For immediate release: December 7, 2011
Contact:
Marilyn Fountain: 518-257-3380
mfountai@dasny.org
DASNY Board Approves Financings for Higher Education & Health Care Facilities
ALBANY, NY: At a meeting held in New York City on December 7, 2011, the Board of the Dormitory Authority of the State of New York approved $530.6 million in financings for higher education and health care institutions.
The Board approved the following financing documents:
The Board approved the private placement sale of variable rate, tax-exempt bonds in an amount not to exceed $22 million for a term of no more than 30 years. The funds are expected to be used for the construction of 78 new apartments, as well as an expanded dining facility, fitness center, art studio and auditorium ($18.6 million). Placement Agent: Herbert J. Sims & Co., Inc.; Bond Counsel: Nixon Peabody, LLC; Purchaser: RBS Citizens, N.A.
The Board approved the following single approval financings:
The Board approved fixed and/or variable rate tax-exempt bonds of one or more series in an aggregate amount not to exceed $90 million with maturities not to exceed 31 years. The proceeds are expected to refund the Authority's Rockefeller University Revenue Bonds, Series 1998 ($29 million) and Series 2002A1 ($55 million). Lead Manager: J.P. Morgan; Bond Counsel: Nixon Peabody LLP; Underwriter's Counsel: TBD.
The Board approved a 23-year, fixed and/or variable rate tax-exempt bonds of approximately $340 million. The proceeds are expected to refund the Authority's Memorial Sloan-Kettering Cancer Center Revenue Bonds, 2003 Series 1in the amount of approximately $340 million if the market improves by 50 basis points. Under current market conditions, a partial refunding in the amount of approximately $87.8 million is anticipated. Lead Manager: Goldman, Sachs & Co.; Bond Counsel: Orrick, Herrington & Sutcliffe; Underwriter's Counsel: Winston & Strawn LLP.
The Board approved the following resolutions to proceed with new financings:
The Board approved the sale of 10-year tax-exempt and/or taxable, fixed rate refunding bonds, in an amount not to exceed $7 million, that are to be sold through a negotiated offering. The maturity of the bonds will be 2021, a two-year extension of the bonds being refunded.
The Board approved the sale of one or more series of fixed rate tax-exempt Series 2012 Bonds of an amount not to exceed $55 million with a term not to exceed 31 years that are expected to be sold at one or more times through a negotiated sale. The purpose of the bonds is for the construction of a Student Commons Building ($25 million) and refunding of the Authority's Manhattan College Insured Revenue Bonds, Series 2000 ($26.5 million).
The Board approved the sale of approximately $16.6 million in tax-exempt and/or taxable, fixed rate, Series 2012 Bonds in multiple series, for a term not to exceed 23 years, are to be sold through a negotiated sale.
Founded in 1944, DASNY is one of the largest higher education, health care and public-purpose issuers of public debt in the nation with an outstanding bond portfolio of more than $44.7 billion. The Authority also is a major public builder in New York State with a construction pipeline of nearly 700 projects valued at $5.6 billion.