New York State Environmental Facilities to price $481.565 million revenue bonds Tuesday

By Sheri Kasprzak

New York, May 5 - The New York State Environmental Facilities Corp. plans to price $481.565 million in series 2008 state clean water and drinking water revolving funds revenue bonds Tuesday, a preliminary official statement said Monday.

The offering includes $262.64 million in series 2008A bonds and $218.925 million in series 2008B bonds.

The bonds (Aa1/AA/AA+) are due 2009 to 2037 with term bonds.

The bonds will be sold on a negotiated basis with Depfa First Albany Securities as the senior manager. The co-managers are J.P. Morgan Securities Inc.; Banc of America Securities LLC; Lehman Brothers; Citigroup; Goldman Sachs & Co.; Morgan Stanley & Co. Inc.; M.R. Beal & Co.; Merrill Lynch; Piper Jaffray & Co.; Raymond James & Associates; Wachovia Bank; and UBS Investment Bank.

Proceeds from the sale will be used to provide financial assistance to the New York City Municipal Water Authority to refinance water pollution control and drinking water project.

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