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NEWS RELEASE
Communications and Marketing Office
600 S. Clyde Morris Blvd.
Daytona Beach, FL 32114-3900
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For more information, contact:
Phone: 386-226-6157
Fax: 386-226-6158
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$51 Million Bond Issue Approved for Embry-Riddle
 Daytona
Beach, Fla., April 9, 1996 -- Embry-Riddle Aeronautical
University sold $51,195,000 of Educational Facilities Revenue
Bonds on March 15, 1996. The proceeds from the Embry-Riddle
Aeronautical University Project Series 1996A bond issue
will be used to finance the $29 million cost of construction
for a 1,000-bed residence hall on the Daytona Beach, Fla.,
campus; construction for a 320-bed, $10 million residence
hall on the Prescott, Ariz., campus; renovations to existing
on-campus housing; and enhancements to existing infrastructure.
Coupon rates on the bonds ranged from 5.5% to 6.125%.
Embry-Riddle is pursuing this project to advance a transition of the University's campuses from commuter-oriented to residentially-oriented. The number of students living in campus housing after construction is completed is expected to increase from 19% to 40% in Daytona and from 30% to 55% in Prescott. All residence halls will be upgraded with state-of-the-art communications and networking systems. The revenue from the University housing system is expected to service the additional debt.
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