RBC Capital Markets Corp.; Rice Financial Products Co.; Roosevelt & Cross Inc.; Siebert Brandford Shank & Co. LLC; Wells Fargo Bank, NA; BB&T Capital Markets; Lebenthal & Co. LLC; Oppenheimer & Co. Inc.; Piper Jaffray & Co.; Stifel, Nicolaus & Co.; and Stone & Youngberg.

Proceeds will be used to repay existing commercial paper notes and make a deposit to the authority's construction fund.

The authority borrows money to fund or refund debt issued by the city to construct, maintain and repair water infrastructure.

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