Dormitory Authority of New York to price $276.445 million state personal income tax revenue bonds

By Sheri Kasprzak

New York, Feb. 21 - The Dormitory Authority of the State of New York plans to price $276.445 million in state personal income tax revenue bonds, a preliminary official statement said Thursday.

The bonds are expected to price in February, but the exact pricing date could not be determined by press time Thursday.

The offering includes $112.44 million in series 2008A economic development and housing bonds, $94.465 million in series 2008B federally taxable economic development and housing bonds and $69.54 million in series 2008A health care bonds (AAA/AA-).

The 2008A economic development and housing bonds and 2008A health care bonds will be sold on a negotiated basis through lead agent Loop Capital Markets. The co-managers are M.R. Beal & Co., Citigroup Global Markets, Lehman Brothers, Merrill Lynch, RBC Capital Markets, Siebert Brandford Shank & Co. and UBS Investment Bank.

The 2008B federally taxable economic development and housing bonds will be sold on a negotiated basis through lead agent M.R. Beal. Loop Capital Markets; Bear, Stearns; Raymond James & Associates; and Wachovia Securities were the co-managers.

The 2008A economic development and housing bonds are due from 2008 to 2017 and the 2008B federally taxable economic development bonds are also due from 2008 to 2017.

The 2008A health care bonds are due in a serial structure from 2009 to 2018 with term bonds due in 2023, 2028, 2033 and 2037.

Proceeds from the 2008A and 2008B economic development bonds will be used for capital expenses on several programs. The 2008A health care bonds will be used for grants to health care institutions under the HEAL NY program.

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