The New York State Environmental Facilities Corporation has successfully closed State Revolving Funds Revenue Bonds Series 2024 B. The transaction will refund EFC’s Series 2014 B bonds, which were issued to support critical environmental infrastructure projects that improve water quality and protect public health. EFC issues refunding bonds as part of its proactive financial management to ensure these environmentally beneficial projects remain cost-effective for the public over the life of the financing. Refunding bonds allow EFC’s municipal partners to benefit from lower interest rates, resulting in reduced debt service payments, ultimately benefiting ratepayers. The transaction will save 40 recipients $13 million over the next 20 years for 81 projects across the State. 

“With this transaction, EFC is upholding its legacy of proactively administering 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 May 23 meeting and closed on September 11. The bonds were underwritten through a syndicate led by Siebert Williams Shank as the senior manager, and Morgan Stanley as the co-senior manager. EFC’s financial advisors for the transaction were PFM Financial Advisors, Independent Public Advisors, and Rockfleet Financial Services. EFC’s co-bond counsel on the transaction was Hawkins Delafield & Wood, and the Law Offices of Joseph C. Reid.