University of North Carolina preps $151.44 million offering of system pool revenue bonds

By Sheri Kasprzak

New York, March 2 - The University of North Carolina is set to sell $151.44 million in series 2010 system pool revenue bonds, according to a preliminary official statement.

The offering includes $24.56 million in series 2010A pool bonds (Aa3/AA-/) for East Carolina University, $41.11 million in series 2010B-1 pool bonds (A1) for Appalachian State and University of North Carolina at Charlotte, $29.72 million in series 2010B-2 bonds (A1) for the University of North Carolina at Greensboro, $33.18 million in series 2010C bonds (Aa3/A2/AAA/) for the University of North Carolina at Asheville and at Wilmington and $22.87 million in series 2010D Build America Bonds (A2) for the University of North Carolina at Wilmington.

The bonds will be sold on a negotiated basis with Wells Fargo Securities Inc. as the senior manager. The co-managers are BB&T Capital Markets Inc., Jackson Securities Inc. and Morgan Keegan & Co. Inc.

The 2010A bonds are due 2010 to 2029. The 2010B-1 bonds are due 2010 to 2030 with term bond due 2035, and the 2010B-2 bonds are due 2011 to 2027. The 2010C bonds are due 2010 to 2025. The 2010D bonds are due 2030 and 2039.

Proceeds will be used to fund loans to the appropriate campuses for improvements.

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