New York City Transitional to sell $854.83 million of future tax bonds

By Sheri Kasprzak

New York, Nov. 13 - The New York City Transitional Finance Authority is set to price $854.83 million of series 2013 future tax secured subordinate bonds on Thursday, according to a preliminary official statement.

The deal includes $330 million of series 2013C bonds, $307,545,000 of series 2013D tax-exempt subordinate bonds and $217,285,000 of series 2013E tax-exempt subordinate bonds. The 2013C tranche includes $100 million of series 2013C-1 tax-exempt subordinate bonds, $100 million of series 2013C-2 taxable subordinate qualified school construction bonds and $130 million of series 2013C-3 taxable subordinate bonds.

The series 2013C-1 bonds are due 2014 to 2027, and the 2013C-2 bonds are due 2035. The 2013C-3 bonds are due 2016 to 2024.

The 2013D bonds are due 2014 to 2032, and the 2012E bonds are due 2013 to 2027.

The bonds will be sold competitively with Public Resources Advisory Group as the financial adviser.

Proceeds will be used to finance general city expenditures, as well as to finance the construction and equipment of schools and refund some of the authority's existing debt.

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