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.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.