By Cristal Cody
Springdale, Ark., Jan. 25 - Indiana University priced $180 million consolidated revenue bonds with two term bonds, a source confirmed Friday.
The series 2008A bonds priced with a 5% coupon and yields from 2.22% in 2009 to 4.15% in 2026.
The pricing includes a term bond due in 2028, with a 4.5% coupon and yield of 4.67%, and in 2038 with a coupon of 5% and a yield of 4.45%.
The university also plans to sell $87 million in student fee bonds, series S, on Feb. 7.
Lehman Brothers is underwriting the series 2008A bonds, while JPMorgan Chase & Co. is managing the series S bonds.
Proceeds from the student fee bonds will be used to refund outstanding tax-exempt commercial paper and finance the costs of new projects, including a cyber-infrastructure building, a new science building on the Bloomington campus and a new medical education center on the Fort Wayne campus.
| Issuer: | Indiana University
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| Issue: | Series 2008A consolidated revenue bonds
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| Type: | Negotiated
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| Amount: | $180 million
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| Maturities: | 2009 through 2026 serials; two term bonds in 2028 and 2038
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| Coupons: | 5% serials; term bonds 4.5% and 5%
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| Yields: | 2.22% to 4.15% serials; term bonds 4.45% and 4.67%
|
| Underwriter: | Lehman Brothers
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| Ratings: | Moody's: Aa1
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| S&P: AA
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| Pricing date: | Jan. 24
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