By Sheri Kasprzak
New York, March 31 - The Massachusetts Health & Educational Facilities Authority sold $68.92 million in series 2008K variable-rate demand private college revenue bonds due July 1, 2037 for Stonehill College on Friday, an official statement said.
The bonds (A2//) initially bear interest at the daily rate but may be converted to a weekly rate, flexible-rate or term-rate mode. The maximum rate is 10%.
The bonds were sold on a negotiated basis through lead manager Banc of America Securities LLC.
Proceeds will refund the college's outstanding series 1998G, series 2006I and series 2006J bonds.
| Issuer: | Massachusetts Health & Educational Facilities Authority/Stonehill College
|
| Issue: | Series 2008K variable-rate demand private college revenue bonds
|
| Amount: | $68.92 million
|
| Type: | Negotiated
|
| Coupon: | Daily rate
|
| Price: | Par
|
| Maturity: | July 1, 2037
|
| Underwriter: | Banc of America Securities LLC
|
| Rating: | Moody's: A2
|
| Pricing date: | March 28
|
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