DASNY Closes on $125 Million Bond Issuance for the Montefiore Obligated Group to Upgrade Facilities, Equipment and Information Technology Systems

DASNY Closes on $125 Million Bond Issuance for the Montefiore Obligated Group to Upgrade Facilities, Equipment and Information Technology Systems

The Dormitory Authority of the State of New York (DASNY) today closed on a $125 million bond issuance for the Montefiore Obligated Group. Bond proceeds will be used to reimburse Montefiore for prior capital expenditures and pay for future capital expenditures which will support upgrades to existing facilities, equipment, and information technology systems.

DASNY President Robert J. Rodriguez said, "Montefiore is a critically important healthcare provider for the New York Metropolitan region, and DASNY is proud to partner with hospital leadership to provide cost effective access to capital to finance upgrades made to their facilities which enhance the healthcare offerings they provide."

"Montefiore is pleased to work with DASNY, a reliable and respected ally, as we conduct fiscally responsible capital management," said Colleen Blye, Executive Vice President, Chief Financial Officer, and Chief Business Officer, Montefiore Einstein. "The issuance of these bonds allows us to capitalize on market opportunity that helps our bottom line and positions us to continue providing access to the highest quality healthcare for all, including communities that are historically underserved, both economically and socially."

The lead managers of the transaction were Bank of America Securities and Morgan Stanley, and the transaction was supported by bond counsels Hawkins Delafield & Wood LLP and Brown Hutchinson LLP and Financial Advisor Kaufman Hall.

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