Yale University Issue, Series 2017 A & B

Series 2017A bond proceeds provided for the refunding of the University's 2007 Series Z-2 and Z-3 bond issues.  Series 2017B refinanced Yale's 1997 Series T-1 and 2003 Series X-3 bond issues.

The Net Interest Cost for Series 2017A was 1.50%, which refinanced the Series Z-2 and Z-3 interest rate of 3.60%.  Series 2017A is structured with a 5-year mandatory tender date, and a 25-year maturity.

The Net Interest Cost for Series 2017B was 1.17%, which refinanced the Series T-1 interest rate of 3.72%, and Series X-3 with an interest rate of 5.50%.  Series 2017B is structured with a 3-year mandatory tender date, and a 20-year maturity.