Bond Sale Provides State Assistance to Refinance Local Borrowing Costs
President & CEO Maureen A. Coleman today announced that the New York State Environmental Facilities Corporation (EFC) has successfully closed a $326 million bond sale that will provide financial assistance for 25 communities and save local ratepayers $221 million over the next 30 years. This transaction delivers financing for various drinking water and wastewater infrastructure projects through the state’s Clean Water State Revolving Fund and Drinking Water State Revolving Fund.
“With this transaction, EFC is proactively administering one of the most efficient and effective State Revolving Funds in the nation,” EFC President and CEO Maureen A. Coleman said. “EFC is committed to maximizing resources and helping communities lower the cost burden of financing clean water and drinking water projects.”
The transaction was approved by EFC’s Board of Directors at its November meeting and closed on Dec. 6. The bonds were underwritten through a syndicate led Jefferies LLC as the senior manager, and Samuel A. Ramirez & Co., Inc as the co-senior manager. EFC’s financial advisors for the transaction were PFM Financial Advisors LLC, Independent Public Advisors, LLC and Rockfleet Financial Services, Inc. EFC’s co-bond counsel on the transaction was Hawkins Delafield & Wood LLP and Law Offices of Joseph C. Reid, P.A.