By Cristal Cody
Springdale, Ark., Feb. 22 - Howard Hughes Medical Institute priced $83.5 million multi-modal revenue bonds with a 2.2% initial weekly rate.
The series 2008A bonds (Aaa/VMIG1) were sold Thursday through the Maryland Economic Development Corp as a variable rate with 35-year maturities. Citigroup Global Markets managed the negotiated sale.
The bonds sold with four times the number of buyers needed, due to the institute's strong credit ratings, Ed Palmerino, vice president for finance and treasurer, said in an interview.
Proceeds will be used to renovate and expand administrative headquarters.
The institute also plans to price $76.5 million series 2008B weekly variable rate bonds on April 1 to refinance outstanding debt.
| Issuer: | Howard Hughes Medical Institute
|
| Issue: | Multi-modal revenue bonds
|
| Type: | Negotiated
|
| Amount: | $83.5 million
|
| Initial rate: | 2.2%
|
| Reset period: | Weekly
|
| Maturities: | 2008 to 2043
|
| Underwriter: | Citigroup Global Markets
|
| Ratings: | Moody's: Aaa
|
| S&P:AAA
|
| Pricing date: | Feb. 21
|
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