Massachusetts Development Finance Agency to price $535.95 million Boston University bonds

By Cristal Cody

Springdale, Ark., May 9 - The Massachusetts Development Finance Agency intends to price $535.945 million of variable-rate demand revenue bonds in 11 tranches, according to preliminary official statements.

The sale includes $50 million of series U4 Boston University issue variable-rate demand revenue bonds due Oct. 1, 2040, according to a preliminary official statement released Friday.

The bonds (A2/A-/-) will price with an initial term rate.

The agency also plans to price $50 million of series U1 bonds, $50 million of series U2, $50 million of series U3, $41.7 million of series U5A, $43.6 million of series U5B, $62.52 million of series U6A, $62.72 million of series U6B, $52.5 million of series U6C, $10.2 million of series U6D and $62.705 million of series U6E bonds.

The series U1, U2 and U3 bonds initially will price with a weekly interest rate and mature Oct. 1, 2040.

The series U5A and U5B bonds will price with an initial daily rate and are due Oct. 1, 2031.

The series U6A, U6B and U6C bonds will price with an initial daily interest rate and are due Oct. 1, 2042.

The series U6D bonds will price with an initial daily rate and are due Oct. 1, 2022. The series U6E bonds will price with an initial weekly rate and are due Oct. 1, 2042.

Lehman Brothers is senior manager of the negotiated sale. Goldman, Sachs & Co. will manage the series U6B bonds.

Proceeds will be used to finance construction of a new dormitory, acquire property to house medical students, renovate the central heating and cooling plant, construct new buildings for the law school on the Charles River Campus and renovations to the College of Fine Arts building.

Calls for additional information were not returned.

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