Triborough Bridge and Tunnel Authority plans $1 billion sale; pricing action picks up after holiday

By Cristal Cody and Sheri Kasprzak

New York, July 7 - Market activity picked up again on Monday following the shortened week, and upcoming sales were led by a planned $1 billion sale from the Triborough Bridge and Tunnel Authority in New York.

"We do expect things to be more active in the next week or two," said one market source. "Shorter weeks tend to be a little slower, so that makes sense. This summer should be fairly active."

The Triborough Bridge bonds are tentatively slated to price Thursday, a source with the issuer said Monday.

The bonds are being priced for MTA Bridges and Tunnels and include $650 million series 2008C general revenue bonds and $350 million series 2008D subordinate revenue bonds.

"All of our pricings are tentative until we actually go to the market," the source said.

The bonds have serial maturities from 2009 through 2028.

Citigroup Global Markets is the senior manager of the negotiated sale.

Proceeds will finance transit and commuter projects and refinance outstanding debt.

Georgia Municipal Electric Authority

The Municipal Electric Authority of Georgia expects to price $222.705 million subordinated bonds this week, the issuer said Monday.

"We're on a day-to-day basis, but we're shooting for Thursday," said James Fuller, chief financial officer.

The sale includes $159.18 million series 2008A project one subordinated bonds and $63.525 million series 2008A general resolution projects subordinated bonds.

"If the ratings come through and everything works out, we will try to do it on Thursday. If not, it could slip into next week," he said.

The bonds have serial maturities from 2009 through 2021.

Morgan Stanley is the senior manager of the negotiated sale.

Proceeds will be used to refund the series 2000B general resolution projects subordinated bonds and commercial paper notes and the series 2000C, 2000D and 2000E project one subordinated bonds and commercial paper notes.

Also coming up this week, Miami-Dade County in Florida plans to price $450 million in water and sewer revenue refunding bonds, according to a calendar of upcoming deals.

RBC Capital Markets is the lead manager for the negotiated deal.

Calls to the issuer for additional information were not immediately returned.

Florida to price $200 million

The Florida Department of Education expects to price $200 million full faith and credit public education capital outlay bonds in a competitive sale on Tuesday, the state said Monday.

Florida prices bonds in competitive sales with an 18-hour notice.

The series 2006E bonds (Aa1/AAA/AA+) have preliminary serial maturities from 2009 through 2038.

The bonds were authorized by the state in 2006.

Squire, Sanders & Dempsey LLP is the state's bond counsel.

Proceeds will be used for capital projects.

Oregon bond sale Tuesday

On Tuesday, the Oregon Department of Administrative Services expects to price $155.285 million in series 2008 certificates of participation, according to a preliminary official statement.

The COPs will be sold on a negotiated basis with Banc of America Securities and Citigroup Global Markets as the lead managers.

The sale includes $140.5 million in series 2008A COPs, which are due 2009 to 2028 with terms due 2033 and 2038, and $14.785 million in series 2008B COPs, which are due 2010 to 2023.

Proceeds from the sale will be used to refund the department's series 1997B COPs.

Medical College of Wisconsin bonds

The Medical College of Wisconsin plans to price $149.305 million fixed- and variable-rate bonds, a source familiar with the sale said Monday.

The bonds (A1) will price through the Wisconsin Health and Educational Facilities Authority.

The $81.01 million series 2008A uninsured fixed-rate revenue bonds probably will price on July 16. The pricing date for the $68.295 million series 2008B variable-rate revenue bonds is still being determined.

The series 2008B bonds are insured by Assured Guaranty Corp.

Goldman, Sachs & Co. will manage the negotiated sales.

Proceeds will be used to refund the series 2004B-1 and 2004B-2 bonds, to fund a debt service reserve fund and to pay costs of completing the Translational and Biomedical Research Center and other renovations.

Jackson school bonds price Wednesday

The Jackson Public School District expects to price its previously announced $114 million special obligation bonds on Wednesday, school finance director David Setzer told Prospect News.

The series 2008 bonds (A1) will price through the Mississippi Development Bank.

The bonds have serial maturities from 2009 through 2028.

The bonds are insured by Financial Security Assurance Inc.

Rice Financial Products Co. is the senior manager of the negotiated sale.

Proceeds will be used to finance school replacement facilities and renovations.

California Statewide sale

Looking a little further ahead, the California Statewide Communities Development Authority plans to price $225 million in series 2008 student housing revenue bonds on July 31, said James Hamill, program manager for the authority.

The bonds (Baa2) will be sold on a negotiated basis with Lehman Brothers as the senior manager.

The bonds are expected to have a serial structure with term bonds, though the maturity dates have not been set at this time.

Proceeds will be used for construction on the University of California at Irvine East Campus Apartments - Phase II.

Oklahoma Development Finance Authority

The Oklahoma Development Finance Authority plans to price $222.67 million health system revenue and refunding bonds for Integris Health later this month, a source said Monday.

The $105.97 million series 2008B and $116.7 million series 2008C bonds will price for Integris Baptist Medical Center, Integris South Oklahoma City Hospital and Integris Rural Health.

The bonds have maturities from 2009 through 2014.

Goldman, Sachs & Co. is the senior manager of the negotiated sale.

Proceeds will be used to finance or refinance acquisitions and capital improvements and to refund $32.7 million of the $37.165 million outstanding from the series 1995D revenue refunding bonds and $117.3 million of the $118 million outstanding from the series 1999B variable-rate revenue refunding bonds.

Arkansas mortgage revenue bonds

The Arkansas Development Finance Authority intends to price $95 million single family mortgage revenue bonds, according to a preliminary official statement released Monday.

The $22.63 million series 2008A bonds have serial maturities from 2009 through 2017 and a term due 2033.

The $72.37 million series 2008B bonds have serial maturities from 2009 through 2018 and terms due 2023, 2028, 2033 and 2038.

Stephens Inc. is the senior manager of the negotiated sale.

Proceeds will be used to refund the series 1997C and 1997D-A single family mortgage revenue bonds; series 1997A-1, 1997B-1, 1998A and 1998B home mortgage revenue bonds and the series 2006W single family mortgage revenue notes.

Proceeds also will be used to purchase mortgage-backed securities.

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