New Issue: Princeton University prices $500 million 2.516% 30-year bonds at 87 bps spread

By Cristal Cody

Tupelo, Miss., June 12 – The Trustees of Princeton University priced $500 million of 2.516% 30-year taxable bonds (Aaa/AAA/) at par to yield a spread of 87 basis points over Treasuries, according to market sources.

J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC were the bookrunners.

Proceeds will be used for general corporate purposes.

The Trustees of Princeton University is a 40-member board responsible for the overall direction of the university.

Issuer:	Trustees of Princeton University
Amount:	$500 million
Description:	Series 2020A taxable bonds
Maturity:	July 1, 2050
Bookrunners:	J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC
Co-managers:	HSBC Bank plc, PNC Capital Markets LLC, Ramirez & Co., Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc.
Coupon:	2.516%
Price:	Par
Yield:	2.516%
Spread:	Treasuries plus 87 bps
Call features:	Make-whole call before Jan. 1, 2050 at greater of par or Treasuries plus 15 bps; thereafter at par
Trade date:	June 8
Settlement date:	June 15
Ratings:	Moody’s: Aaa
	S&P: AAA

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