New York Power Authority's notes due 2016, 2020 have optional tender

By Marisa Wong

Madison, Wis., Jan. 31 - The Power Authority of the State of New York gave notice that its $75 million adjustable-rate tender notes due March 1, 2016 and $75 million adjustable-rate tender notes due March 1, 2020 have an optional tender for purchase on March 1.

Holders who wish to tender their notes must notify the tender agent, the Bank of New York Mellon, by 4 p.m. ET on Feb. 14.

The optional tender follows an adjustment to the interest rate on the notes. The preliminary adjusted rate on the 2016 notes and 2020 notes is 0.2%, effective March 1.

The next tender date for the notes will be Aug. 17, 2011.

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