Columbia University recently issued $50 million in green bonds through the Dormitory Authority of the State of New York to fund a new science center for the Ivy League school's Manhattanville, N.Y. campus, Gov. Andrew Cuomo announced Friday.
The sale of tax-exempt bonds that closed April 27 will help fund the nine-story, 450,000 square-foot Jerome L. Greene Science Center, which will house the Mortimer B. Zuckerman Mind Brain Behavior Institute. The facility will feature chilled beam technology to significantly reduce the building's cooling load requirements and a highly efficient radiant floor heating system.
"The Jerome L. Greene Science Center will play a key role in the futures of both Columbia University and the State of New York," said Cuomo in a statement. "Not only will this facility help strengthen New York as a hub for cutting edge research, but also its construction demonstrates how the public and private sectors can work together to promote a cleaner and greener tomorrow."
The green bond sale was part of $389.7 million in revenue bonds DASNY issued for Columbia. The green bonds are due to mature in October 2026 and are triple-A rated by Moody's Investors Service and Standard & Poor's. Columbia's long-term debt as of June 30, 2015 totaled $1.5 billion, according to the preliminary statement for the deal.
Goldman Sachs and Morgan Stanley were lead managers. The Yuba Group was financial advisor with Nixon Peabody and Drohan Lee LLP working as bond counsel.
DASNY was founded in 1944 and has an outstanding bond portfolio of roughly $48.1 billion as of Dec. 31, 2016. The state agency was the nation's largest issuer in 2015 with $4.6 billion in bonds sold.
"By issuing Green Bonds, Columbia University and DASNY are tying private sector support and low-interest financing together to finance and build a more sustainable future for New York," said Gerrard P. Bushell, DASNY president and CEO. "A greener New York strengthens our economy and resiliency."
