Texas Tech University System preps $170.64 million of refunding and improvement bonds

By Sheri Kasprzak

New York, Dec. 20 - The Board of Regents of the Texas Tech University System plans to sell $170.64 million of series 2012A revenue financing system refunding and improvement bonds, according to a preliminary official statement. Pricing is expected on Jan. 5.

The bonds will be sold on a negotiated basis with RBC Capital Markets LLC and Wells Fargo Securities LLC. The co-managers are Estrada Hinojosa & Co. Inc., Morgan Keegan & Co. Inc., J.P. Morgan Securities LLC and Stephens Inc.

The bonds are due 2012 to 2031 with term bonds due in 2036 and 2041.

Proceeds will be used to acquire, purchase, construct, renovate, improve, enlarge and equip property, buildings, structures, facilities, roads or related infrastructure for the university system, as well as to refund certain outstanding commercial paper notes and outstanding parity obligations.

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