NYC Transitional Finance Authority to Sell $2.11 Billion of Future Tax Secured Bonds

By Josh Beckerman

The New York City Transitional Finance Authority is offering $2.11 billion of future tax secured subordinate bonds, with proceeds slated for paying the principal, interest and redemption premiums for prior bonds.

The sale will include a $1.79 billion tax-exempt Subseries A-1, a $125.9 million taxable Subseries A-2, a $119.15 million tax-exempt Subseries B-1 and a $75.5 million taxable Subseries B-2, according to an offering document posted Tuesday on MuniOS.

Pricing for the bonds is expected July 17, with closing for all of the bonds expected July 30, according to a roadshow document on MuniOS.

The bonds are expected to be repaid with personal income tax revenue.

Ratings haven't been set for the new bonds, but outstanding future tax secured subordinated bonds were rated AAA by S&P Global Ratings and Fitch Ratings, and Aa1 by Moody's Ratings.

Ramirez & Co. is the lead underwriter.

The New York City Transitional Finance Authority is a public benefit corporation created in 1997 to fund part of the city's capital program.

Write to Josh Beckerman at [e-mail]

(END) Dow Jones Newswires

07-10-24 1655ET