By Cristal Cody
Springdale, Ark., Aug. 13 - Fairfield University priced $108 million revenue bonds with a 4.924% true interest cost on Wednesday, the issuer told Prospect News.
The series N bonds (A3/A-/) priced with 3% to 5% coupons to yield 2.2% to 4.98%, said treasurer William Lucas.
The bonds have serial maturities from 2009 through 2029.
The bonds were sold through the Connecticut Health and Educational Facilities Authority in a negotiated sale led by senior manager J.P. Morgan Securities Inc. and co-managers Herbert J. Sims & Co., RBC Capital Markets and Siebert Brandford Shank & Co.
Proceeds will be used to refund the $105.9 million outstanding from the series L1 and L2 revenue bonds, fund a swap termination payment and make a deposit to the debt service reserve fund.
Issuer: | Fairfield University/Connecticut Health and Educational Facilities Authority
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Issue: | Series N revenue bonds
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Amount: | $108 million
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Type: | Negotiated
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True interest cost: | 4.924%
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Coupons: | 3%-5%
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Yields: | 2.2%-4.98%
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Maturities: | 2009-2029
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Underwriter: | J.P. Morgan Securities Inc. (lead)
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Ratings: | Moody's: A3
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| Standard & Poor's: A-
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Pricing date: | Aug. 13
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Settlement date: | Aug. 21
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