By Sheri Kasprzak
New York, April 15 - New York City priced $525 million in general obligation bonds Tuesday, the city confirmed to Prospect News.
The sale includes $475 million in tax-exempt fixed-rate bonds (Aa3//AA-) sold on a negotiated basis through lead manager Banc of America Securities LLC. The co-managers for this sale were Bear, Stearns & Co.; Citigroup Global Markets; Merrill Lynch; and Morgan Stanley.
Carol Kostik, the city's deputy comptroller, said Tuesday she was out of the office and did not immediately have the full terms, but noted that the yields for the 2012 to 2029 bonds ranged from 3% to 4.72%.
The sale also included a $50 million offering of taxable general obligation bonds sold on a competitive basis. Goldman, Sachs & Co. was the winner of the bid with a 3.57% true interest cost.
Tuesday's bond sale is expected to settle on April 23.
Coming up, Kostik said, the city plans to sell $475 million in tax-exempt variable-rate demand bonds, which should price around April 22.
Taxable bonds
| Issuer: | New York City
|
| Issue: | Tax-exempt fixed-rate general obligation bonds
|
| Amount: | $475 million
|
| Type: | Negotiated
|
| Maturities: | 2012 to 2029
|
| Yields: | 3% in 2012 to 4.72% in 2029
|
| Underwriters: | Banc of America Securities LLC (lead); Bear, Stearns & Co.; Citigroup Global Markets; Merrill Lynch; Morgan Stanley
|
| Ratings: | Moody's: Aa3
|
| Fitch: AA-
|
| Pricing date: | April 15
|
| Settlement date: | April 23
|
|
|
| Tax-exempt bonds
|
| Issuer: | New York City
|
| Issue: | Taxable general obligation bonds
|
| Amount: | $50 million
|
| Type: | Competitive
|
| True interest cost: | 3.57%
|
| Underwriter: | Goldman, Sachs & Co.
|
| Ratings: | Moody's: Aa3
|
| Fitch: AA-
|
| Pricing date: | April 15
|
| Settlement date: | April 23
|
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