Original Source: https://www.businesswire.com/news/home/20210916005660/en/Roosevelt-Cross-Completes-25-Million-City-of-Yonkers-Industrial-Development-Agency-School-Facility-Revenue-Bonds-for-the-New-Community-School-Project
NEW YORK–(BUSINESS WIRE)–Roosevelt & Cross Incorporated, a registered broker-dealer that specializes in tax-exempt and taxable municipal debt, today announced the successful completion of a $25 million City of Yonkers Industrial Development Agency School Facility Revenue Bonds issue for the New Community School Project. This state-supported revenue bond issue is the first debt issuance for the Phase I Plan, which consists of several projects under consideration by the Yonkers Joint Schools Construction Board. The Phase I Plan, authorized up to $523 million, is expected to be completed by 2025.
This issue is the first of several financing initiatives that support the “Rebuild Yonkers Schools” effort backing the new construction and infrastructure improvements to existing educational facilities in the City of Yonkers. This effort to improve Yonkers Public Schools was initially mandated in 2016.
As book-running Senior Manager for the issue, Roosevelt & Cross generated $50.78 million in orders, and placed the bonds with 18 institutional investors.
“We saw significant interest from institutional investors in this important offering,” said Scott Monahan, Executive Vice President with Roosevelt & Cross who serves in the firm’s Public Finance department. “This initial issuance represents the dedication from all of the financing team’s professionals. We expect additional success as the Phase I projects continue to come to the market for financing.”
The Yonkers Joint Schools Construction Board (“YJSCB”) was established and operates pursuant to the Yonkers City School District Joint Schools Construction and Modernization Act. Its mission is the creation of new school facilities and modernization of existing school facilities in Yonkers to meet the needs of the city’s school children.
“This is an essential first step in creating a better future for the children of Yonkers Public Schools,” said Elaine Brennan, Executive Vice President with Roosevelt & Cross’s Public Finance department. “Roosevelt & Cross sees great demand for improved facilities for education and this long-term effort is a sign of what is possible with the collaboration of city, state and educational leadership.”
Capital Markets Advisors LLC served as municipal advisor to the transaction.
About Roosevelt & Cross Incorporated
Roosevelt & Cross Incorporated is a registered broker-dealer that specializes in tax-exempt and taxable municipal debt. The firm is entirely employee owned and directed, and 100% of the firm’s capital is committed to municipal securities. As a top-ranking municipal bond underwriter in New York, New Jersey, and New England, Roosevelt & Cross offers strong distribution capabilities across major and mid-size institutional accounts, professionally managed retail accounts, and high net worth individual accounts. The firm’s investment banking and credit analysis capabilities are on par with the best in the industry. Roosevelt & Cross is consistently ranked the #1 underwriter of education bonds in New York State. Based in New York City, the company has branch offices in Buffalo, Boston, West Hartford, CT, East Greenwich, RI and Warren, NJ.