DASNY PRICES $1.46 BILLION IN STATE SALES TAX REVENUE BONDS

Bond Proceeds Will Fund Projects Across Multiple Agencies and Refund State-Supported Debt
 

ALBANY, NY - The Dormitory Authority of the State of New York (DASNY) priced $1.46 billion in New York State Sales Tax Revenue Bonds. Bond proceeds will be used to reimburse the State for expenditures made on various capital projects across multiple agencies and to refund certain outstanding State-supported debt. The negotiated sale was led by Jefferies with Loop Capital Markets and RBC Capital Markets as co-senior managers. The Authority sold tax-exempt Series 2025A Bonds.

Based on strong market conditions and positive investor response to pre-marketing levels on Tuesday, October 14, DASNY was able to accelerate its timeline and price to both retail and institutional investors on Wednesday, October 15.  During the retail order period, over $1.9 billion in orders were placed with oversubscriptions in most of the maturities. Following the very successful retail order period, the transaction received an additional $6.7 billion in institutional orders. As a result of the strong retail and institutional demand and resulting oversubscriptions, yields were adjusted lower between 4 to 15 basis points. Yields for the tax-exempt transaction range from 2.42% to 4.50%.

The bond proceeds will reimburse capital spending for the following agencies and programs:

• City University of New York;
   
• Division of Military and Naval Affairs;
   
• Office of Children and Family Services;
   
• Office of General Services;
   
• Economic Development Projects; and
   
• Affordable Housing Projects;