By Sheri Kasprzak
New York, Feb. 24 - The Kentucky Asset/Liability Commission priced $269.815 million of series 2011 general fund first series taxable funding notes on Thursday, said a term sheet.
The notes (Aa2/A+/AA-) were sold through J.P. Morgan Securities LLC.
The notes are due 2012 to 2019 with a term bond due in 2022. The serial coupons range from 1.688% to 5.039%, all priced at par. The 2022 bonds have a 5.339% coupon priced at par.
Proceeds will be used to refinance debt service savings internal loans from the Kentucky Teachers' Retirement System that covered retiree medical benefits over a period beginning in 2005.
| Issuer: | Kentucky Asset/Liability Commission
|
| Issue: | Series 2011 general fund first series taxable funding notes
|
| Amount: | $269.815 million
|
| Type: | Negotiated
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
| Pricing date: | Feb. 24
|
| Settlement date: | March 3
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $14.085 million | 2012 | Serial | 1.688% | 100
|
| $23.285 million | 2013 | Serial | 2.211% | 100
|
| $23.78 million | 2014 | Serial | 2.939% | 100
|
| $24.48 million | 2015 | Serial | 3.478% | 100
|
| $25.33 million | 2016 | Serial | 3.928% | 100
|
| $25.8 million | 2017 | Serial | 4.372% | 100
|
| $27.45 million | 2018 | Serial | 4.722% | 100
|
| $28.745 million | 2019 | Serial | 5.039% | 100
|
| $76.86 million | 2022 | Term | 5.339% | 100
|
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