By Sheri Kasprzak
New York, Aug. 21 - Life University in Georgia priced $71.465 million in series 2008 university facilities and refunding bonds, according to an official statement released Thursday.
The bonds (Baa3) were sold through the Development Authority of the City of Marietta with Citigroup Global Markets as lead manager.
The bonds are due 2020, 2030 and 2039. The 2020 bonds have a 6.25% coupon to yield 6.75%; the 2030 bonds have a 7% coupon to yield 7.125%; and the 2039 bonds have a 7% coupon to yield 7.25%.
Proceeds from the sale will be used to refund the university's series 1995A refunding first mortgage revenue bonds and 1995B first mortgage revenue bonds, as well as the construction and renovation of projects for the university, including a student housing facility and parking deck.
| Issuer: | Life University/Development Authority of the City of Marietta, Ga.
|
| Issue: | Series 2008 university facilities and refunding bonds
|
| Amount: | $71.465 million
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets
|
| Rating: | Moody's: Baa3
|
| Pricing date: | Aug. 13
|
| Settlement date: | Aug. 26
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2020 | Term | 6.25% | 6.75%
|
| 2030 | Term | 7% | 7.125%
|
| 2039 | Term | 7% | 7.25%
|
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