By Cristal Cody
Springdale, Ark., June 24 - The University of Massachusetts Building Authority priced $125.6 million project revenue bonds with a 4.878% true interest cost on Tuesday, the issuer told Prospect News.
The senior series 2008-2 bonds (/A+/A+) priced with 4% to 5% coupons to yield 2.2% to 5.08%, said Steven Dansby, chief financial officer.
The bonds have serial maturities from 2009 through 2028 and terms due 2032 and 2038.
Lehman Brothers was the senior manager of the negotiated sale. Co-managers were Citigroup Global Markets, Loop Capital Markets LLC and Banc of America Securities LLC.
Proceeds will be used to finance projects, including a new life sciences center on the Worcester, Mass., campus.
| Issuer: | University of Massachusetts Building Authority
|
| Issue: | Project revenue bonds
|
| Amount: | $125.6 million
|
| Type: | Negotiated
|
| True interest cost: | 4.878%
|
| Coupons: | 4%-5%
|
| Yields: | 2.2%-5.08%
|
| Maturities: | 2009-2028 serials; terms due 2032 and 2038
|
| Underwriter: | Lehman Brothers (lead)
|
| Ratings: | Standard & Poor's: A+
|
| Fitch: A+
|
| Pricing date: | June 24
|
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