N.Y. State Urban Development sells $124 million; New York State Thruway Authority plans $363 million

By Sheri Kasprzak

New York, Aug. 26 - A high volume of new issue action on Tuesday proved issuers are certainly eager to get their offerings out there.

The pricing action Tuesday was headed up by the Empire State Development Corp., which sold $124.13 million in series 2008C service contract revenue refunding bonds, said Peter Heilbrunn with the corporation. The bonds were sold for the New York State Urban Development Corp.

The bonds (/AA-/A+) are due in 2009 and from 2017 to 2030 with coupons from 3% to 5% and yields from 1.7% to 4.88%.

Goldman, Sachs & Co. was the lead manager for the sale.

Proceeds will be used to refund the corporation's outstanding series 2002B-1 bonds.

Details on Charlotte, N.C.'s $339.5 million sale of series 2008 water and sewer system revenue bonds (Aa1/AAA/AAA) were not immediately available, a source at the issuer told Prospect News. That information may emerge on Wednesday, the issuer said.

The city had planned to sell the bonds through lead manager Banc of America Tuesday.

Proceeds will discharge the city's water and sewer commercial paper bond anticipation notes and finance improvements to the city's utility system.

New York State Thruway sale

Looking ahead to Wednesday's pricing action, the New York State Thruway Authority is gearing up to price $362.705 million in series 2008A state personal income tax revenue bonds Wednesday, according to a calendar of upcoming deals.

The bonds (/AAA/AA-) will be sold on a negotiated basis with Merrill Lynch and Loop Capital Markets as the senior managers.

The bonds are due from 2009 to 2028.

Proceeds will be used for capital improvements to transportation projects throughout the state.

Baylor College offering ahead

Also coming up on Wednesday, the Baylor College of Medicine in Texas is expected to price $200 million in series 2008D medical facilities revenue refunding bonds, according to a sales calendar. The bonds will be sold through the Harris County Cultural Education Facilities Finance Corp.

The bonds (/A/) will be sold on a negotiated basis with Citigroup Global Markets as the senior manager.

The bonds are due from 2009 to 2018 with term bonds due 2023, 2028 and 2032.

Proceeds will be used to refund the college's outstanding series 1999B and 2005A bonds, both of which are auction-rate securities.

U of Oklahoma deal

Moving to Thursday's sale calendar, the University of Oklahoma Health Sciences Center plans to sell its previously announced $70.995 million in series 2008 general revenue bonds (/AA/AA), according to a calendar.

Citigroup Global Markets is the lead manager.

The deal includes $44.83 million in series 2008A bonds and $26.165 million in series 2008B bonds.

The 2008A bonds are due from 2024 to 2028 with term bonds due 2033 and 2036. The 2008B bonds are due 2009 to 2013 with term bonds due 2018 and 2024.

Proceeds will be used to construct and equip the center's OU Cancer Institute.

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