By Sheri Kasprzak
New York, Jan. 23 - The Troy Industrial Development Authority of New York priced Wednesday a $90 million offering of civic facility revenue bonds for Rensselaer Polytechnic Institute.
The bonds (Aaa/AA+) priced in two tranches, a 2008A tranche for $50 million and a 2008B tranche for $40 million, both structured as serials from 2014 through 2037, according to an official statement filed Wednesday.
Both tranches priced at the weekly rate, which is good for seven days from Thursday through the following Wednesday. The bonds begin accruing interest from Jan. 30.
The bondholders may tender their bonds at any time at par upon seven days' notice.
Morgan Stanley was the lead manager for the 2008A bonds and Banc of America Securities was the lead for the 2008B bonds.
Proceeds from the bonds, according to the official statement, will be used for the acquisition of land on the private university's campus, as well as the construction of football, soccer and lacrosse facilities, as well as intramural and club sports facilities. Proceeds will also be used for the construction of a media and performing arts center and the acquisition of machinery and equipment.
| Issuer: | Troy Industrial Development Authority for Rensselaer Polytechnic Institute
|
| Issue: | Civic facility revenue bonds
|
| Amount: | $90 million
|
| Maturities: | 2014 through 2037
|
| Coupon: | Weekly rate
|
| Price: | Par
|
| Call: | Optional tender at par
|
| Underwriters: | Morgan Stanley (2008A)/Banc of America Securities (2008B)
|
| Ratings: | Moody's: Aaa
|
| S&P: AA+
|
| Pricing date: | Jan. 23
|
| Settlement date: | Jan. 30
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
