The New York State Environmental Facilities Corp. is scheduled to sell $193.56 million of new-money and refunding debt on Tuesday.
The new-money portion will finance 24 clean water and drinking water-related projects statewide.
Retail pricing is scheduled for Monday.
The fixed-rate tax-exempt Series 2011C state revolving fund revenue bonds carry triple-A ratings from Moody’s Investors Service, Fitch Ratings and Standard & Poor’s.
All three agencies stable outlooks on the credit. The bonds will mature from 2011 to 2041.
“The credit quality of the bonds is linked to repayment performance on the loan program, which is expected to remain strong,” Fitch said.
The state agency said its outstanding debt is $7.1 billion in state revolving fund bonds, including the Series 2011C debt. The agency estimated present-value savings of up to $14 million for up to three series.
No swaps are involved in the transaction.
Bank of America Merrill Lynch is lead manager on the planned debt offering. Hawkins Delafield & Wood LLP is bond counsel.
Harris Beach PLLC is counsel to the underwriters.
As of June 1, the Environmental Facilities Corp. has issued about $13.2 billion in SRF debt, including refunding bonds, under the clean water and drinking water programs.
Since the inception of its state revolving fund programs, the agency has received roughly $3.8 billion in federal capitalization grants and state matching funds for the clean water SRF program, and $885.6 million in federal capitalization grants and state matching funds for the drinking water SRF program.
Last week, the facilities agency issued $521 million of revenue-backed debt to help finance projects for the New York City Municipal Water Finance Authority, most notably at the Croton Reservoir and the Newtown Creek Water Pollution Control Plant.