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New York University to price $622 million fixed-rate bonds
By Cristal Cody
Springdale, Ark., June 12 - New York University released additional details on $622 million in revenue bonds it plans to price this week through the Dormitory Authority of the State of New York.
The sale includes $284 million series 2008A, $228 million series 2008B, $97 million series 2008C and $13 million series 2008D fixed-rate bonds (Aa3/AA-/).
Morgan Stanley is the senior manager of the negotiated sale.
Co-managers are Banc of America Securities LLC; J.P. Morgan Securities Inc.; Prager, Sealy & Co.; Loop Capital Markets LLC; Merrill Lynch & Co.; Ramirez & Co.; Raymond James & Associates; Roosevelt & Cross Inc. and Southwest Securities.
Proceeds will be used to fund capital projects, including the acquisition and renovation of an office building, residential facility and retail space, a reconstruction program and information systems for existing buildings at the university's Washington Square campus in Manhattan. The university will also repay a line of credit that financed its series 2004B1 and 2004B2 insured revenue bonds.
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