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New York City Transitional Finance Authority Announces Details of its Upcoming Sale of $2.1 Billion Future Tax Secured Subordinate Bonds

August 28, 2024

The New York City Transitional Finance Authority (“TFA”) announced today the details of its upcoming sale of $2.1 billion future tax secured subordinate bonds, comprised of $1.5 billion of tax-exempt fixed rate bonds, $300 million of taxable fixed rate bonds, and $300 million of tax-exempt adjustable rate bonds. Proceeds from the sale will be used to fund capital projects.

Subject to market conditions, pricing for the tax-exempt fixed rate bonds will take place on Wednesday, September 11, 2024, via negotiated sale through TFA’s underwriting syndicate led by joint senior managers J.P. Morgan and Rice Financial Products Company, with BofA Securities, Jefferies, Loop Capital Markets, Ramirez & Co., Inc., RBC Capital Markets, Siebert Williams Shank, and Wells Fargo Securities serving as co-senior managers.

Retail investors will have priority in placing orders for the tax-exempt fixed rate bonds during a one-day retail order period on Tuesday, September 10, 2024.

Also on Wednesday, September 11, 2024, TFA intends to sell the taxable fixed rate bonds via competitive bid.

Additionally, TFA intends to sell the tax-exempt adjustable rate bonds during the week of September 30, 2024. The adjustable rate bonds will be offered by a separate offering circular.

The Preliminary Offering Circular and investor presentation relating to the fixed rate bonds are expected to be available on or about August 28, 2024 on MuniOS.com.

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$242 billion
Aug
2022