By Cristal Cody
Tupelo, Miss., Sept. 3 - The Franklin W. Olin College of Engineering sold $93.8 million variable-rate revenue bonds on Wednesday, a sellside source told Prospect News.
The $10 million series 2008C1 bonds priced with a 2.6% initial weekly interest rate.
The $42 million series 2008C2 bonds priced with a 1.45% initial weekly interest rate.
The $42 million series 2008C3 bonds priced with a 1.3% initial daily interest rate.
The bonds (Aaa/AAA/), which mature 2043, were sold through the Massachusetts Development Finance Agency.
Lehman Brothers Inc. managed the negotiated sale.
Proceeds will be used to refund the series A1 and A2 auction-rate securities.
| Issuer: | Olin College of Engineering/Massachusetts Development Finance Agency
|
| Issue: | Revenue bonds
|
| Total amount: | $94 million
|
| Type: | Negotiated
|
| Maturity: | 2043
|
| Underwriter: | Lehman Brothers Inc.
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | Sept. 3
|
| Settlement date: | Sept. 4
|
|
|
| Series 2008C1 bonds
|
| Amount: | $10 million
|
| Initial rate: | 2.6%
|
| Resets: | Weekly
|
|
|
| Series 2008C2 bonds
|
| Amount: | $42 million
|
| Initial rate: | 1.45%
|
| Resets: | Weekly
|
|
|
| Series 2008C3 bonds
|
| Amount: | $42 million
|
| Initial rate: | 1.3%
|
| Resets: | Daily
|
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