Mobile Industrial Development Board expects to reoffer $46.5 million revenue bonds in March

By Cristal Cody

Springdale, Ark., Feb. 29 - The Industrial Development Board of Mobile, Ala., plans to reoffer $246.5 million pollution control revenue bonds with a long-term interest rate in mid-March.

The reoffering covers $86.5 million series 2007-A bonds; $80 million series 2007-B bonds; and $80 million series 2007-C bonds. The bonds mature June 1, 2034.

The Alabama Power Co. bonds (A2/A/-) will be offered at a long term interest rate, ending 2012 for series 2007-A; 2013 for series 2007-B; and 2015 for series 2007-C, according to a preliminary reoffering circular released this week.

The initial long-term interest rate period begins March 19 for series 2007-A; March 24 for series 2007-B; and March 20 for series 2007-C.

Morgan Keegan & Co. is the lead remarketing agent. Co-agents are Merchant Capital LLC; Protective Services, a division of ProEquities Inc.; and Synovus Securities Inc.

The bonds initially were sold in June 2007 to finance pollution and environmental improvement facilities.

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