By Josh Beckerman
The New York City Municipal Water Finance Authority plans to sell $600 million of Water and System Second General Resolution Revenue Bonds, with proceeds slated for system improvements.
The expected retail order period for the tax-exempt bonds is Feb. 25, with institutional pricing planned for Feb. 26, according to a roadshow document posted on MuniOS. Closing is expected March 6.
The Fiscal 2025 Series BB bonds are secured by a pledge of and subordinated lien on gross revenue of the system, according to an offering document on MuniOS.
The city's system provides drinking water to about 9.3 million people, including 8.3 million in the city and the rest in Westchester, Putnam, Orange and Ulster counties.
Top items for the system's capital improvement plan include work on the Hillview Reservoir and a second connection between the Kensico Reservoir and the Catskill/Delaware ultraviolet treatment facility.
The securities are rated by S&P Global Ratings and Fitch Ratings at AA+. Moody's rated the bonds Aa1.
Fitch said its rating reflects the combined credit quality of the authority and the New York City Water Board.
"Bondholders receive strong protections through a statutory framework that provides a gross lien on pledged water and sewer revenues," Fitch said.
BofA Securities is the lead underwriter.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
February 19, 2025 18:31 ET (23:31 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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