University of Texas System plans $680 million offering of revenue financing system bonds March 17

By Sheri Kasprzak

New York, Feb. 12 - The Board of Regents of the University of Texas System is planning to price $680 million in series 2008B public higher education revenue bonds, confirmed Terry Hull, the system's finance director.

The bonds will be sold March 17, Hull told Prospect News. The bonds are variable-rate demand bonds and will be sold on a negotiated basis through reoffering agents Lehman Brothers and JPMorgan Chase & Co., he said.

Moody's Investors Service gave the bonds a Aaa/VMIG1 rating with a stable outlook.

Proceeds will be used to refinance $462 million in outstanding certificates of participation, refund $35 million in outstanding bonds and fund $182 million in campus improvements.

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