NEW YORK — The Dormitory Authority of the State of New York’s board on Wednesday approved around $1.1 billion of bond financings for higher education and health care institutions.
Leading the bond sale approvals is a $600 million refunding deal for school districts scheduled for sometime next month. Proceeds are expected to refund revenue bond financing program revenue bonds, Series 2002A through Series 2002I.
RBC Capital Markets and Raymond James | Morgan Keegan will serve as lead underwriters. Bond counsel will be Orrick, Herrington & Sutcliffe LLP.
The board also approved several bond sales for universities, including a $112 million refunding deal for St. John’s University and a $60 million refunding deal for Brooklyn Law School.
The St. John’s bond sale is scheduled for the week of July 3 and will be priced by Morgan Stanley. Bond counsel will be Nixon Peabody, LLP and Drohan Lee LLP. Proceeds will refund certain maturities of its Series 1998, 2001A and 2005A bonds.
Brooklyn Law School’s bond sale is scheduled for the week of July 16 and will be priced by JPMorgan. Squire Sanders & Dempsey LLP and D. Seaton and Associates will serve as bond counsel.
Other approvals for refunding bond deals include an $18 million private placement for Canisius College and $66 million for Long Island University.
The board also approved up to $270 million of bonds for state university dormitory facilities to fund capital projects at various campuses.
DASNY is one of the largest higher education, health care and public-purpose issuers of public debt in the nation with an outstanding bond portfolio of approximately $44.5 billion.