Inter American University of Puerto Rico to sell $62.75 million bonds

By Sheri Kasprzak

New York, July 16 - The Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority plans to sell $62.75 million of series 2012 higher education revenue and revenue refunding bonds for the Inter America University of Puerto Rico, according to a preliminary official statement. Pricing is expected during the week of July 16.

The bonds (/A-/) will be sold on a negotiated basis with Morgan Stanley & Co. LLC as the senior manager and Popular Securities as the co-manager.

Proceeds will be lent to the university for the construction of a nursing school on the San German campus, capital improvements on the metropolitan campus, the relocation of a counseling center on the Aguadilla campus and to refund the authority's series 1998 bonds, which were also lent to the university.

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