By Cristal Cody
Springdale, Ark., March 18 - The Alaska Municipal Bond Bank Authority priced $62.355 million general obligation bonds with a 4.79% true interest cost on Tuesday, the issuer said in an interview with Prospect News.
The series 2008-1 bonds (A1/A/-) priced with coupons from 5% in 2009 to 5.2% in 2038, said Deven Mitchell, executive director of the Juneau-based authority.
The yields were not immediately available.
Morgan Stanley was the winning bidder out of nine bids in the competitive sale, Mitchell said.
The underwriter purchased insurance from Ambac Financial Group for the bonds, he said.
Proceeds will be lent to the cities of Dillingham, Seward and Kodiak and the Kodiak Island Borough for projects that include school renovations, a public pool, a long-term care facility and a public safety building.
| Issuer: | Alaska Municipal Bond Bank Authority
|
| Issue: | General obligation bonds
|
| Amount: | $62.355 million
|
| Type: | Competitive
|
| Maturities: | 2009 to 2038
|
| Coupons: | 5% to 5.2%
|
| Underwriter: | Morgan Stanley
|
| Ratings: | Moody's: A1
|
| S&P: A
|
| Pricing date: | March 18
|
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