Prop. 71 bond terms published

The California State Treasurer's Office published a preliminary statement outlining the terms of the first bonds that will issue under Proposition 71. Morgan Stanley will be lead underwriter for the $250 million issue, which is part of $3 billion in funding authorized by state voters in November 2004 to fund stem cell research. Additional underwriters will be Loop Capital; Alamo Capital; Citigroup; Prager, Sealy; Siebert Brandford Shank; Stone & Youngberg; and UBS.

The bonds will be sold in denominations of $5,000 and will mature on Oct. 1, 2037. The initial term interest rate will be determined on the date the bonds issue, which the office has proposed to do Oct. 4. The original proposed date was Sept. 27 (See BioCentury Extra, Friday, Sep. 07, 2007). ...