EFC Closes $275 Million Series 2026 B and C

The New York State Environmental Facilities Corporation (EFC) has successfully closed a $275 million bond transaction, advancing critical infrastructure investment across New York State while delivering $17.8 million in long-term savings for local ratepayers.

“Every time EFC lowers borrowing costs, we’re keeping money in the pockets of families and businesses,” President and CEO Maureen A. Coleman said. “This transaction reflects successful execution in a challenging market environment, supported by disciplined preparation, thoughtful structuring, and continued investor confidence in EFC’s financial stewardship.”

Series 2026 B and C will provide low-interest long-term financing for 18 drinking water and sewer projects, and refinance over $241 million for EFC’s outstanding Series 2015 B, 2015 D, and 2016 B Bonds. The transaction achieved a highly competitive true interest cost of 3.58%. 

Bond financing is integral to EFC’s mission to affordably fund critical water infrastructure and support the long-term sustainability of the Clean Water and Drinking Water State Revolving Funds. The State Revolving Funds remain the State’s primary tool for helping municipalities invest in water quality improvements without overburdening ratepayers.

The bonds were assigned AAA/AAA/Aaa ratings from Fitch, S&P and Moody’s ratings services, reflecting the strong security provisions and credit quality underpinning the transaction.

J.P. Morgan Securities and RBC Capital Markets served as lead underwriters. Financial advisory services were provided by PFM Financial Advisors, Independent Public Advisors, and Rockfleet Financial Services.