Utah Board of Regents to offer $436.1 million of taxable Libor notes

By Sheri Kasprzak

New York, Sept. 7 - The State Board of Regents of the State of Utah is expected to bring $436.1 million of series 2011-1 taxable Libor index notes, according to a preliminary official statement.

The offering includes $203.5 million of series 2011-1-A-1 notes, $140 million of series 2011-1-A-2 notes and $92.6 million of series 2011-1-A-3 notes.

The 2011-1-A-1 notes are due May 1, 2023 and the 2011-1-A-2 notes are due May 1, 2029. The 2011-1-A-3 notes are due May 1, 2038.

The bonds (Aaa/AA+/) will be sold on a negotiated basis with RBC Capital Markets LLC as the bookrunner. The co-managers are Bank of America Merrill Lynch and UBS Investment Bank.

Proceeds will be used to provide long-term financing for student loans, as well as to refund existing debt, particularly the board's series 1998 auction-rate bonds.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.