Dasny plans to offer $122.5 million consolidated service contract refunding revenue bonds

By Sheri Kasprzak

New York, Dec. 1 - The Dormitory Authority of the State of New York is expected to price $122.5 million of series 2010 consolidated service contract refunding revenue bonds, according to a preliminary official statement.

The bonds (Aa3//AA-) will be sold on a negotiated basis with Citigroup Global Markets Inc. and J.P. Morgan Securities LLC as the senior managers. The co-managers are Janney Montgomery Scott LLC, RBC Capital Markets Corp., Rice Financial Products Co. and Roosevelt & Cross Inc.

The maturities have not been set.

Proceeds will be used to refund existing consolidated service contract revenue bonds.

Based in Albany, N.Y., the authority provides financing to nonprofit organizations, including higher education institutions and hospitals.

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