New York State Thruway Authority expects to price $239.14 million contract bonds on Thursday

By Cristal Cody

Springdale, Ark., Feb. 4 - The New York State Thruway Authority plans to price $239.14 million local highway and bridge service contract bonds on Thursday, the issuer said in an interview Monday.

The series 2008 bonds have a serial maturity structure from April 1, 2008 through 2015, with a term bond in 2017.

Morgan Stanley is the lead manager of the negotiated deal, with nine additional underwriters as co-managers.

The bonds will be offered to individual investors on Wednesday and will price institutionally on Thursday, said Michael Sikule, director of investments and assets management for the authority.

Proceeds will be used to refund maturities from outstanding highway and bridge service contract bonds. The outstanding bonds were issued to fund grants to reimburse municipalities and other sponsors for capital expenditures to highway, bridge and multi-modal projects in the state.

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