DASNY SELLS $1.6 BILLION IN PERSONAL INCOME TAX BONDS THROUGH COMPETITIVE BID TO SUPPORT CAPITAL INVESTMENTS

Competitive Bidding Process Attracts Strong Interest from Financial Markets

ALBANY, NY - The Dormitory Authority of the State of New York (DASNY) received competitive bids on approximately $1.6 billion in Personal Income Tax Bonds across five tax-exempt bidding groups. The offering attracted strong interest with eight and 10 firms participating in the competitive bidding process.

The winning bids were awarded as follows:

• Bank of America won $415,550,000 Series 2026C Bidding Group 1;
• Jefferies won $401,790,000 Series 2026C Bidding Group 2
• Bank of America won $300,070,000 Series 2026C Bidding Group 3
• Wells Fargo won $215,680,000 Series 2026C Bidding Group 4; and
• Morgan Stanley won $278,080,000 Series 2026C Bidding Group 5.

Bond proceeds will be used to reimburse the State for expenditures made on a variety of capital projects across various agencies and to refund certain outstanding bonds, continuing New York State's commitment to investing in infrastructure while maintaining an affordable debt portfolio.

This bond issuance will reimburse the State for expenditures in critical sectors. Bond proceeds will reimburse capital spending for the following agencies and projects:

• Department of Agriculture and Markets
• Division of Military and Naval Affairs
• Department of State
• Division of State Police
• Economic Development grants

The bond proceeds will also be used to refund a portion of DASNY Sales Tax Revenue Bonds Series 2016A and DASNY Personal Income Tax Bonds Series 2018A allowing the state to reduce debt service costs.

Public Resources Advisory Group and Acacia Financial Group served as Financial Advisors for the transaction, while Nixon Peabody and Bryant Rabbino served as Co-Bond Counsel.

Personal Income Tax Bonds are issued periodically for various capital purposes and are secured by a portion of the State's Personal Income Tax revenues. The bonds are expected to close on October 29, 2026.

About DASNY
Founded in 1944, DASNY is New York State's capital project development authority. It finances and constructs sustainable and resilient science, health and education institutions that help New York thrive. It is one of the largest issuers of tax-exempt bonds in the nation with an outstanding bond and notes portfolio of approximately $70.2 billion as of September 30, 2026. DASNY is also a prolific public builder with a construction pipeline of approximately 1,400 projects valued at more than $15 billion as of June 30, 2026.