Hempstead, N.Y., to sell $73.5 million of bonds for Hofstra University

By Sheri Kasprzak

New York, Nov. 23 - The Town of Hempstead, N.Y., is expected to price $73.5 million of series 2011 revenue bonds for Hofstra University, according to a preliminary official statement.

The bonds (A3/A) will be sold on a negotiated basis with Barclays Capital Inc. and Bank of America Merrill Lynch as the senior managers.

The bonds are due 2020 to 2031 with term bonds due in 2036 and 2041.

Proceeds will be used to fund the construction, equipment, acquisition and design of a new science building, a new high technology classroom, two pedestrian footbridges, a basketball arena and auxiliary facilities on Fulton Street in Hempstead, N.Y., as well as to refinance the university's series 1998 civic facility revenue bonds issued through the Nassau County Industrial Development Authority and the university's series 1991 revenue bonds, also issued through Nassau County Industrial Development.

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