Ramirez & Co. Leads Largest Bond Sale Ever for New York City Transitional Finance Authority
30 July 2024 - 8:49PM
Business Wire
Successful $2.46 Billion Offering Saves New
York City $263 Million in High-Cost Debt Service
Samuel A. Ramirez & Co., Inc. (“Ramirez & Co.”), led the
ground-breaking $2.46 billion sale of future tax secured
subordinate bonds for the New York City Transitional Finance
Authority (“TFA”). Proceeds from the TFA’s largest ever bond sale,
which closed on July 30, 2024, will pay off high-cost debt, for a
total debt service savings in excess of $263 million.
This was Ramirez’s largest municipal bond issuance as lead
manager. The sale consisted of approximately $2.25 billion of
tax-exempt fixed rate bonds and $210 million of taxable fixed rate
bonds.
“Ramirez is proud and honored to have led the largest-ever
public debt issuance for New York City. We are grateful to the TFA
for considering our long-standing reputation as a major force and
trusted partner in the national municipal bond market when
selecting our team,” said Sam A. Ramirez, President and Chief
Executive Officer of Ramirez. “Congratulations to the TFA on this
historic occasion and to our industry partners that supported us
--- including BNY, our clearing partner and Trustee for this
issue.”
Jefferies and Wells Fargo Securities served as co-senior
managers on the transaction.
About Samuel A. Ramirez & Company, Inc.
Founded in 1971, Ramirez is a nationwide, full service
investment bank, brokerage and advisory firm serving institutional
clients and retail investors across six core areas: municipal
finance, investment banking, fixed income sales and trading,
institutional equities, wealth management and asset management. The
firm is recognized as one of the industry's preeminent and
best-capitalized boutique underwriters, having cultivated a
banking, underwriting, sales and trading, and strategy team that is
unique in its integration. Headquartered in New York City, Ramirez
has additional offices in Albany, Austin, Boston, Chicago, Dallas,
Houston, Los Angeles, Orlando, Philadelphia, San Antonio and West
Palm Beach. More information about the firm is available at
https://www.ramirezco.com.
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