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Tennessee School Bond Authority organizes $427.7 million sale of higher educational bonds
By Sheri Kasprzak
New York, July 2 - The Tennessee School Bond Authority is set to price $427.7 million of series 2012 higher educational facilities second program bonds, according to a preliminary official statement.
The offering includes $201.5 million of series 2012A bonds, $104,055,000 of series 2012B taxable bonds and $122,145,000 of series 2012C refunding bonds.
The 2012A bonds are due 2013 to 2042, and the 2012B bonds are due 2013 to 2042. The 2012C bonds are due 2013 to 2034.
The bonds (Aa1/AA/AA+) will be sold on a negotiated basis with J.P. Morgan Securities LLC as the lead manager. The co-managers are Citigroup Global Markets Inc., Raymond James/Morgan Keegan, Morgan Stanley & Co. LLC and Piper Jaffray & Co.
Proceeds will be used to finance capital projects at several Tennessee universities and colleges, as well as to refund existing commercial paper notes.
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