New York state's Dormitory Authority OKs $155 mln borrowing

Wed Jan 16, 2013 3:30pm EST

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Jan 16 (Reuters) - The Dormitory Authority of the State of New York approved the issuance of up to $155 million of refunding bonds for Pace University on Wednesday.

The authority's board approved a negotiated sale of tax-exempt, taxable, fixed or variable-rate bonds with maturities that won't exceed 30 years, according to a statement.

Proceeds of the sale will be used to refund the authority's tax-exempt series 2005A bonds and taxable series 2005A bonds.

The bond proceeds will also fund the cost of terminating the interest rate swap agreement on the 2005A series, and to finance costs for capital projects on the university's campuses in Westchester and New York City.

The underwriter is Bank of America Merrill Lynch. It was not immediately clear when the sale would occur.

The authority is one of the largest higher education and health care issuers of public debt in the United States, with about $46.1 billion of bonds outstanding as of Dec. 31.

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