Moody's gives Ba3 to Life University bonds

Moody's Investors Service said it assigned a Ba3 rating to Life University's series 2008 revenue and refunding bonds to be issued by the Development Authority of the City of Marietta, Ga. The outlook is stable.

The expected sale date is Aug. 13.

Proceeds will be used to refund Life University's $25.7 million series 1995A and 1995B revenue bonds, to construct a new 300-bed student housing facility with adjacent 600-car parking facility and for other capital projects, including a daycare center and student cafe Proceeds will also fund a debt service reserve fund as well as about $3 million of capitalized interest related to the new projects.

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