Empire State Development, N.Y., to sell $664 million bonds Wednesday

By Sheri Kasprzak

New York, Nov. 3 - The Empire State Development Authority is scheduled to price $664 million in building aid revenue bonds on Wednesday, according to a calendar of upcoming sales.

The bonds (//A+) will be sold on a negotiated basis with Merrill Lynch as the lead manager.

Proceeds from the sale will be used to repay the $663.55 million in principal of the authority's series 2003A correctional and youth facilities service contract revenue bonds, which are up for mandatory tender on Jan. 1, 2009.

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