Mississippi preps $650.67 million sale of general obligation bonds

By Sheri Kasprzak

New York, Oct. 14 - The State of Mississippi is set to price $650.67 million in series 2010 general obligation bonds, according to preliminary official statements.

The offering includes $233.975 million in series 2010D taxable G.O. bonds, $45 million in series 2010E recovery zone economic development bonds and $371.695 million in series 2010F Build America Bonds.

The 2010D bonds are due 2011 to 2023. The 2010E bonds are due 2034 to 2035, and the 2010F bonds are due 2023 to 2034.

Bank of America Merrill Lynch and Morgan Stanley & Co. Inc. are the senior managers. The co-managers are Duncan-Williams Inc., Mesirow Financial Inc., Morgan Keegan & Co. Inc., Stephens Inc., Crews & Associates Inc., Jefferies & Co., Kipling Jones & Co. and Loop Capital Markets LLC.

The series 2010D proceeds will be used to refinance the state's series 2009B G.O. notes and series 2010A-C G.O. notes, as well as to fund loans. The proceeds from the series 2010E and 2010F bonds will be used to finance highway capital improvements, economic development projects and other capital projects.

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