Durham, N.C., preps $125.76 million sale of general obligation bonds

By Sheri Kasprzak

New York, Oct. 19 - The City of Durham, N.C., plans to price $125.755 million in series 2010 general obligation bonds (Aaa/AAA/), according to preliminary official statements.

The offering includes $28.73 million in series 2010A bonds, $31.27 million in series 2010B Build America Bonds and $65.755 million in series 2010C G.O. refunding bonds.

Bank of America Merrill Lynch is the lead manager for the 2010A and 2010B bonds with Stephens Inc. as the co-manager. Stephens is the lead manager for the 2010C bonds with Bank of America Merrill Lynch as the co-manager.

The 2010A bonds are due 2011 to 2019, and the 2010B bonds are due 2020 to 2025 with term bonds due 2030. The 2010C bonds are due 2011 to 2022.

Proceeds will be used to pay capital costs associated with school, community college and museum improvements, as well as to discharge an existing G.O. bond anticipation note with Bank of America NA. The 2010C bonds will be used to refund existing G.O. debt.

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