Build NYC Resource prepares $68.72 million of refunding bonds

By Sheri Kasprzak

New York, Aug. 8 – The Build NYC Resource Corp. plans to price $68,715,000 of series 2014 revenue refunding bonds for the City University of New York – Queens College, according to a preliminary official statement.

The bonds (Aa2/AA-/) will be sold on a negotiated basis with Morgan Stanley & Co. LLC as the lead manager.

The offering includes $61,745,000 of series 2014A tax-exempt bonds and $6.97 million of series 2014B taxable bonds.

The 2014A bonds are due 2023 to 2034 with term bonds due in 2038 and 2043. The 2014B bonds are due 2015 to 2023.

Proceeds will be used to finance capital projects for the college, as well as to refinance existing debt.

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