New York City preps $641.46 million sale of 2011I G.O. bonds

By Sheri Kasprzak

New York, March 2 - The City of New York is expected to come to market with $641.455 million of series 2011I general obligation bonds on Tuesday, said a preliminary official statement.

The sale includes $400 million of series 2011I-1 tax-exempt bonds, $56.4 million of series 2011I-2 taxable bonds and $185.055 million of series 2011I-3 taxable bonds.

The taxable bonds will be sold competitively with Public Resources Advisory Group and A.C. Advisory Inc. as the financial advisers.

The tax-exempt bonds will be sold on a negotiated basis with Bank of America Merrill Lynch as the senior manager. The co-managers include Citigroup Global Markets Inc.; J.P. Morgan Securities LLC; Morgan Stanley & Co. Inc.; Siebert Brandford Shank & Co. LLC; Barclays Capital Inc.; M.R. Beal & Co.; Fidelity Capital Markets LLC; Goldman, Sachs & Co.; Jefferies & Co.; Loop Capital Markets LLC; Ramirez & Co. Inc.; Rice Financial Products Co.; Roosevelt & Cross Inc.; Southwest Securities Inc.; Wells Fargo Bank, NA; Cabrera Capital Markets LLC; Lebenthal & Co. LLC; Raymond James & Associates Inc.; Jackson Securities Inc.; MFR Securities Inc.; RBC Capital Markets LLC; Janney Montgomery Scott LLC; Morgan Keegan & Co. Inc.; and TD Securities.

The 2011I-1 taxable bonds are due 2011 to 2023. The 2011I-2 bonds are due in 2011, and the 2011I-3 bonds are due 2012 to 2016.

Proceeds will be used to redeem the city's series 2008J-13 and series 2008J-14 variable-rate bonds, which are due Aug. 1, 2019.

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