The University of Medicine and Dentistry of New Jersey plans to refinance up to $575 million of debt before April 15, in part to avoid accelerated debt payments on a series of outstanding variable-rate bonds.

The school is hoping to stave off accelerated payments that will start coming due April 15 and amount to more than $90 million during the next five years on $95 million of Series 2002B bonds that are now bank bonds. UMDNJ wants to refinance the variable-rate debt to fixed-rate mode, or find an alternative liquidity provider. Ambac Assurance Corp. insures the bonds and Bank of America NA provides a liquidity facility.

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