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.

Alyson Nikulicz ERS Services +1 201 755 4116 alyson.nikulicz@ersservices.net