By Sheri Kasprzak
New York, Dec. 9 - The City of New York sold late Tuesday $900 million in series 2009 fixed-rate tax-exempt refunding bonds, said a sellside source familiar with the deal. The offering was upsized from $700 million.
The bonds (Aa3/AA/AA-) were sold through Citigroup Global Markets Inc.
The co-managers were J.P. Morgan Securities Inc., Merrill Lynch & Co., Morgan Stanley & Co. and Siebert Brandford Shank & Co. LLC.
The deal included $838 million in series 2009E bonds and $62 million in series 2009F bonds.
The 2009E bonds are due 2010 to 2028 with 3% to 5% yields. The 2009F bonds are due 2012 to 2017. The yields on the 2009F bonds range from 2% to 5%.
The bonds were priced after a three-day retail order period.
Proceeds will be used to refund existing debt.
Issuer: | City of New York
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Issue: | Series 2009 fixed-rate tax-exempt refunding bonds
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Amount: | $900 million
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Type: | Negotiated
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Underwriters: | Citigroup Global Markets Inc. (lead), J.P. Morgan Securities Inc., Merrill Lynch & Co., Morgan Stanley & Co., Siebert Brandford Shank & Co. LLC (co-managers)
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Ratings: | Moody's: Aa3
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| Standard & Poor's: AA
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| Fitch: AA-
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Pricing date: | Dec. 8
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Series 2009E
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Amount: | $838 million
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Maturities: | 2010 to 2028
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Yields: | 3% to 5%
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Series 2009F
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Amount: | $62 million
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Maturities: | 2012 to 2017
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Yields: | 2% to 5%
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