University of California cancels tender offer for series Y-1 bonds

By Tali David

Minneapolis, March 15 - The Regents of the University of California gave notice that it is exercising its option to rescind and cancel the mandatory tender for purchase of all of its 2011 series Y-1 taxable floating-rate general revenue bonds.

The issuer announced on March 8 that $400 million of its series Y-1 bonds and $100 million of the series Y-2 bonds would be subject to mandatory tender on March 16, pursuant to the terms of the 25th supplemental indenture.

The series Y-2 bonds are still expected to be purchased as announced.

The Bank of New York Mellon Trust Co., NA is the trustee.

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