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Article: N.Y. Thruway Plans to Refund $522 Million of ARS This Week.(The Regions)
- Article from:
- The Bond Buyer
- Article date:
- September 29, 2009
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Byline: Ted Phillips
The New York State Thruway Authority plans to refund $521.7 million of auction-rate securities this week with a retail order period beginning tomorrow and institutional pricing Thursday. The refunding will further reduce the state's outstanding ARS to $600 million.
The state had $4 billion of ARS outstanding in February 2008 when the auction-rate market seized up. The authority first sold $530.8 million of the ARS in 2003 as local highway and bridge service contract bonds, which are backed by state appropriation.
Citi will lead manage the sale of the bonds that will be issued as serials with maturities from 2011 to 2021. ...