Xavier University of Ohio to sell $70.855 million variable-rate higher educational facility revenue bonds Tuesday

By Sheri Kasprzak

New York, April 28 - Xavier University in Ohio plans to price $70.855 million in variable-rate higher educational facility revenue bonds this week, said a sellside source connected to the sale.

The bonds (Aa1/VMIG1) will be sold on a negotiated basis with Lehman Brothers as the lead manager. Fifth Third Securities is the co-manager.

The bonds will be sold through the Ohio Higher Educational Facilities Commission.

The deal includes $23.475 million in series 2008A bonds and $47.38 million in series 2008B bonds.

The bonds will initially bear interest at the weekly rate but may be subject to conversion to a fixed rate or other mode.

Proceeds will be used to refund the university's series 2006 revenue bonds and series 2003 revenue bonds.

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