By Zaeem Shoaib
The New York State Housing Finance Agency plans to sell $124.7 million of Sustainability Bonds, with proceeds slated to finance mortgage loans for housing projects.
The agency plans to sell $9.6 million of 2024 Series B-1 bonds due 2027 to 2054, $90.5 million of 2024 Series B-2 bonds due Dec. 15, 2054, and $24.7 million of 2024 Series C bonds due 2028 to 2054, according to documents posted Tuesday on MuniOS.
Retail investors can place purchase the securities on Dec. 11, and institutional pricing is scheduled for Dec. 12. The issuance is expected to close Dec. 19.
Interest on the tax-exempt bonds is payable on each June 15 and Dec. 15.
The bond proceeds are intended to finance mortgage loans for the construction or acquisition and rehabilitation of certain multi-family rental housing projects.
According to the documents on MuniOS, the bonds are secured by a pledge of certain financing agreement payments to be made to U.S. Bank Trust by the State of New York on behalf of the agency. These payments are payable from amounts required to be deposited into the Revenue Bond Tax Fund to provide for the payment of the bonds and all other State Personal Income Tax Revenue Bonds.
Moody's has rated the bonds at Aa1.
Siebert Williams Shank is serving as the lead manager for the issuance.
Write to Zaeem Shoaib at zaeem.shoaib@wsj.com
(END) Dow Jones Newswires
12-04-24 1427ET
