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New York State Environmental Facilities Corporation



State Revolving Funds Revenue Bonds, Series 2017 C (Green Bonds) & D

October 19, 2017


Image by Sam Mgrdichian

SRF green bonds fund clean water and drinking water projects

In September, Siebert Cisneros Shank served as senior manager for the New York State Environmental Facilities Corporation’s (“EFC”) State Revolving Fund Revenue Bonds (“SRF Bonds”) under its pooled loan financing program.

The transaction consisted of a $66.4 million taxable series and a $91.6 million Series 2017 C tax-exempt series designated as Green Bonds.

Proceeds, totaling $175.9 million, were used to fund clean water and drinking water projects undertaken by various municipalities in the State of New York.

As with the 2016 transaction, also managed by SCS, we provided extensive structuring analyses for the 2017 SRF bonds and for the underlying loans given to the recipient borrowers.

The loan repayments will be used to secure the SRF bonds; in exchange, the loan recipients each are awarded a portion of the SRF proceeds and an interest subsidy in the form of interest-free loan funded from EFC’s equity account.

The recipient loans were structured based on their respective project costs, level of interest subsidy, final maturity and debt service payment dates on the loan, reserve requirements and local finance law compliance requirements.

The yields on the loan are based on the actual yields of the SRF bonds plus a spread and the SRF bonds are structured to mirror the aggregate repayments on the bond-funded portion of the loans.

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