Texas A&M University System arranges $196.53 million sale of bonds

By Sheri Kasprzak

New York, June 22 - The Texas A&M University System is expected to price $196,525,000 of series 2012 permanent university fund bonds, according to a preliminary official statement.

The offering will be conducted in one tax-exempt and one taxable tranche. The exact breakdown of those tranches was unavailable Friday.

The bonds (Aaa/AAA/AAA) will be sold through senior manager J.P. Morgan Securities LLC. The co-managers are Goldman, Sachs & Co., Bank of America Merrill Lynch, RBC Capital Markets, Loop Capital Markets LLC, Piper Jaffray & Co., Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC.

The maturities have not been set.

Proceeds will be used to refund a portion of the university's outstanding permanent university fund commercial paper notes and to refund certain outstanding parity obligations secured by the available university fund share to achieve debt service savings.

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