Moody's rates DePaul University, Ill, bonds A3

Moody's Investors Service said it assigned an A3 rating to DePaul University's $50.035 million revenue bonds, series 2008, issued through the Illinois Finance Authority.

Sale of the bonds is expected on June 3.

At the same time, the agency affirmed the A3 ratings on the university's outstanding rated debt.

Proceeds from the series 2008 bonds will be used to acquire educational facilities used by the university and leased under a sale-leaseback arrangement financed by debt issued by MJH Educational Assistance Illinois I LLC and MJH Educational Assistance Illinois II LLC.

The funds paid will be used to current refund all outstanding debt related to the transactions - specifically MJH's series 1998C, 1998D, 2003A, 2003B, 2003C and 2003D bonds, all issued through the Illinois Educational Facilities Authority. The outstanding debt will be redeemed on or about Sept. 1.

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