The Dormitory Authority of the State of New York last week at its monthly board meeting gave final approval to more than $1 billion of bonds for a number of projects.
The largest approval was for up to $500 million of bonds on behalf of Columbia University. It plans to use about $300 million to finance various projects on its Morningside Campus, medical center and its Manhattanville expansion. The remaining proceeds will be used to refund outstanding bonds. Morgan Stanley will lead manage the deal, and Nixon Peabody LLP is bond counsel.
New York University was approved to market up to $275 million of bonds. Most of that, up to $217 million, will be used to refund outstanding debt issued by DASNY and the New York City Industrial Development Agency.
The remaining proceeds will be used for construction and property acquisition in Manhattan and cost of issuance. Bank of America-Merrill Lynch will lead manage the deal and Nixon Peabody is bond counsel.
The NYU Hospital Center Obligated Group plans to use the proceeds of around $191.4 million of bonds for renovation, modernization and other capital projects. The obligated group is a nonprofit with three medical facilities in Manhattan.
Other projects approved last week were $33 million of bonds on behalf of the Convent of the Sacred Heart, a private pre-K-12 school in Manhattan that currently enrolls almost 700 students.
The bond proceeds will be used for costs related to the construction of a planned new athletic facility.
DASNY also approved $34.2 million of bonds on behalf of New York Downtown Hospital and a $73.5 million refunding on behalf of the state Department of Health. Skidmore College received preliminary approval for $35 million of bonds for student housing.