New York City Transitional Finance plans $1.09 billion sale of bonds

By Sheri Kasprzak

New York, Oct. 21 - The New York City Transitional Finance Authority is set to price $1,092,470,000 of series 2014A future tax secured subordinate bonds during the week of Oct. 21, according to a preliminary official statement.

The offering includes $650 million of series 2014A-1 tax-exempt subordinate bonds, $350 million of series 2014A-2 taxable bonds and $92.47 million of series 2014A-3 taxable qualified school construction bonds.

The bonds will be sold on a negotiated basis with BofA Merrill Lynch, Morgan Stanley & Co. LLC, Goldman, Sachs & Co., Barclays, Loop Capital Markets LLC, J.P. Morgan Securities LLC and Wells Fargo Securities LLC as the senior managers. The co-senior managers are Citigroup Global Markets Inc., M.R. Beal & Co., Raymond James/Morgan Keegan, Roosevelt & Cross Inc., Fidelity Capital Markets, Oppenheimer & Co. Inc., RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC, Jefferies & Co., Ramirez & Co. Inc., Rice Financial Products Co., Stifel, Nicolaus & Co. Inc. and Southwest Securities Inc. The co-managers are BNY Capital Markets LLC, Sterne, Agee & Leach Inc., Estrada Hinojosa & Co. Inc., U.S. Bancorp Investments Inc., Prager & Co. LLC and Williams Capital Group LP.

The 2014A-1 bonds are due 2015 to 2033. The 2014A-2 bonds are due 2015 to 2030. The 2014A-3 bonds are due Nov. 1, 2032.

Proceeds will be used to finance general city capital expenditures, discrete capital expenditures and the construction, rehabilitation or repair of public schools.

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