BOSTON UNIVERSITY ANNOUNCES COMMENCEMENT OF CASH TENDER OFFER

BOSTON, Feb. 5, 2025 /PRNewswire/ -- Trustees of Boston University (the "University") today announced, in connection with the University's previously announced plan to issue tax-exempt bonds, an offer to purchase any and all of the University's outstanding taxable fixed rate bonds described in the table below (together, the "Bonds"), for the consideration listed in the table below.  Capitalized terms used but not defined in this press release have the meanings given to them in the Invitation (as defined below).

BOSTON UNIVERSITY 
Taxable Revenue Bonds, Series CC
CUSIP: 89838QAA1

The Purchase Price for the Target Bonds which the University determines to purchase, if any, will be calculated by the University based on a yield determined by adding the Fixed Spread to the yield on the relevant benchmark United States Treasury Security specified above (the "Benchmark Treasury Security") as further described in the Invitation under "Tender Considerations." The Purchase Price does not include the applicable accrued interest, which will be payable in cash in addition to the applicable Purchase Price.    

The Tender Offer will expire at 5:00 p.m., Eastern time, on February 26, 2025, unless extended or earlier terminated (the "Expiration Time"). Holders who have validly tendered their Bonds may withdraw such Bonds at any time at or prior to the Expiration Time.  The University expects to pay the consideration for Bonds validly tendered, and not validly withdrawn at or prior to the Expiration Time, on March 3, 2025 (the "Settlement Date").  Each Tender Offer is conditioned upon satisfaction of certain conditions, including the issuance of the 2025B Bonds (as defined below).  The source of funds to purchase the Bonds validly tendered for purchase pursuant to the Tender Offer will be limited to a portion of the proceeds of the Massachusetts Development Finance Agency Refunding Revenue Bonds, Boston University Issue, Series 2025B (the "2025B Bonds"), anticipated to be issued by the Massachusetts Development Finance Agency on the Settlement Date.

The complete terms and conditions of the Tender Offer are set forth in the Invitation to Tender Bonds for Purchase, dated February 5, 2025 (the "Invitation"), along with any amendments and supplements thereto, which holders are urged to read carefully before making any decision with respect to the Tender Offer.  

This press release must be read in conjunction with the Invitation. This press release and the Invitation contain important information which should be read carefully before any decision is made with respect to the Tender Offer.

This press release is neither an offer to purchase nor a solicitation of an offer to sell any securities. The Tender Offer is being made only by, and pursuant to the terms of, the Invitation and any notices or supplements related thereto. The Tender Offer is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction where the laws require the Tender Offer to be made by a licensed broker or dealer, the Tender Offer will be made by the Dealer Manager on behalf of the Issuer.

None of the University, the Tender and Information Agent or the Dealer Manager, nor any of their respective affiliates, makes any recommendation as to whether holders should tender or refrain from tendering all or any portion of their Bonds in response to the Tender Offer. Bondholders must make their own decisions and should read this Invitation carefully and consult with their broker, account executive, financial advisor, attorney, and/or other appropriate professional in making these decisions.

The University has retained Barclays Capital Inc. to act as the Dealer Manager in connection with the Tender Offer and Globic Advisors to act as the Tender and Information Agent.  This Invitation and the other information with respect to this Invitation are and will be available at https://www.globic.com/bu.

¹ Illustrative based on the Benchmark UST Rate as of COB on February 4, 2025. The Bonds are subject to sinking fund redemption payments on October 1, 2047 and 2048 and its Purchase Price will be calculated assuming its average life date of April 4, 2048 as its maturity date. See the Invitation for further details.

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SOURCE Trustees of Boston University