Cornell University, N.Y., to price $130 million revenue bonds, reoffer $90.15 million bonds

By Cristal Cody

Springdale, Ark., April 3 - Cornell University in New York plans to price $130 million of revenue bonds on April 10, the issuer said Thursday.

The bonds (Aa1/AA+/) will price with a variable daily interest rate mode through the Dormitory Authority of New York, said Carolann Saggese, director of debt.

The $65 million series 2008B and $65 million series 2008C bonds are due July 1, 2037.

Goldman, Sachs & Co. will manage the series 2008B bonds, and J.P. Morgan Securities Inc. will manage the series 2008C bonds.

Proceeds will be used to refinance the university's series 1998 commercial paper notes.

The university also plans to reoffer $90.15 million of bonds as weekly variable interest rate bonds and option bonds.

The $44.05 million series 2004A bonds will be reoffered on Tuesday.

The $46.1 million series 2004B bonds will be reoffered April 10.

The bonds are due July 1, 2033.

Morgan Stanley is the reoffering agent.

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