Jan 16 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.