By Cristal Cody
Springdale, Ark., March 12 - Wayne State University in Michigan priced $180.69 million general revenue bonds with a 5.68% true interest cost, the underwriter said Wednesday.
The series 2008 bonds (Aa3/AA-/-)) priced Tuesday with 5% to 5.25% coupons to yield 2.22% to 5.07%, said Richard Bellis, vice president of Goldman, Sachs & Co., the senior underwriter of the sale.
The FSA-insured bonds have serial maturities from Nov. 15, 2008, through Nov. 15, 2035.
Lehman Brothers, Loop Capital Markets and JPMorgan are co-managers.
Proceeds will be used to refund previously issued debt and finance the cost of swap termination payments.
| Issuer: | Wayne State University
|
| Issue: | General revenue bonds
|
| Amount: | $180.69 million
|
| Type: | Negotiated
|
| Maturities: | 2008 through 2035
|
| True interest cost: | 5.68%
|
| Coupons: | 5% to 5.25%
|
| Yields: | 2.22% to 5.07%
|
| Ratings: | Moody's: Aa3
|
| S&P: AA-
|
| Pricing date: | March 11
|
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