By Sheri Kasprzak
New York, March 10 - The Board of Regents of the University of Texas System priced $685.485 million in series 2008B revenue refinancing system bonds Monday, according to a final official statement.
The bonds (Aaa/AAA/AAA) were sold on a negotiated basis through JPMorgan, the lead manager for the 2025 and 2032 maturities, and Lehman Brothers, the lead manager for the 2016 and 2039 maturities.
The bonds are term bonds due 2016, 2025, 2032 and 2039. Each of the term bonds comprises $171.37 million, except for the 2039 bonds, which comprise $171.375 million.
The bonds will bear interest at the weekly rate until March 26, when the bonds will reset every seven days.
The proceeds will be used to refinance a portion of the university's commercial paper notes and certain parity debt. The proceeds will also finance improvements to the campus.
| Issuer: | Board of Regents of the University of Texas System
|
| Issue: | Series 2008B revenue refinancing system bonds
|
| Amount: | $685.485 million
|
| Type: | Negotiated
|
| Underwriters: | JPMorgan and Lehman Brothers
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Coupon: | Resets weekly
|
| Pricing date: | March 10
|
|
|
| Maturity | Type | Amount | Price
|
| Aug. 1, 2016 | Term | $171.37 million | 100%
|
| Aug. 1, 2025 | Term | $171.37 million | 100%
|
| Aug. 1, 2032 | Term | $171.37 million | 100%
|
| Aug. 1, 2039 | Term | $171.375 million | 100%
|
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