New York City Transitional Finance preps $500 million sale of bonds

By Sheri Kasprzak

New York, March 31 - The New York City Transitional Finance Authority is expected to price $500 million of series 2011 future tax secured subordinate bonds, according to a preliminary official statement.

The offering includes $483 million of series 2011E bonds and $17 million of series 2011F bonds.

The bonds will be sold through Wells Fargo Securities LLC.

The co-managers are Barclays Capital Inc.; Merrill Lynch; Citigroup Global Markets Inc.; Goldman Sachs & Co.; Morgan Stanley & Co. Inc.; J.P. Morgan Securities LLC; Cabrera Capital Markets Inc.; Fidelity Capital Markets LLC; Jackson Securities Inc.; Jefferies & Co. Inc.; Loop Capital Markets LLC; M.R. Beal & Co. Inc.; Ramirez & Co. Inc.; Rice Financial Products Co.; Roosevelt & Cross Inc.; Siebert Brandford Shank & Co. LLC; Morgan Keegan & Co. Inc.; Oppenheimer & Co. Inc.; Raymond James & Associates Inc.; RBC Capital Markets LLC; Southwest Securities Inc.; Stifel, Nicolaus & Co. Inc.; and Stone & Youngberg.

The 2011E bonds are due 2012 to 2025, and the 2011F bonds are due 2011 to 2025.

Proceeds will be used to redeem existing future tax secured bonds.

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