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New York State Urban Development to sell $1.1 billion revenue bonds
By Sheri Kasprzak
New York, Nov. 19 - The New York State Urban Development Corp. plans to price $1,104,885,000 of series 2010 state personal income tax revenue bonds, according to a preliminary official statement.
The offering includes $427.18 million of series 2010A tax-exempt bonds, $328.375 million of series 2010B taxable bonds and $349.33 million of series 2010C Build America Bonds.
Citigroup Global Markets Inc. is the senior manager for the 2010B and 2010C bonds, and Morgan Stanley & Co. Inc. is the lead manager for the 2010A bonds.
The co-managers are Bank of America Merrill Lynch; Loop Capital Markets LLC; M.R. Beal & Co.; Barclays Capital Inc.; J.P. Morgan Securities LLC; Goldman Sachs & Co.; Ramirez & Co. Inc.; Rice Financial Products Co.; Siebert Brandford Shank & Co. LLC; Wells Fargo Securities LLC; BB&T Capital Markets LLC; Cabrera Capital Markets LLC; Fidelity Capital Markets Services Inc.; Jackson Securities; Jefferies & Co.; Janney Montgomery Scott LLC; Lebenthal & Co.; Mesirow Financial Inc.; Piper Jaffray & Co.; Raymond James & Associates Inc.; RBC Capital Markets Corp.; Roosevelt & Cross Inc.; Sterne, Agee & Leach Inc.; Stifel, Nicolaus & Co. Inc.; and Stone & Youngberg.
The maturities have not been set.
Proceeds will be used to finance capital improvements and equipment purchases for state agencies and the City University of New York.
Based in Albany, N.Y., the corporation provides funding for economic development projects throughout the state.
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