The San Jose City Council has selected Artemis Capital Group, a women-owned firm, to senior manage an estimated $90 million bond refunding for the San Jose International Airport.

Market participants said it will be one of the largest deals ever senior managed by a women-owned firm.

"The city council was very conscious of the fact that they were selecting a women-owned firm," said Steve Grossman, deputy director of finance and administration at the airport.

The lead banker on the refunding is Aimee Brown, a principal at Artemis. While at Goldman, Sachs & Co., she was the banker responsible for the original San Jose airport bond issue in 1985.

Morgan Stanley & Co., Merrill Lynch & Co., and Grigsby Brandford & Co. were tapped as co-managers on the new financing, which will refund outstanding 1985 bonds to take advantage of lower interest rates.

Formed two years ago, New York based Artemis has underwritten more than $1.9 billion of airport financings, and worked on 148 offerings representing $40.8 billion of debt issuance.

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