New York City Transitional Finance arranges $800 million bond offering

By Sheri Kasprzak

New York, July 14 – The New York City Transitional Finance Authority plans to price $800 million of series 2015A future tax secured subordinate bonds on Tuesday, according to a preliminary official statement.

The bonds will be sold on a negotiated basis. Morgan Stanley & Co. LLC; BofA Merrill Lynch; J.P. Morgan Securities LLC; Barclays; Loop Capital Markets LLC; Goldman, Sachs & Co.; and Wells Fargo Securities LLC are the senior managers.

The co-managers are Citigroup Global Markets Inc.; Oppenheimer & Co. Inc.; RBC Capital Markets LLC; Siebert Brandford Shank & Co. LLC; Fidelity Capital Markets Inc.; Ramirez & Co. Inc.; Rice Financial Products Co.; Southwest Securities Inc.; Jefferies & Co.; Raymond James/Morgan Keegan; Roosevelt & Cross Inc.; Stifel, Nicolaus & Co. LLC; BNY Mellon Capital Markets LLC; Sterne, Agee & Leach Inc.; Estrada Hinojosa & Co. Inc.; U.S. Bancorp Investments Inc.; Prager & Co. LLC; and the Williams Capital Group LP.

The deal includes $675 million of series 2015A-1 tax-exempt bonds and $125 million of series 2015A-2 taxable bonds.

The 2015A-1 bonds are due 2016 to 2041. The 2015A-2 bonds are due 2020 to 2025.

Proceeds will be used to finance general city capital expenditures and other discrete capital purposes.

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