Roosevelt & Cross closes $759,115,000 Dormitory Authority of the State of New York School Districts Revenue Bond Financing Program Series 2022A and 2022B
NEW YORK–(BUSINESS WIRE)–Roosevelt & Cross acted as bookkeeper for a $759,115,000 bond issue for the Dormitory Authority School District Tax Bond Funding Program, priced in May 2022. Two series of bonds have been issued in the name of 66 New York City school districts to fund infrastructure improvements to facilities and amenities across the state. This year’s DASNY funding marks the program’s 20th anniversary and the largest issuance since its inception.
The bonds are special bonds of DASNY, payable from GO bond payments from local school district debtors under the program. Series-level par amounts of $732.315 million in Series A and $26.8 million in Series B were offered in a negotiated sale during a two-day order period starting with retail priority on day one. Series A was structured with 15-year serial bonds and term bonds in 2042 and 2051. BAM insurance was used in Series A where it was profitable: from 2025 to 2051. Series B, with a final maturity of 15 years, only used series.
“Market volatility driven by inflationary concerns, Fed policy and negative fund flows has created a significant marketing challenge.” said Elaine Brennan, executive vice president of the public finance department. “Despite these challenges, our efforts have generated adequate demand with underwriting levels ranging from 1x to 2x on most maturities. This request includes several new program participants.
About Roosevelt & Cross Incorporated
Roosevelt & Cross Incorporated is a registered broker specializing in tax-exempt and taxable municipal debt. The company is wholly owned and directed by its employees, and 100% of the company’s capital is committed to municipal securities. As a leading underwriter of municipal bonds in New York, New Jersey and New England, Roosevelt & Cross offers strong distribution capabilities through major and mid-sized institutional accounts, retail accounts managed by professional and high net worth individual accounts. The firm’s investment banking and credit analysis capabilities are on par with the best in the industry. Roosevelt & Cross is consistently ranked the top student bond underwriter in New York State. Based in New York, the company has branches in Buffalo, Boston, West Hartford, CT, East Greenwich, RI and Warren, NJ.
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