The New York State Local Government Assistance Corp. on Tuesday appointed WR Lazard, Laidlaw & Mead Inc. as lead manager for an upcoming bond issue, marking the first time a minority-owned firm has entered the agency's bookrunning ranks.
WR Lazard will act as bookrunning senior manager for one deal, while First Albany Corp. will serve as the deal's co-senior manager, the corporation announced. The issue will be sold before the end of the state's Ascal year in March 1994, said LGAC chaiman Gedale B. Horowitz.
Horowitz said the decision to create the new syndicate was made by the LGAC board, which includes himself, budget director Rudy F. Runko, and state Comptroller H. Carl McCall.
The creation of the new syndicate came as LGAC selected senior managers and co-senior managers to underwrite bonds for its 1994 fiscal year. Horowitz said the corporation will issue $700 million in new-money bonds during the 1994 fiscal year. The corporation may also complete refundings of old bonds during the course of the fiscal period, he said.
The corporation added Bear Stearns & Co., and PaineWebber Inc. to its senior management bracket. The firms will join Goldman Sachs & Co., Lehman Brothers. and Morgan Stanley & Co. in the corporation's senior management ranks.
Horowitz said Bear Stearns will act as bookrunning senior manager for the next deal, followed by PaineWebber, Lehman, Morgan Stanley, and Goldman Sachs. The corporation's bookrunning duties are handled on a rotating basis.
In addition, the corporation named other syndicate choices, appointing WR Lazard, First Albany Corp., and Merrill Lynch & Co. as its first-tier co-managers. The corporation elevated WR Lazard from its selling group bracket, while dropping Dean Writer Reynolds Inc. from the underwriting class, Horowitz said.
The corporation named as second-tier co-managers: Artemis Capital Group Inc., M.R. Beal & Co., Chemical Securities Inc., CS First Boston, Lazard Freres & Co., J.P. Morgan & Co., Prudential Securities Inc., Samuel A. Ramirez & Co., and Roosevelt & Cross Inc. Horowitz said J.P Morgan and Artemis are newcomers to the management group.
