The State Board of Regents of the State of Utah is in the market with a $397 million SLABS deal series 2011-1.
According to a Standard & Poor’s presale report, on the closing date, Utah will issue the series 2011-1 notes pursuant to the general indenture dated Aug. 1, 1993 as well as the 18th supplemental indenture on Sept. 1.
The proceeds of the series 2011-1 notes, the bonds issued by the board pursuant to a separate indenture, as well as the funds held under the 1993 general indenture will all be used to purchase, redeem, or defease $537.5 million of the board’s auction-rate obligations outstanding under the 1993 general indenture, the presale said.
This series is meant to be the last issuance of bonds out of the 1993 general indenture, and
S&P thinks the issuance will comprise multiple tranches.
