New York City Transitional Finance Authority
Future Tax Secured Subordinate Bonds
Offering Summary
Future Tax Secured Subordinate Bonds, Fiscal 2025 Series I, Subseries I-1*
- Par Amount
- $650,000,000
- Tax Status
- Tax-Exempt
- Sale Date
- 05/14/2025
- Sector
- County / City / Town
- State
- New York
- Bond Type
- Fixed Rate
- Method of Sale
- Negotiated
- Closing Date
- 05/29/2025
- Retail Order Period Begins
- 05/13/2025
Future Tax Secured Subordinate Bonds, Fiscal 2025 Series I, Subseries I-2*
- Par Amount
- $300,000,000
- Tax Status
- Taxable
- Sale Date
- 05/14/2025
- Sector
- County / City / Town
- State
- New York
- Bond Type
- Fixed Rate
- Method of Sale
- Negotiated
- Closing Date
- 05/29/2025
Future Tax Secured Subordinate Bonds, Fiscal 2025 Series J, Subseries J-1*
- Par Amount
- $481,295,000
- Tax Status
- Tax-Exempt
- Sale Date
- 05/14/2025
- Sector
- County / City / Town
- State
- New York
- Bond Type
- Fixed Rate
- Method of Sale
- Negotiated
- Closing Date
- 05/29/2025
- Retail Order Period Begins
- 05/13/2025
Future Tax Secured Subordinate Bonds, Fiscal 2025 Series J, Subseries J-2*
- Par Amount
- $40,615,000
- Tax Status
- Taxable
- Sale Date
- 05/14/2025
- Sector
- County / City / Town
- State
- New York
- Bond Type
- Fixed Rate
- Method of Sale
- Negotiated
- Closing Date
- 05/29/2025
Future Tax Secured Tax-Exempt Subordinate Bonds, Fiscal 2025 Series K*
- Par Amount
- $20,790,000
- Tax Status
- Tax-Exempt
- Sale Date
- 05/14/2025
- Sector
- County / City / Town
- State
- New York
- Bond Type
- Fixed Rate
- Method of Sale
- Negotiated
- Closing Date
- 05/29/2025
- Retail Order Period Begins
- 05/13/2025
Offering Documents
Disclaimer: Prospective investors should carefully review the Official Statement. Offers to purchase the bonds can only be made through a registered broker-dealer and through an Official Statement.
Additional Information
*Preliminary and subject to change
The proceeds will be used to finance general City capital expenditures; redeem, at or prior to maturity, certain outstanding bonds by providing for the payment of principal and interest and redemption premium, if any; and pay for costs of issuance.
Ratings
Bond Offering Ratings
Roadshows
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series I, J, and K Investor Presentation
Offering Participants
Lead Manager
Jefferies
Co-Senior Manager
-cropped.jpeg.WC4fNHczh.jpeg)
Co-Manager
Academy Securities Inc.
Barclays
-cropped.png.hMFmNv1Oc.png)
Blaylock Van, LLC
BNY Mellon Capital Markets, LLC
Cabrera Capital Markets
Drexel Hamilton, LLC
Fidelity Capital Markets
-cropped.jpeg.YAtqVbw4U.jpeg)
Goldman Sachs & Co.
Great Pacific Securities
Janney Montgomery Scott LLC
J.P. Morgan Securities, LLC
Loop Capital Markets
Morgan Stanley
-cropped.png.FQoVRz5pf.png)
Oppenheimer & Co. Inc.
Raymond James
Rice Financial Products Company
Roosevelt & Cross Inc.
Stern Brothers & Co.
Stifel, Nicolaus & Company, Inc.
TD Securities
Wells Fargo Securities
About This Issuer
The New York City Transitional Finance Authority is a corporate governmental entity constituting a public benefit corporation and an instrumentality of the State of New York. The Authority was created by State legislation enacted in 1997 to issue and sell Future Tax Secured Bonds, secured primarily with New York City's personal income tax, to fund a portion of the capital program of the City.
The Authority's original authorizing legislation, as amended, currently permits the Authority to have $21.5 billion of Future Tax Secured Bonds outstanding as of July 1, 2024, with such amount increasing to $27.5 billion as of July 1, 2025. In addition, TFA may issue additional Future Tax Secured Bonds provided that the amount of such additional bonds, together with the amount of indebtedness contracted by the City, does not exceed the debt limit of the City.
State legislation enacted in April 2006 enables TFA to have outstanding up to $9.4 billion of Building Aid Revenue Bonds, notes or other obligations for purposes of funding costs of the five-year educational facilities capital plan for the City school system, which are to be paid for from New York State building Aid to be received by the Authority subject to annual appropriation by the New York State Legislature.
For more information regarding the Authority and New York City's bond financing program, please visit www.nyc.gov/bonds and www.BuyNYCbonds.com.