SOURCE: SourceMedia

December 06, 2006 19:04 ET

The Bond Buyer Names Mets/Yankees Stadium Transactions 2006 "Deal of the Year"

NEW YORK, NY -- (MARKET WIRE) -- December 6, 2006 -- The Bond Buyer's editors today announced New York City Industrial Development Agency's sale of bonds to finance the construction of new baseball stadiums for the New York Mets and New York Yankees as 2006 Deal of the Year.

"IDA is honored to receive The Bond Buyer's 2006 Deal of the Year award for issuing innovative bond deals to help build new, state-of-the-art ballparks for New York fans," said IDA executive director Kei Hayashi. "The projects are bringing more than $1.5 billion in new investments and thousands of jobs to the South Bronx and Flushing, Queens, and I'm pleased IDA was able to play a part in making that happen. I'd like to thank our bond counsel Nixon Peabody LLC and lead underwriters Goldman Sachs, Banc of America Securities and Citigroup Global Markets Inc. for their work on these important projects."

"From an extremely competitive field, this deal best met the criteria for selection in terms of technical prowess and structure," said Nicholas Chesla, editor-in-chief of The Bond Buyer, who presented the Deal of the Year award to Derek B. Park, chairman of the IDA's board, at a black-tie gala in Manhattan last night.

The IDA sold a total of $1.587 billion of bonds backed by payments in lieu of taxes and other revenues to finance the construction of the two new baseball stadiums in Queens and the Bronx. The IDA obtained a first-of-its-kind private-letter ruling from the Internal Revenue Service that allowed it to use cheaper tax-exempt financing to build two major-league baseball stadiums, even though the teams' owners -- and not the city's taxpayers -- are responsible for repaying most of the debt.

The newspaper's fifth annual Deal of the Year Awards, recognized 10 of the nation's most innovative municipal-bond issuers for transactions that financed major public infrastructure projects, including roads, bridges, electric power plants and cultural facilities. The Bond Buyer is SourceMedia's daily newspaper covering the $2.3 trillion municipal-finance industry.

LIST OF OTHER FINALISTS

Northeast Small Issuer: City School District of Rensselaer, N.Y.
Southwest Large Issuer: Texas Transportation Commission
Southwest Small Issuer: Town of Clayton, N.M.
Midwest Large Issuer:   Illinois State Toll Highway Authority
Midwest Small Issuer:   Missouri Joint Municipal Electric Utility
                        Commission
Southeast Large Issuer: Louisiana Stadium and Exposition District
Southeast Small Issuer: Fairfax County, Va., Economic Development
                        Authority
Far West:               Bay Area Toll Authority
Far West Small Issuer:  Aleutians East Borough
The 2006 awards covered deals that closed between October 1, 2005 and September 30, 2006, and were hotly contested, drawing a record 116 nominations. The newspaper's senior editors selected two finalists from each region of the country covered by the newspaper -- a large issuer and a small issuer, determined by gross revenues in an issuer's most recent financial year. All ten finalists were in the running for the overall Deal of the Year award.

The newspaper also announced that the Indiana Toll Road Concession is the winner of its first-ever award for the most innovative non-traditional public finance transaction -- covering deals that finance traditional public finance projects, but do not use municipal securities, including privatizations, public-private partnerships or leasing. This new award reflects the major growth in this sector, and the increasing interest by governments in realizing the monetary value of their infrastructure assets.

About The Bond Buyer and SourceMedia, Inc.

The Bond Buyer, established in 1891, is the only daily publication committed to serving the municipal bond industry and is published for municipal finance professionals and investors. Editorial provides complete market coverage, concise commentary, a daily new-issue calendar, in-depth statistical data and many special supplements each year highlighting industry events. The Bond Buyer is also available at www.bondbuyer.com.

SourceMedia provides market information, including news, analysis, and insight to the financial services and related industries such as accounting and technology, through its publications, industry-standard data applications, seminars and conferences.

Contact Information

  • News Release Contact:
    Nicholas Chesla
    Editor-in-Chief
    The Bond Buyer
    (212) 803 8224
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    Corporate Contact:
    Anne O'Brien
    SourceMedia
    (212) 803 8280
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