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MTA $150 MILLION BOND REFUNDING LARGEST MTA BOND DEAL BY MINORITY FIRM

 NEW YORK, June 30 /PRNewswire/ -- The Metropolitan Transportation Authority has selected the minority firm of Pryor, McClendon, Counts & Co. Inc., to head a special underwriting group to structure and market a $150 million bond refunding, the largest MTA bond deal handled by a minority firm.
 It is the first time Pryor, McClendon, Counts & Co. Inc., has been senior manager in such a deal and the third time that a DBE firm been used in this capacity. The deal will be priced June 30.
 "This refunding shows our continuing commitment to involve minority and women-owned firms in our activities," MTA Chairman Peter E. Stangl said. "Pryor, McClendon, Counts & Co., has a long history and a proven track record with the MTA, having been co-managers in our underwriting syndicates since 1982."
 The deal involves the sale of $150 million in New York City Transit Authority Transit Facilities Revenue Bonds Series 1993 (Livingston Plaza Project). This is the largest MTA bond deal that has been headed by a minority firm. The bond issue has been contemplated since November 1992 as part of refunding delegations approved by the MTA board. Current market indications are that a standard, insured structure for the refunding could produce more than $7 million in present value savings, or approximately 4.80 percent. The bonds to be refunded, NYCTA Transit Facilities Revenue Bonds, Series 1990, were issued as a non-Capital Program financing to build the TA's Livingston Plaza Building in Brooklyn. Bond insurance for the transaction is being provided by Financial Security Assurance Inc.
 The two prior bond deals headed by minority firms involved the sale in 1990 of $66.9 million in MTA Transit Facilities Revenue Bonds, senior managed by WR Lazard, Laidlaw & Mead, and the sale earlier this year of $88 million in Triborough Bridge and Tunnel Authority Beneficial Interest Certificates by an underwriting group headed by Artemis Capital Group, Inc. Both firms are Special Co-Managers in the Livingston Plaza refunding.
 -0- 6/30/93
 /CONTACT: John Cunningham or Tito Davila of Metropolitan Transportation Authority, 212-878-7178/


CO: Metropolitan Transportation Authority; Pryor, McClendon,
 Counts & Co. Inc. ST: New York IN: SU:


WB-OS -- NY030 -- 7122 06/30/93 11:34 EDT
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Publication:PR Newswire
Date:Jun 30, 1993
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