Empire State Development, N.Y., postpones sale, resizes planned refunding bonds

By Sheri Kasprzak

New York, June 4 - The Empire State Development Corp., N.Y.'s planned sale of $495 million in variable-rate refunding bonds has been postponed and resized, said Robert Godley, the corporation's treasurer.

The bonds had been expected to price the week of June 2.

"The proposed refunding issue ... was tentatively scheduled for sale at the beginning of June," Godley said.

"However, due to certain changes in scheduling and sizing of the transaction, we anticipate that we will be bringing to market a $400 million fixed-rate refunding of our correctional and youth service contract revenue bonds, series 2002 B-2, B-3, B-4 and B-9, during the week of June 18. However, these dates and [the] size of the proposed transaction are subject to change."

The full terms of the sale were not available, Godley said.

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