April 23, 2018

$276M worth of UConn bonds sold


UConn and the state treasurer finalized a $276.1 million sale of low-interest debt to fund ongoing infrastructure improvements at the flagship university's main and satellite campuses, officials say.

State Treasurer Denise L. Nappier said the bonds were sold over a two-day period last week and drew a 3.65 percent cost, lower than the 3.95 percent derived from the state's sale of general obligation notes issued in March.

The bonds are scheduled to close on May 3.

Ahead of the UConn debt sale, Nappier said three major rating agencies confirmed their credit ratings for the UConn 2000 bonding program: Moody's Investors Service ("A1"); S&P ("AA-"); and Fitch Ratings ("A").

The UConn 2000 bonding program was established by legislation enacted in 1995 and the program began issuing bonds 20 years ago. The program has been expanded to 2027 and provides funding for $4.6 billion of capital improvements throughout the university system.

New York's JPMorgan led the underwriting syndicate. The Bridgeport office of Pullman & Comley LLC and New York attorney Joseph Reid, New York are co-bond counsel.

Hartford law firm Hawkins Delafield & Wood LLP and New York firm Nixon Peabody LLP, New York, are co-underwriters' counsel, and the disclosure counsel for the State is Day Pitney LLP is the state's disclosure counsel.

Rocky Hill's Hilltop Securities and Philadelphia's PFM Financial Advisors LLC and Hilltop Securities Inc. are financial advisors for the UConn 2000 bonding program.

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