By Cristal Cody
Springdale, Ark., April 8 - Clark University in Massachusetts priced $50.255 million variable-rate demand revenue bonds with a 1.7% initial rate, a sellside source said Tuesday.
The series 2008 bonds (Aaa/AAA/) priced Monday in a weekly mode through the Massachusetts Development Finance Agency.
The bonds are due Oct. 1, 2038.
UBS Investment Bank managed the negotiated sale.
Proceeds will be used to refund series 2000, 2002A and 2002B bonds, pay the termination fee on a swap for the series 2002A bonds and fund renovations of the Goddard Library.
| Issuer: | Clark University/ Massachusetts Development Finance Agency
|
| Issue: | Variable-rate demand revenue bonds
|
| Amount: | $50.255 million
|
| Type: | Negotiated
|
| Initial rate: | 1.7%
|
| Set: | Weekly
|
| Maturity: | Oct. 1, 2038
|
| Underwriter: | UBS Investment Bank
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | April 7
|
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