By Sheri Kasprzak
New York, Oct. 30 - The Texas Permanent University Fund priced $400.905 million in series 2008A variable-rate permanent university fund bonds Thursday, said Terry Hull, assistant vice chancellor of finance for the University of Texas System.
The bonds (/AAA/A-1+/F1+) were sold on a negotiated basis with Morgan Stanley & Co. Inc. as the senior manager and RBC Capital Markets as co-manager.
The sale included $200.45 million in term bonds due 2037 and $200.455 million in term bonds due 2038.
The initial rate for the bonds was 1.1% and the rate resets weekly.
Proceeds will be used to refund the fund's flexible-rate notes.
Issuer: | Texas Permanent University Fund/University of Texas System
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Issue: | Series 2008A variable-rate permanent university fund bonds
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Amount: | $400.905 million
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Type: | Negotiated
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Underwriters: | Morgan Stanley & Co. Inc. (lead); RBC Capital Markets (co-manager)
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Ratings: | Standard & Poor's: AAA/A-1+
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| Fitch: F1+
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Pricing date: | Oct. 30
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Maturity | Type | Coupon | Price
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2037 | Term | 1.1% | Par
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2038 | Term | 1.1% | Par
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