DASNY Prices $2.04 Billion in State Personal Income Tax Revenue Bonds

ALBANY, NY - The Dormitory Authority of the State of New York (DASNY) priced $2.04 billion in New York State Personal Income Tax Revenue Bonds. Bond proceeds will be used to reimburse the State for expenditures made on a variety of capital projects for SUNY community colleges, hospitals and educational facilities as well as New York Transportation Works projects and to refund certain outstanding state-supported debt. The negotiated sale was led by Bank of America Securities with Siebert Williams Shank and Wells Fargo as co-senior managers. The Series 2025C bonds are tax-exempt.

The retail order period began on Wednesday, September 3 and received significant demand followed by the institutional order period on Thursday, September 4. During the retail order period, over $1 billion in orders were placed. Following the successful retail order period, the transaction received $9 billion in institutional orders. As a result of the extraordinary retail and institutional demand resulting in almost 5 times in oversubscriptions, yields were adjusted lower between 2 and 10 basis points. Yields for the tax-exempt transaction range from 2.25% to 4.93%.

The bond proceeds will also be used to refund DASNY State Personal Income Tax Revenue Bonds Series 2015E and DASNY Sales Tax Revenue Bonds Series 2015B.

Public Resources Advisory Group and Backstrom McCarley Berry served as Financial Advisors. Nixon Peabody and Bryant Rabbino served as Co-Bond Counsel.

State Personal Income Tax Revenue Bonds are issued periodically for various purposes and are supported by a portion of the State's Personal Income Tax revenues. The bonds are expected to close on September 11, 2025.

About DASNY Founded in 1944, DASNY is New York State's capital project development authority. It finances and constructs sustainable and resilient science, health and education institutions that help New York thrive. It is one of the largest issuers of tax-exempt bonds in the nation with an outstanding bond portfolio of approximately $60.1 billion as of March 31, 2025. DASNY is also a prolific public builder with a construction pipeline of approximately 1,000 projects valued at more than $13 billion as of March 31, 2025. To learn more about DASNY, visit https://www.dasny.org.