DASNY PRICES $2.15 BILLION IN STATE SALES TAX REVENUE BONDS

Bond Proceeds Will Support Projects in Multiple Agencies and Refund State Supported Debt

The Dormitory Authority of the State of New York (DASNY) priced $2.15 billion in New York State Sales Tax Revenue Bonds. Bond proceeds will used to reimburse the State for expenditures made on a variety of capital projects in multiple agencies and to refund certain outstanding bonds. The negotiated sale was led by Morgan Stanley with Goldman Sachs and Loop Capital Markets as co-senior managers. The authority sold $2.146 billion of Series 2024B bonds and $3.9 million of Series 2024C bonds. The Series 2024B bonds are tax-exempt and the Series 2024C bonds are federally taxable.

The retail order period began on Monday, December 9 and received extraordinary demand followed by the institutional order period on Tuesday, December 10. During the retail order period, $1.5 billion in orders were placed with oversubscriptions in numerous maturities. Following the successful retail order period, the transaction received an additional $4 billion in institutional orders. As a result of the strong retail and institutional demand and resulting oversubscriptions, yields were adjusted lower between 1 to 7 basis points. Yields for the tax-exempt transaction range from 2.60% to 4.15%.

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

· New York State Department of Agriculture and Markets;

· City University of New York;

· New York State's Downtown Revitalization Initiative;

· Division of Military and Naval Affairs;

· Office of Children and Family Services;

· Office of General Services;

· Olympic Regional Development Authority;

· Department of State Police; and

· State University of New York (SUNY) for various projects for SUNY educational facilities, SUNY hospitals and SUNY community colleges.

The bond proceeds also will be used to refund DASNY State Personal Income Tax Revenue Bonds Series 2015A, DASNY State Personal Income Tax Revenue Bonds Series 2015B and Thruway Authority Highway Bridge and Trust Fund Bonds Series 2010B.

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

Sales Tax Revenue Bonds are issued periodically for various capital purposes and are supported by a portion of the State's Sales Tax revenues. The bonds are expected to close on December 17, 2024.

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