Stowers Institute, Mo., to bid on $5.73 million auction-rate bonds

By Melissa Kory

Cleveland, Feb. 10 - Stowers Institute for Medical Research and Stowers Resources Management, Inc. said that they plan to continue to submit bids in the auctions of the remainder of the $215 million series 2000 and $75 million series 2002 auction-rate revenue bonds.

The institutions hold $213,325,000 of the series 2000 bonds and $70.95 million of the series 2002 bonds, which priced through the State of Missouri Medical Research Facilities.

On the auctions for the series 2000 bonds on Feb. 8 and the series 2002 bonds on Feb. 9, the institutions made no purchases.

Until further notice, the institutions will continue to submit a bid that is equal to the lower of either the Sifma Municipal Swap index plus a spread of 25 basis points or 12%, the maximum rate permitted in the bond indentures.

The institutions have submitted bids in previous auctions at a rate equal to the lower Sifma index plus a spread of 25 bps.

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