TITLE

New York's $2.3B Tobacco Sale Seeks to Sublimate the Stain

AUTHOR(S)
Albano, Christine
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/9/2003, Vol. 344 Issue 31652, p7
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
New York Tobacco Settlement Financing Corp. will conclude the pricing of 2.3 billion dollars of debt in June 2003 that is being marketed strictly as a state appropriation-backed issue, with little emphasis on the tobacco revenues underlying the bonds. Market participants are at odds over the credit characteristics of the deal. The New York bonds, meanwhile, are structured as fixed-rate serial maturities from 2004 to 2022, and the deal will also contain a 215 million dollars insured auction-rate maturity in 2023.
ACCESSION #
10022200

 

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