Howard Hughes Medical Institute, Md., delays sale of $76.5 million variable-rate bonds until May 15

By Cristal Cody

Springdale, Ark., April 1 - Howard Hughes Medical Institute in Maryland postponed the sale of $76.5 million of variable-rate bonds until May 15, the issuer told Prospect News.

The series 2008B weekly variable-rate bonds initially had been scheduled to price Tuesday.

The bonds will price through the Maryland Economic Development Corp.

The sale was delayed by more than a month because of disruption in the market, said Ed Palmerino, vice president for finance and treasurer.

Bank of America is the remarketing agent.

Proceeds will be used to refinance outstanding debt from series 1990 bonds.

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