By Cristal Cody
Tupelo, Miss., Nov. 17 – The Bush Foundation issued $100 million of series 2020 social taxable bonds due Oct. 1, 2050 (Aaa) at par to yield 2.754% on Tuesday, according to a final term sheet.
RBC Capital Markets LLC was the bookrunner of the Section 3(a)(4) exempt offering.
The bonds have a make-whole call before April 1, 2050 at Treasuries plus 15 basis points and a par call thereafter.
Proceeds will be used for general corporate purposes, including to provide grants to counter racism experienced by Native Americans and Black Americans in the foundation’s region and to fund asset-building projects focused on furthering home ownership, education, entrepreneurship and other economic development in affected communities.
The Bush Foundation is a St. Paul, Minn.-based private foundation formed in 1953 with donations from 3M Co. executive Archibald Bush that focuses on Minnesota, North Dakota, South Dakota and the 23 native nations in the region.
| Issuer: | Bush Foundation
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| Amount: | $100 million
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| Description: | Series 2020 social taxable bonds
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| Maturity: | Oct. 1, 2050
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| Bookrunner: | RBC Capital Markets LLC
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| Co-managers: | Loop Capital Markets LLC and Siebert Williams Shank & Co., LLC
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| Coupon: | 2.754%
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| Price: | Par
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| Yield: | 2.754%
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| Call features: | Make-whole call before April 1, 2050 at Treasuries plus 15 bps; par thereafter
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| Settlement date: | Nov. 17
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| Rating: | Moody’s: Aaa
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| Distribution: | Section 3(a)(4) exempt
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