The Old North Building anchors the University of Central Oklahoma’s campus.

DALLAS - The Oklahoma Development Finance Authority will price $54 million of lease-revenue bonds Sept. 30 and Oct. 1 for facilities at two of the state's universities and a community college in Tulsa.

"We expect retail pricing on Sept. 30 and institutional pricing, if necessary, on Oct. 1," said Oklahoma State Bond Advisor James Joseph.

BOSC Inc. is leading the deal, with Baird and Wells, Nelson & Associates as co-managers.

"This is a well-established, highly-rated program that has been in place since 2006," Joseph said. "The market has been a broad mix of retail - both in-state and nationally - and institutional investors."

Bonds will mature serially through 2029 and are rated AA by Standard & Poor's and Fitch Ratings. Proceeds will be used for renovation of the Spears School of Business and other facilities at Oklahoma State University, renovation of the student union at Tulsa Community College and for new softball facilities at the University of Central Oklahoma.

Oklahoma's general obligation bond rating from Fitch is AA-plus.

"Aside from an expected $120 million bond for capitol building repairs that was approved by the 2014 legislature, there are fairly limited plans for additional borrowing and the state has a manageable capital improvement plan," said Fitch analyst Marcy Block. "The state has taken significant steps to address pension underfunding, which had been a credit issue."

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