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March 13, 2008

 

DiNapoli Announces Results of G.O. Bond Sale

Tax-Exempt, Taxable Bonds Sold to Citigroup Through Competitive Bid


New York State Comptroller Thomas P. DiNapoli today announced that Citigroup Global Markets Inc. submitted the winning bid for nearly $256.8 million of New York State Series 2008A tax-exempt general obligation bonds. The true interest cost of Citigroup’s bid was 4.140738 percent. Roughly $11.3 million of taxable Series 2008B general obligation bonds were also purchased by Citigroup, with a true interest cost of 4.564957percent.

Both series of bonds were sold competitively through the BidCOMP electronic bidding system.

Other bids for the tax-exempt bonds were submitted by: UBS Securities LLC.; Merrill Lynch & Co.; Banc of America Securities LLC and Goldman Sachs & Co.; at true interest costs of 4.284209 percent, 4.309576 percent, 4.386425 percent and 4.441633 percent, respectively.

Other bids for the taxable bonds were submitted by: Morgan Keegan & Co., Inc.; Griffin, Kubik, Stephens & Thompson, Inc. and DEPFA First Albany Securities LLC at true interest costs of 4.565863 percent, 4.575279 percent and 4.896232 percent, respectively.

The net proceeds of the tax-exempt bonds will finance capital expenditures made or anticipated to be made, during the prior, current or subsequent state fiscal years for Accelerated Capacity and Transportation Improvements of the Nineties, Clean Water/Clean Air, Pure Waters, Park and Recreation Land Acquisition, Environmental Quality 1986, and Rebuild and Renew New York Transportation purposes. The net proceeds of the taxable bonds will finance capital expenditures made or anticipated to be made, during the prior, current or subsequent fiscal years for Clean Water/Clean Air purposes.

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