$50 Million in Bonds Sold to Aid Caltech
State Treasurer Kathleen Brown announced Tuesday the sale of $50 million in bonds for the California Institute of Technology in Pasadena.
Proceeds from the bond sale will be used to refinance existing loans and to construct or rehabilitate Caltech facilities, including laboratories, graduate housing, a new satellite utilities plant and an athletic complex.
Caltech is one of a very small number of universities with a triple-A rating from both Moody’s and Standard & Poor’s rating agencies, Brown said. Therefore, the bonds were sold at very competitive rates, realizing a true interest cost of 6.67% for Caltech, she said.
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