By Cristal Cody
Springdale, Ark., April 10 - Cornell University priced $130 million revenue bonds with a 0.55% initial interest rate on Thursday, the issuer told Prospect News.
The bonds (Aa1/AA+/) priced with a variable daily interest rate through the Dormitory Authority of New York, said Carolann Saggese, director of debt for the university.
The $65 million series 2008B and $65 million series 2008C bonds are due July 1, 2037.
Goldman, Sachs & Co. managed the series 2008B bonds, and JPMorgan managed the series 2008C bonds.
Proceeds will be used to refinance the university's series 1998 commercial paper notes.
The university also completed the reoffering of $90.15 million auction-rate bonds as weekly variable-rate demand bonds and option bonds on Thursday, Saggese said.
The $44.05 million series 2004A bonds were reoffered Tuesday, and the $46.1 million series 2004B bonds were reoffered on Thursday.
The bonds are due July 1, 2033.
Morgan Stanley is the reoffering agent.
| Issuer: | Cornell University/ Dormitory Authority of New York
|
| Issue: | Variable daily rate revenue bonds
|
| Amount: | $130 million
|
| Type: | Negotiated
|
| Initial rate: | 0.55%
|
| Set: | Daily
|
| Underwriters: | Goldman, Sachs & Co. (series 2008B); JPMorgan (series 2008C)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Pricing date: | April 10
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
