By Cristal Cody
Springdale, Ark., June 11 - The Tennessee Local Development Authority priced $57 million revenue bond anticipation notes (MIG1/SP-1+/F-1+) with a 1.797% true interest cost on Wednesday, the issuer told Prospect News.
The series 2008A state loans program notes priced with a 3% coupon to yield 1.8%, said Mary-Margaret Collier, director of bond finance for the state.
The notes are due June 24, 2009.
Banc of America Securities LLC was the winning bidder in the competitive sale.
Proceeds will be used for loans to local governments to finance sewage treatment projects and to retire $53.071 million in outstanding series 2007 notes.
| Issuer: | Tennessee Local Development Authority
|
| Issue: | Bond anticipation notes
|
| Amount: | $57 million
|
| Type: | Competitive
|
| True interest cost: | 1.797%
|
| Coupon: | 3%
|
| Yield: | 1.8%
|
| Maturity: | June 24, 2009
|
| Underwriter: | Banc of America Securities LLC
|
| Ratings: | Moody's: MIG1
|
| Standard & Poor's: SP-1+
|
| Fitch: F-1+
|
| Pricing date: | June 11
|
| Settlement date: | June 25
|
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