By Cristal Cody
Springdale, Ark., July 28 - The Board of Regents of the Texas A&M University System sold $65.3 million flexible-rate notes to two bidders on Monday, Prospect News has learned.
The permanent university fund notes (Aaa/AAA/), sold in a competitive sale, were an installment of a $125 million note authorization.
The $52 million notes won by Citigroup Global Markets have a mandatory tender date of Sept. 17, 2008 and priced with a 2.97% true interest cost. The notes priced with a 3% coupon to yield 2.95%.
The $13.3 million notes won by Goldman, Sachs & Co. have a mandatory tender date on Aug. 14, 2008 and priced with a 2.9943% true interest cost. The notes priced with a 3% coupon to yield 2.95%.
Proceeds will be used to make improvements to university facilities.
| Issuer: | Board of Regents of the Texas A&M University System
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| Issue: | Flexible-rate notes
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| Total amount: | $65.3 million
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| Type: | Competitive
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| Ratings: | Moody's: Aaa
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| Standard & Poor's: AAA
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| Pricing date: | July 28
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|
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| Notes via Citigroup
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| Amount | $52 million
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| True interest cost: | 2.97%
|
| Coupon: | 3%
|
| Yield: | 2.95%
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| Underwriter: | Citigroup Global Markets
|
|
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| Notes via Goldman Sachs
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| Amount: | $13.3 million
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| True interest cost: | 2.9943%
|
| Coupon: | 3%
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| Yield: | 2.95%
|
| Underwriter: | Goldman, Sachs & Co.
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