By Cristal Cody
Springdale, Ark., March 13 - The Pennsylvania State System of Higher Education priced $101.335 million bonds with a 3.97% true interest cost on Thursday, the system's financial advisor told Prospect News.
The series AG refunding revenue bonds (Aa3/-/AA-) priced with 3.25% to 5.25% coupons to yield 2.1% to 4.7%, said Michael Baird, director of RBC Capital Markets in Baltimore.
The bonds have serial maturities from June 15, 2008 through June 15, 2024.
Robert W. Baird & Co. won the bidding in the competitive sale, said Baird, who has no relation to the company.
The Pennsylvania Higher Educational Facilities Authority priced the bonds on the state system's behalf.
| Issuer: | Pennsylvania State System of Higher Education/Pennsylvania Higher Educational Facilities Authority
|
| Issue: | Refunding revenue bonds
|
| Amount: | $101.335 million
|
| Type: | Competitive
|
| Maturities: | 2008 through 2024
|
| True Interest cost: | 3.97%
|
| Coupons: | 3.25% to 5.25%
|
| Yields: | 2.1% to 4.7%
|
| Ratings: | Moody's: Aa3
|
| Fitch: AA-
|
| Pricing date: | March 13
|
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