Individual orders for the recent $202 million University of Connecticut bond sale exceeded $168 million, which state Treasurer Denise Nappier said was the highest level in the 18-year history of the program.
"The confidence investors have shown will translate into important investments in the university's infrastructure at very favorable terms, which will help further the state's economic development," Nappier said late Monday in a joint statement with university president Susan Herbst.
The bonds for the
The bonds, which are debt-service commitments of the state, are scheduled to close on April 22.
Wells Fargo Bank led the underwriting syndicate. Pullman & Comley LLC and the Law Office of Joseph Reid were co-bond counsel. McKenna Long and Aldridge and Lewis & Munday were co-underwriters' counsel. First Southwest and Public Financial Management are financial advisors for the UConn 2000 program.
The bonds were issued to provide $120 million of new funding for critical investments at the UConn Health Center at an overall interest cost of 3.34%.
Additional bonds were issued at an overall interest cost of 1.31% to refinance bonds to lower interest rates for savings. The refunding bonds will provide $8.5 million in future debt service savings, according to Nappier.
Moody's Investors Service rated the bonds Aa3, while Fitch Ratings and Standard & Poor's rated them AA. All three affirmed their ratings.
