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Published on 5/27/2010 in the Prospect News Municipals Daily.

New Issue: Dasny prices $285 million revenue bonds for Cornell University

By Sheri Kasprzak

New York, May 27 - The Dormitory Authority of the State of New York sold $285 million in series 2010A revenue bonds for Cornell University Thursday, according to a pricing sheet.

The full details of the offering were unavailable by press time Thursday.

The bonds (Aa1/AA/) were sold through Bank of America Merrill Lynch and Citigroup Global Markets Inc. The co-managers were M.R. Beal & Co.; Fidelity Capital Markets Services Inc.; Goldman Sachs & Co.; Janney Montgomery Scott LLC; J.P. Morgan Securities Inc.; M&T Securities; and Morgan Stanley & Co. Inc.

The bonds are due 2032, 2035 and 2040 with 4% to 5% coupons. The yields were not immediately available.

Proceeds will be used to refinance commercial paper and to fund the construction of a medical research building.

The Albany, N.Y.-based authority provides financing to qualified nonprofit entities in the state.

Issuer:Dormitory Authority of the State of New York/Cornell University
Issue:Series 2010A revenue bonds
Amount:$285 million
Type:Negotiated
Underwriters:Bank of America Merrill Lynch and Citigroup Global Markets Inc. (lead), M.R. Beal & Co.; Fidelity Capital Markets Services Inc.; Goldman Sachs & Co.; Janney Montgomery Scott LLC; J.P. Morgan Securities Inc.; M&T Securities; and Morgan Stanley & Co. Inc. (co-managers)
Ratings:Moody's: Aa1
Standard & Poor's: AA
Pricing date:May 27
Settlement date:June 9
MaturityTypeCoupon
2032Term4%
2032Term5%
2035Term5%
2040Term5%

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