Dasny tenders, converts $84.18 million revenue bonds with 4.74% net interest cost

By Cristal Cody

Springdale, Ark., June 17 - The Dormitory Authority of the State of New York tendered and converted $84.175 million auction-rate revenue bonds with a 4.74% net interest cost on Tuesday, the authority said in a notice.

The series 2001-2 subseries 2-1 municipal health facilities improvement lease revenue bonds (A1/AA-/A+) were converted to a fixed interest rate with maturities from 2015 through 2019.

The authority also terminated the insurance coverage by MBIA Insurance Corp.

Morgan Stanley & Co. is the remarketing agent.

The authority cancelled $2.29 million of the bonds that were tendered and plans to use $49.987 million from remarketing proceeds for deposit into a construction fund.

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