State Treasurer Denise Nappier said today investors, many of them in Connecticut, snapped up $144 million in tax-free bonds to finance ongoing improvements at University of Connecticut campuses and UConn Health Center.
It was the 16th bond sale since the 1996 launch of the UConn 2000 program to invest $1.25 billion over a decade to upgrade facilities at the state’s flagship university. The program’s duration has since been extended through 2014.
The notes bear 3.99 percent interest – the lowest for the program in five years, Nappier said.
“Although there was considerable fluctuation in the market, we stuck to our strategy with a long retail order period, and we saw a very strong response to our offer,” Nappier said.
J.P. Morgan was senior manager for the issue. The bonds received ratings of AA, Aa3 and AA- from Standard & Poor’s, Moody’s Investors Service, and Fitch.
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