Rockefeller University plans to convert $114.8 million of auction-rate securities issued through the Dormitory Authority of the State of New York into variable-rate demand bonds in weekly mode next month. The change doesn’t require DASNY board approval.

The university plans to convert its Series 2005A with a par of $65 million on April 3 and its Series 2002A-2 with a par of $50 million on April 7. The ARS most recently reset at 5.17% and 4.83%, respectively. The school, which has $391.8 million of rated debt outstanding, will provide liquidity for its bonds. Rockefeller University is scientific research institution in New York City.

The bonds are rated Aaa/VMIG-1 by Moody’s Investors Service and AAA/A-1-plus by Standard & Poor’s.

Eleven nonprofit educational and medical institutions, including Rockefeller, have outstanding auction-rate securities issued by DASNY. Authority spokesman Marc Violette said the board will consider additional ARS conversions at it monthly board meeting on Wednesday.

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