DASNY PRICES $2.1 BILLION IN PERSONAL INCOME TAX REVENUE BONDS

Bond Proceeds Will Fund Projects Across Multiple Agencies and Refund State-Supported Debt.

The Dormitory Authority of the State of New York (DASNY) priced $2.1 billion in New York State Personal Income Tax Revenue Bonds. Bond proceeds will be used to reimburse the State for expenditures made on various capital projects across multiple agencies and to refund certain outstanding State-supported debt. The negotiated sale was led by Ramirez and Co., Inc. with Goldman Sachs & Co. LLC and J.P. Morgan as co-senior managers. The Authority sold tax-exempt Series 2026A Bonds and taxable Series 2026B Bonds.

During the retail order period on Monday, March 9, approximately $1 billion in orders were placed. Following the very successful retail order period, the transaction received an additional $2.35 billion in institutional orders. As a result of the strong retail and institutional demand and resulting oversubscriptions, DASNY elected to upsize the transaction to include the refunding of $448 million Build America Bonds increasing the size of the financing from $1.6 billion to $2.1 billion. Yields on the tax-exempt transaction range from 2.19% to 4.68%. Yields on the taxable bonds were 3.65% and 3.70%.

The bond proceeds will reimburse capital spending for agencies and programs including:

• Environmental and Clean Water Initiatives;
• Health Care Grants;
• Office of Mental Health, Office of People with Development Disabilities and Office of Alcohol and Substance Abuse Services;
• Economic Development Projects; and
• NYS Department of Corrections and Community Supervision.
  

The bond proceeds will also be used to refund Empire State Development State Personal Income Tax Revenue Bonds Series 2016A (Tax-Exempt).

Public Resources Advisory Group and Backstrom McCarley Berry & Co. served as Financial Advisors. Nixon Peabody and Bryant Rabbino served as Co-Bond Counsel.

Personal Income Tax Revenue Bonds are issued periodically for various capital purposes and are supported by a portion of the State's Personal Income Tax revenues. The bonds are expected to close on March 18, 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 portfolio of approximately $65.4 billion as of December 31, 2025. DASNY is also a prolific public builder with a construction pipeline of approximately 1,000 projects valued at more than $13 billion as of March 31, 2025. To learn more about DASNY, visit www.dasny.org.