By Sheri Kasprzak
New York, March 30 - Temple University of Pennsylvania priced $120 million in series 2010 university funding obligation through the Commonwealth System of Higher Education, according to a pricing sheet.
The obligations (MIG1) were sold competitively with PNC Capital Markets Inc. winning the bid with a 0.4% net interest cost. Public Financial Management Inc. was the financial adviser.
The 1.5% notes, which mature April 6, 2011, were priced at par.
Proceeds will be used to refinance a portion of the university's series 2009 funding obligations.
The university is based in Philadelphia.
| Issuer: | Temple University/Commonwealth System of Higher Education
|
| Issue: | Series 2010 university funding obligations
|
| Amount: | $120 million
|
| Maturity: | April 6, 2011
|
| Type: | Competitive
|
| Underwriter: | PNC Capital Markets Inc. (winner)
|
| Net interest cost: | 0.4%
|
| Coupon: | 1.5%
|
| Price: | Par
|
| Rating: | Moody's: MIG1
|
| Pricing date: | March 30
|
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