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Howard Hughes Medical, Md., arranges $1.65 billion of taxable bonds
By Sheri Kasprzak
New York, March 12 - The Howard Hughes Medical Institute of Maryland plans to price $1.65 billion of series 2013A taxable fixed-rate bonds, according to a preliminary official statement.
The bonds (Aaa/AAA/) will be sold on a negotiated basis with J.P. Morgan Securities LLC, Goldman, Sachs & Co., Morgan Stanley & Co. LLC and BofA Merrill Lynch as the senior managers.
The bonds are due March 1, 2023.
Proceeds will be used to fund an account established by the institute to create a reserve for its program spending.
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