Davie, Fla., prepares $116.29 million educational facilities debt sale

By Sheri Kasprzak

New York, Nov. 12 - The Town of Davie, Fla., plans to price $116,285,000 of series 2013 educational facilities revenue bonds for Nova Southeastern University, according to a preliminary official statement.

The deal includes $96,005,000 of series 2013A revenue bonds and $20.28 million of series 2013B refunding bonds.

The bonds (Baa1/BBB/BBB+) will be sold on a negotiated basis with Morgan Stanley & Co. LLC as the senior manager. The co-managers are BofA Merrill Lynch, J.P. Morgan Securities LLC, PNC Capital Markets LLC and SunTrust Robinson Humphrey.

The 2013A bonds are due April 1, 2043, and the 2013B bonds are due 2014 to 2028 with a term bond due in 2034.

Proceeds will be used to finance all or a portion of the costs associated with constructing, acquiring, equipping and designing an oceanographic center on the university's Hollywood campus, seawall and basin improvements at the Hollywood campus, the construction of a sports and recreation center at the Davie campus, storm water and drainage system improvements, as well as to refund the city's series 2004 and 1994 revenue bonds.

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