Stowers Institute, Mo., to bid on $62.73 million bonds

By Cristal Cody

Tupelo, Miss., Oct. 14 - The Stowers Institute for Medical Research, Stowers Medical Institute and the Stowers Resource Management Inc. plan to submit bids in this week's auctions of the remainder of the $215 million series 2000 and $75 million series 2002 auction-rate revenue bonds.

The institutions hold $191.625 million of the series 2000 bonds and $35.65 million of the series 2002 bonds, which priced through the State of Missouri Medical Research Facilities.

Beginning with Tuesday's auction on the series 2000 bonds and Wednesday's auction on the series 2002 bonds, the institutions will submit a bid that is equal to the lower of either the Sifma Municipal Swap index plus a spread of 25 basis points, or it will bid 12%, the maximum rate permitted in the bond indentures.

The institutions have submitted bids in previous auctions at a rate equal to the Sifma index plus a spread of 50 bps.

Stowers did not purchase any of the bonds that were auctioned last week with median bids of 6.24%.

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