Issuer: Long Island Power Authority
Date: May 1998
Amount: $5 billion
Financial advisor: Goldman Sachs
Lead managers : Bear Stearns, Lehman Brothers, JP Morgan, Merrill Lynch, Paine Webber
The fixed-rate tranche of Long Island Power Authority’s (LIPA) financing in May was the largest single issue of tax-exempt bonds ever sold in one day. The $3.5 billion issue had over $17 billion of demand, most of which came through over three hours of one morning. David Warren, chief financial officer for LIPA says: “It was a much awaited issue.
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