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.