CHICAGO — The University of Akron in Ohio is pricing $135.7 million of bonds Wednesday that will allow the school to shift its debt into fixed-rate mode and terminate a costly interest-rate swap.

Roughly $128 million will be used to refund outstanding variable-rate debt originally issued in 2004 and restructured in 2008, according to Public Financial Management Inc., the university’s financial manager. The remainder will be used for issuance costs, bond insurance, and terminating a floating-to-fixed interest rate swap on the debt.

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