The National Academy of Sciences on Thursday aims to sell $57.5 million of variable-rate revenue debt to refund 1999 bonds. The deal is rated triple-A by Moody’s Investors Service and Standard & Poor’s based on a letter of credit from Bank of America.
The debt will be issued as commercial paper through the District of Columbia. Banc of America Securities LLC is the underwriter, Venable LLP is bond counsel. Prager, Sealy & Co. is financial adviser.