Skip to Content

Login   Subscribe   Site Index   Contact Us   Google Translate™

NYS Comptroller

THOMAS P. DiNAPOLI

Press Releases

March 10, 2015, Contact: Press Office (518) 474-4015

DiNapoli Announces Results of General Obligation Bond Sale: $329,225,000 Awarded

State Comptroller Thomas P. DiNapoli today awarded three series of New York State General Obligation Bonds totaling $329,225,000 through a competitive sale. Specifically, the sales were $142,555,000 of Series 2015A Tax-Exempt Bonds, $5,640,000 of Series 2015B Taxable Bonds and $181,030,000 of Series 2015C Tax-Exempt Refunding Bonds. 

The refunding will result in lower debt service payments, saving New York taxpayers approximately $33.2 million on a cash flow basis and $26.8 million on a net present value basis over the life of the bonds. The bonds are scheduled to be delivered on March 19, 2015.

“These bonds, all of which have been approved by the voters, will pay for essential investments in transportation and environmental projects,” DiNapoli said. “Once again, there was significant investor interest in the state’s bonds. The combination of strong market interest and a historically low interest rate environment translated into favorable pricing for the state.”

The winning bids were as follows:

  • Series 2015A Tax-Exempt Bonds to Citigroup Global Markets Inc. with a true interest cost bid of 2.849908 percent;
  • Series 2015B Taxable Bonds to Roosevelt & Cross Inc. with a true interest cost bid of 2.369585 percent; and
  • Series 2015C Tax-Exempt Refunding Bonds to Morgan Stanley & Co. LLC with a true interest cost bid of 1.743774 percent.

The state received eight bids for the $142.6 million of tax-exempt new money bonds. The net proceeds of the Series 2015A Tax-Exempt Bonds will finance projects authorized by the following bond acts: Clean Water/Clean Air (1996), Environmental Quality (1986), Environmental Quality (1972), Rebuild and Renew New York Transportation (2005) and Rebuild New York Through Transportation Infrastructure Renewal (1983). The Series 2015A Tax-Exempt Bonds will mature over 30 years.

The state received seven bids for the $5.6 million of taxable new money bonds. The net proceeds of the Series 2015B Taxable Bonds will finance projects authorized by the following bond acts: Clean Water/Clean Air (1996), Environmental Quality (1986) and Rebuild and Renew New York Transportation (2005). The Series 2015B Taxable Bonds will mature over 10 years.

The state received eight bids for the $181.0 million of tax-exempt refunding bonds. The net proceeds of the Series 2015C Tax-Exempt Refunding Bonds will be used to refund $198.4 million of outstanding New York State General Obligation Bonds. The Series 2015C Tax-Exempt Refunding Bonds will mature over 20 years.

A summary of bids received for each series can be viewed at General Obligation Bond sale.

The Series 2015A Tax-Exempt Bonds, the Series 2015B Taxable Bonds and the Series 2015C Tax-Exempt Refunding Bonds are rated AA+ Standard & Poor’s Ratings Services, Aa1 by Moody’s Investors Service Inc., AA+ by Fitch Inc. and AA+ by Kroll Bond Rating Agency.

 

###

Albany Phone: (518) 474-4015 Fax: (518) 473-8940
NYC Phone: (212) 383-1388 Fax: (212) 681-7677
Internet: www.osc.state.ny.us
E-Mail: press@osc.state.ny.us
Follow us on Twitter: @NYSComptroller
Like us on Facebook: www.facebook.com/nyscomptroller