Published on 10/10/2012 in the Prospect News Municipals Daily.
New Issue: Alabama Incentives prices $124.01 million special obligation bonds
By Sheri Kasprzak
New York, Oct. 10 - The Alabama Incentives Financing Authority sold $124.01 million of series 2012A tax-exempt special obligation bonds, according to a pricing sheet.
The bonds (Aa3/A+/) were sold through Raymond James/Morgan Keegan and Piper Jaffray & Co.
The bonds are due 2030 to 2033 with term bonds due in 2013, 2037 and 2042. The serial coupons range from 3.375% to 5%. The 2013 bonds have a 3% coupon priced at 102.174, and the 2037 bonds have a split maturity with a 3.75% coupon priced at 98.405 and a 5% coupon priced at 112.408. The 2042 bonds have a 5% coupon priced at 111.788.
Proceeds will be used to finance economic development projects in the state.
| Issuer: | Alabama Incentives Financing Authority
|
| Issue: | Series 2012A tax-exempt special obligation bonds
|
| Amount: | $124.01 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan and Piper Jaffray & Co. (lead), Merchant Capital LLC and Terminus Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Pricing date: | Oct. 10
|
| Settlement date: | Oct. 23
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $840,000 | 2013 | Term | 3% | 102.174
|
| $7,085,000 | 2030 | Serial | 5% | 116.025
|
| $7,435,000 | 2031 | Serial | 5% | 115.474
|
| $7.81 million | 2032 | Serial | 5% | 114.834
|
| $8.2 million | 2033 | Serial | 3.375% | 96.716
|
| $10 million | 2037 | Term | 3.75% | 98.405
|
| $26,385,000 | 2037 | Term | 5% | 112.408
|
| $56,255,000 | 2042 | Term | 5% | 111.788
|
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