EFC Issues SRF Refunding

The New York State Environmental Facilities Corp. announced the issuance of $191.7 million in state revolving fund bonds, which will refund bonds for 47 communities for a combined savings of $9.7 million.

The issuance will also provide $101 million in funds for water-pollution control projects for 20 borrowers, EFC president and chief executive Matthew Driscoll announced.

The refunding bond sale that closed Thursday delivers additional savings for the 47 borrowers by refinancing the original bonds that funded their projects. The borrowers will save, on average, an additional 7.78%.

Bank of America Merrill Lynch and Siebert Branford Shank & Co. were senior and co-senior underwriters, respectively. Public Financial Management Inc. was financial adviser, while Hawkins Delafield &Wood LLP was bond counsel.

All three major credit agencies rated the tax-exempt bonds triple-A.

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