By Sheri Kasprzak
New York, July 8 - The Mississippi Development Bank priced on Thursday $165.165 million of series 2010 general obligation bonds (/AA-/AA), said a term sheet.
The sale included $95.275 million of series 2010C Walnut Grove Youth Correctional Facility project refunding bonds and $69.89 million of series 2010D East Mississippi Correctional Facility project refunding bonds.
The 2010C bonds are due 2016 to 2023 with a term bond due 2027. The serial bonds all have 5% coupons. The 2027 bonds have a 5.25% coupon priced at 106.082.
The 2010D bonds are due 2016 to 2023 with a 2027 term bond. The serials have 5% coupons and the 2027 bonds have a 5.25% coupon priced at 106.082.
Morgan Stanley & Co. Inc. was the senior manager. The co-managers were Bank of America Merrill Lynch, Crews & Associates Inc., Duncan-Williams Inc. and Stephens Inc.
Proceeds will be used to refund the development bank's series 2008A and 2008B bonds, which were used to finance a loan to the correctional facilities for improvements.
The bank, based in Jackson, provides funding for local governments.
Issuer: | Mississippi Development Bank
|
Issue: | Series 2010 general obligation bonds
|
Amount: | $165.165 million
|
Type: | Negotiated
|
Underwriters: | Morgan Stanley & Co. Inc. (lead); Bank of America Merrill Lynch, Crews & Associates Inc., Duncan-Williams Inc. and Stephens Inc. (co-managers)
|
Ratings: | Standard & Poor's: AA-
|
| Fitch: AA
|
Pricing date: | July 8
|
|
Series 2010C
|
Maturity | Type | Coupon | Price
|
2016 | Serial | 5% | 112.66
|
2017 | Serial | 5% | 112.389
|
2018 | Serial | 5% | 112.431
|
2019 | Serial | 5% | 111.691
|
2020 | Serial | 5% | 111.164
|
2021 | Serial | 5% | 109.231
|
2022 | Serial | 5% | 108.194
|
2023 | Serial | 5% | 107.084
|
2027 | Term | 5.25% | 106.082
|
|
Series 2010D
|
Maturity | Type | Coupon | Price
|
2016 | Serial | 5% | 112.66
|
2017 | Serial | 5% | 112.389
|
2018 | Serial | 5% | 112.431
|
2019 | Serial | 5% | 111.691
|
2020 | Serial | 5% | 111.164
|
2021 | Serial | 5% | 109.231
|
2022 | Serial | 5% | 108.194
|
2023 | Serial | 5% | 107.084
|
2027 | Term | 5.25% | 106.082
|
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