Empire State Development readies $1.23 billion revenue bond offering

By Sheri Kasprzak

New York, March 7 – The Empire State Development Corp. of New York is scheduled to price $1,230,130,000 of series 2016A state personal income tax revenue bonds on Wednesday, according to a preliminary official statement.

The bonds (/AA+/AAA) will be sold on a negotiated basis with BofA Merrill Lynch, Citigroup Global Markets Inc. and Ramirez & Co. Inc. as the senior managers.

The co-managers are Barclays, Goldman Sachs & Co., Jefferies & Co., J.P. Morgan Securities LLC, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Rice Financial Products Co., Siebert Brandford Shank & Co. LLC, Wells Fargo Securities LLC, Blaylock Beal Van LLC, BNY Mellon Capital Markets LLC, Fidelity Capital Markets Inc., Janney Montgomery Scott LLC, KeyBanc Capital Markets Inc., Lebenthal & Co. Inc., M&T Securities Inc., Mesirow Financial Inc., Oppenheimer & Co. Inc., Piper Jaffray & Co., Raymond James/Morgan Keegan, Roosevelt & Cross Inc., Southwest Securities Inc., Stifel, Nicolaus & Co. Inc., TD Securities (USA) LLC, Williams Capital Group LP and U.S. Bancorp Investments Inc.

The bonds are due 2018 to 2038.

Proceeds will be used to refund existing debt.

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