By Cristal Cody
Springdale, Ark., June 2 - The Rand Corp. priced $93.565 million revenue bonds with a 1.15% initial weekly rate on Monday, a sell-side source told Prospect News.
The series 2008B bonds (Aaa/AA+/) priced through the California Infrastructure & Economic Development Bank.
The bonds are due April 1, 2042.
Banc of America Securities LLC managed the negotiated sale.
Proceeds will be used to refund Rand's series 2002B variable-rate revenue bonds.
The company had planned to sell the bonds May 22 but had to push back the sale date to receive ratings and complete documents.
Ratings agencies reported in interviews last month to Prospect News that the wait time to assign ratings had doubled to four weeks because of numerous issuers converting or refinancing auction-rate securities.
| Issuer: | Rand Corp.
|
| Issue: | Revenue bonds
|
| Amount: | $93.565 million
|
| Type: | Negotiated
|
| Initial rate: | 1.15%
|
| Reset: | Weekly
|
| Maturities: | April 1, 2042
|
| Underwriter: | Banc of America Securities LLC
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Pricing date: | June 2
|
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