The Dormitory Authority of the State of New York recently completed its largest offering for a private client in 72 years with an $829 million bond sale for New York University, the conduit issuer's president, Gerrard P. Bushell, announced Thursday.
Bushell said a $200 million portion of the bonds from the June 7 sale is expected to fund construction of the NYU School of Medicine's Langone Science Building. 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," said Bushell in a statement. "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."
The $829 million transaction was offered as a $582.9 million tax-exempt series and a $246.2 million taxable series. Morgan Stanley and Wells Fargo were lead managers.
Prior to the bonds sold for NYU, DASNY financed and built the City University of New York's $716 million Advanced Science Research Center. DASNY also issued $50 million in green bonds on behalf of Columbia University for its new Manhattanville campus that will house the Jerome L. Greene Science Center.
DASNY was founded in 1944 and has an outstanding bond portfolio of roughly $47.3 billion as of March 31,, 2016. The state agency was the nation's largest issuer in 2015 with $4.6 billion in bonds sold.
