District of Columbia to sell $288.97 million Howard University bonds

By Sheri Kasprzak

New York, March 25 - The District of Columbia is expected to sell $288.965 million of series 2011 revenue bonds for Howard University, said a preliminary official statement.

The sale includes $224.23 million of series 2011A bonds and $64.735 million of series 2011B bonds.

Merrill Lynch and Loop Capital Markets LLC are the lead managers. The co-managers are Goldman, Sachs & Co.; J.P. Morgan Securities LLC; Rice Financial Products Co.; Siebert Brandford Shank & Co. LLC; and The Williams Capital Group, LP.

The maturities have not been set.

Proceeds will be used to fund general upgrades, additions and construction to three of the university's campuses, as well as to refund and advance refund some of the university's debt, including its 1998 and 2006A-B bonds.

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