Massachusetts agency's Boston University bonds have mandatory tender

By Ashley Montgomery

Kansas City, Kan., Dec. 13 - The Massachusetts Development Finance Agency's $50 million of series U-3 Boston University variable-rate demand revenue bonds are subject to mandatory tender on Dec. 22, according to a notice.

The bonds will be purchased at par plus accrued interest to the redemption date.

The mandatory tender follows Boston University's proposed substitution of the credit enhancement on the bonds, the notice said. The Northern Trust Co. is expected to issue an irrevocable direct-pay letter of credit to replace the existing letter of credit issued by BNP Paribas on Dec. 22.

The Bank of New York Mellon Trust Co., NA is the trustee.

The agency provides financial tools and real estate services in Massachusetts and is based in Boston.

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