FOR RELEASE: Immediate, Wednesday, February 26, 2003

Board Approves 5 Financings

ALBANY � The Board of the Dormitory Authority met today and approved the following financings:

Memorial Sloan-Kettering Cancer Center. The Board approved a bond issue of up to $525 million in fixed-rate tax-exempt bonds, for a term 32 years or less. The Center will use $400 million in proceeds for construction of a 23-story research facility, and the remaining proceeds to buy a 16-story building for staff housing and make other capital improvements. Located in Manhattan, the Center is the oldest and largest private, non-profit cancer center in the world. Goldman, Sachs & Co. will be the lead manager for this negotiated sale.
Teachers College. The Board approved a bond issue of up to $43 million in 30-year fixed- or variable-rate tax-exempt bonds. Proceeds will be used to finance or refinance construction of two new dormitory buildings with 252 studio apartments for graduate student housing. Teachers College is adjacent to Columbia University in Manhattan, and is one of the oldest and most prestigious graduate schools of education in the nation. Affiliated since 1898 with Columbia, Teachers College retains legal and financial independence. Morgan Stanley will be the lead manager for this negotiated sale. MBIA will provide bond insurance.
New York University. The Board approved issuance of up to $155 million in 40-year fixed- or variable-rate tax-exempt bonds to finance renovations and improvements at various campus locations, and to advance-refund 1993 Dormitory Authority bonds. The bonds will be sold in two series. NYU has five major campuses in Manhattan, with branch campuses in Westchester and Rockland counties and a research facility in Orange County. Morgan Stanley will be the lead manager for this negotiated sale.
State Mental Health Services Facilities Improvement Program. The Board approved the issuance of multiple series of tax-exempt and taxable new-money and refunding bonds worth up to $1.5 billion. Terms will not exceed 30 years. The Authority may enter into interest-rate exchange agreements for the variable-debt portions of the issuance. Most of the proceeds will be used for a tax-exempt or taxable refunding of bonds sold by the Dormitory Authority and the former Medical Care Facilities Finance Agency, which was absorbed into the Authority in 1995. Nearly $100 million of proceeds will be used for capital projects and State-operated facilities, with $16.2 million used for capital projects at facilities operated by not-for-profit agencies under agreement with the State Department of Mental Hygiene. J.P. Morgan Securities Inc. will be the lead manager for this sale.
Winthrop/South Nassau University Health System (Obligated Group). The Board approved issuance of up to $45 million in tax-exempt 30-year fixed-rate bonds. Proceeds will be used for renovations, acquisitions, capital improvements and equipment purchases for Winthrop University Hospital as part of its long-term capital plan. Located in Mineola, Nassau County, Winthrop University Hospital has nearly 600 beds and is affiliated with the State University of New York Stony Brook School of Medicine. The other member of the Obligated Group is South Nassau Community Hospital, a 435-bed hospital in Oceanside, Nassau County, that is also affiliated with SUNY Stony Brook.

The Board is scheduled to meet on March 26th at the Authority�s corporate headquarters on the sixth floor of 515 Broadway, Albany.

For more information, contact Press Officer Claudia Hutton at (518) 257 3382, or CHutton@dasny.org.

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