Monroe County Industrial Development, N.Y., to sell $161 million for University of Rochester

By Sheri Kasprzak

New York, Aug. 15 - The Monroe County Industrial Development Corp. of New York is set to price $161 million of series 2011 tax-exempt revenue bonds for the University of Rochester, according to a preliminary official statement.

The bonds (Aa3/A+/AA-) will be sold on a negotiated basis with J.P. Morgan Securities LLC and Barclays Capital Inc. as the senior managers.

The offering includes $123 million of series 2011A bonds and $38 million of series 2011B bonds.

The 2011A bonds are due 2012 to 2031 with term bonds due in 2036 and 2041. The 2011B bonds are due 2012 to 2031 with term bonds due in 2036 and 2041.

Proceeds will be used to fund improvements to the university's main campus, including the construction of a new dining hall; the construction of a new digital media building; the renovation and modernization of laboratories, classrooms, aquatic center, indoor track and residence halls; and the construction of a new three-story building to house the university's school of education.

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