New York Tobacco Settlement Financing plans $441.07 million asset-backed revenue bonds for March 18

By Sheri Kasprzak

New York, March 14 - The Tobacco Settlement Financing Corp. of New York State will price $441.07 million in asset-backed revenue bonds on March 18, a preliminary official statement said.

The offering includes $216.59 million in series 2008A state contingency contract-secured bonds and $224.48 million in series 2008B state contingency contract-secured bonds.

The bonds (/AA-/A+) will be sold on a negotiated basis through lead managers Citigroup Global Markets and Bear, Stearns & Co. The co-managers are Banc of America Securities; Goldman, Sachs & Co.; Merrill Lynch & Co.; M.R. Beal & Co.; RBC Capital Markets; Roosevelt & Cross Inc.; Ramirez & Co.; and UBS Investment Bank.

The series 2008A bonds are due from 2010 to 2012 and the series 2008B bonds are due from 2009 to 2012.

Proceeds will be used to refund the corporation's series 2003A-2 asset-backed revenue bonds and its series 2003B-2 through 2003B-5 asset-backed revenue bonds.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.