The $829 million offering is the largest for a private client in DASNY’s history
New York, NY (June 16, 2016) – Gerrard P. Bushell, President and CEO of DASNY, announced today New York University issued $829 million in bonds through DASNY, the largest offering for a private client completed by the Authority in its 72 years. A $200 million portion of the low-interest bonds is expected be used to fund construction of NYU School of Medicine’s Langone Science Building.
The approximately 350,000 square-foot science building will provide a prominent new gateway to research and education on campus. It will expand on NYU’s existing strength in advanced biomedical research with cutting-edge, shared equipment to accommodate advances in research over time. The bond offerings also provide funding for an applied science center in Brooklyn and a nanoscience laboratory.
“DASNY is committed to supporting the sciences by financing and building world-class, scientific research and educational facilities,” Bushell said. “DASNY’s long-standing partnership with NYU is ensuring that the work of bright, young scientific minds will contribute to New York’s economy of the present and create our industries of the future.”
"We're pleased with this bond offering, which advances NYU's science agenda in all three corners of the University's ‘academic triangle’ in New York -- Washington Square, the Health Corridor, and Brooklyn,” said Martin Dorph, NYU's Executive Vice President for Finance and Information Technology. “It will fund important new projects for urban science, engineering and tech, new media, and gaming; for biomedical research; for neuroscience; and for physics, among other disciplines. And we were also very pleased by the rating agencies' take on this offering, which reaffirmed our double-A level rating."
New York Governor Andrew M. Cuomo’s support of the sciences and their connection to private enterprise is reviving the economy across the state. DASNY is supporting that strategy by financing and building world-class, university-based, scientific research and educational facilities. In these facilities, scientists and other professionals are making groundbreaking advances in medicine, technology and other fields. These projects, which are laying the foundation for New York to better compete in the Twenty-First Century global economy, represent a rising research corridor in New York City.
In addition to the role DASNY played in providing NYU with access to low-interest, tax-exempt bonds for its facility, DASNY financed and built CUNY’s $716 million Advanced Science Research Center (ASRC). Just a few blocks to the south in Harlem, Columbia University is building its Manhattanville Campus. It will house the Jerome L. Greene Science Center and DASNY issued $50 million in Green Bonds on behalf of Columbia to help finance that, too.
The $829 million issued by DASNY on behalf of NYU was offered as a $582.9 million tax-exempt series and a $246.2 million taxable series.
Founded in 1944, DASNY – the Dormitory Authority of the State of New York – finances and builds health and education infrastructure in New York State. It is one of the largest issuers of tax-exempt bonds in the nation with an outstanding bond portfolio of approximately $47.3 billion as of March 31, 2016. DASNY is also a major public builder in New York State with a construction pipeline of 1,068 projects valued at more than $5.8 billion as of March 31, 2016.