Erie County Development Agency plans $170 million bond sale for Buffalo schools during Feb. 11 week

By Cristal Cody

Springdale, Ark., Feb. 7 - The Erie County Industrial Development Agency plans to price $170 million school facility revenue bonds for the Buffalo, N.Y., city school district the week of Feb. 11.

The bonds should price sometime mid-week and close by the end of the month, said David Kerchoff, assistant treasurer for the agency.

Principal and interest on the series 2008A bonds (Aaa/AAA/-) will be guaranteed under an insurance policy by Financial Security Assurance Inc.

The bonds have serial maturities from 2009 through 2029.

Citi is the lead underwriter of the negotiated pricing, with Depfa First Albany Securities LLC, Siebert Brandford Shank & Co., Sterne, Agee & Leach Inc. and UBS Investment Bank as co-managers.

Proceeds will be used to help finance the third phase of a 10-year comprehensive redevelopment program for Buffalo's public schools.

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