Massachusetts Health and Educational Facilities to price $140.6 million variable-rate bonds for Tufts

By Cristal Cody

Springdale, Ark., March 19 - The Massachusetts Health and Educational Facilities Authority expects to price $140.6 million variable-rate demand revenue bonds for Tufts University on March 27, the issuer confirmed Wednesday.

The university plans to sell $86.4 million series 2008N-1 bonds due Aug. 15, 2040 and $54.2 million series 2008N-2 bonds due Aug. 15, 2034.

The bonds initially will bear interest at a weekly rate.

Lehman Brothers will set the initial rate.

The university will use the proceeds to refund $54 million in series 2004K auction-rate bonds and $86 million in series 2006L auction-rate bonds.

The authority also expects to remarket $30.5 million series G revenue bonds for Tufts University on the same date, said authority spokesman Liam Sullivan.

The bonds due Feb. 15, 2026 originally priced as auction variable rate securities.

The bonds will be converted to a weekly rate and remarketed.

Lehman Brothers is the remarketing agent.

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