New York City Transitional Finance preps $1 billion future tax bonds

By Sheri Kasprzak

New York, Oct. 16 – The New York City Transitional Finance Authority is scheduled to price $1 billion of series 2016 future tax secured subordinate bonds on Wednesday, said a preliminary official statement.

The deal includes $600 million of series 2016B bonds comprised of $350 million of series 2016B-1 tax-exempt bonds, $198,315,000 of series 2016B-2 taxable bonds and $51,685,000 of series 2016B-3 taxable bonds as well as $350 million of series 2016C tax-exempt bonds and $50 million of series 2016D tax-exempt bonds.

The 2016B-1 bonds are due 2028 to 2038, and the 2016B-2 bonds and 2016B-3 bonds are due 2017 to 2027. The 2016C bonds are due 2017 to 2030, and the 2016D bonds are due 2016 to 2030.

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

Proceeds will be used to finance capital projects and refund outstanding bonds.

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