The New York State Environmental Facilities Corp. plans to market its first bond deal using a new security structure this week. The EFC’s new indenture for state revolving fund projects doesn’t require a reserve fund, something that bonds issued under the old indenture needed.

The EFC expects institutional pricing on $142.5 of tax-exempt bonds will begin on Thursday following a one-day retail order period. The deal will include refunding bonds and new money.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.