By Sheri Kasprzak
New York, May 12 - The Massachusetts Institute of Technology brought $750 million of series 2011B taxable bonds late Wednesday, upsized from $500 million, said a source close to the deal. The bonds feature a 100-year maturity, a rarity, according to the sellsider.
The bonds (Aaa/AAA/) were sold through Barclays Capital Inc. with J.P. Morgan Securities LLC and Morgan Stanley & Co. Inc. as the co-managers.
The bonds are due July 1, 2111 and have a 5.6% coupon priced at 99.581.
Proceeds will be used to support current or future capital plans, as well as refinance debt.
Issuer: | Massachusetts Institute of Technology
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Issue: | Series 2011B taxable bonds
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Amount: | $750 million
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Maturity: | July 1, 2111
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Coupon: | 5.6%
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Price: | 99.581
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Type: | Negotiated
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Underwriters: | Barclays Capital Inc. (lead), J.P. Morgan Securities LLC and Morgan Stanley & Co. Inc. (co-managers)
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Ratings: | Moody's: Aaa
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| Standard & Poor's: AAA
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Pricing date: | May 11
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Settlement date: | May 18
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