By Sheri Kasprzak
New York, Sept. 17 – The University of Pittsburgh sold $46 million of series 2014B university capital project bonds as part of a $95 million bond offering, according to an official statement.
The deal included $23 million of series 2014B-1 bonds and $23 million of series 2014B-2 bonds.
Both bonds initially bear interest at the commercial paper rate mode. The 2014B-1 bonds are due in 2030 and the 2014B-2 bonds are due in 2035.
The bonds (Aa1/VMIG 1/AA+/A-1+/) were sold on a negotiated basis with Barclays as the senior manager for the 2014B-1 bonds and Wells Fargo Securities LLC as the lead manager for the 2014B-2 bonds.
The university sold $49 million of series 2014A bonds on Sept. 5.
Proceeds will be used to finance new construction and capital improvement projects at the university’s Oakland, Johnstown and Bradford campuses.
| Issuer: | University of Pittsburgh
|
| Issue: | Series 2014B university capital project bonds
|
| Amount: | $46 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays (lead for 2014B-1), Wells Fargo Securities LLC (lead for 2014B-2)
|
| Ratings: | Moody’s: Aa1/VMIG 1
|
| Standard & Poor’s: AA+/A-1+
|
| Pricing date: | Sept. 16
|
| Settlement date: | Sept. 18
|
|
|
| $23 million series 2014B-1 bonds
|
| Maturity | Type | Coupon | Price
|
| 2030 | Term | Commercial paper rate mode | 100
|
|
|
| $23 million series 2014B-2 bonds
|
| Maturity | Type | Coupon | Price
|
| 2035 | Term | Commercial paper rate mode | 100
|
|
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