By Cristal Cody
Springdale, Ark., April 3 - Western Michigan University priced $123.765 million general revenue bonds with a 4.78% true interest cost on Thursday, the issuer told Prospect News.
The series 2008 bonds (Aaa/AAA/) priced with 3% to 5% coupons to yield 2.2% to 5%, said Lori Prichard, assistant director of accounting services.
The serial bonds have maturities from 2009 through 2023 with term bonds in 2028 and 2032. The bonds are insured by Financial Security Assurance.
Lehman Brothers managed the negotiated sale.
Proceeds will be used to refund the university's series 2000 and series 2002A general revenue bonds. The proceeds also may be used to pay the cost of terminating swaps for the series 2000 and series 2002A bonds.
| Issuer: | Western Michigan University
|
| Issue: | General revenue bonds
|
| Amount: | $123.765 million
|
| Type: | Negotiated
|
| True interest cost: | 4.78%
|
| Coupon: | 3% to 5%
|
| Yield: | 2.2% to 5%
|
| Maturity: | 2009 to 2023, term bonds due 2028 and 2032
|
| Underwriter: | Lehman Brothers
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | April 3
|
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