By Cristal Cody
Tupelo, Miss., Jan. 23 - Fairfax County, Va., brought $316.31 million of series 2014A public improvement and refunding bonds to market on Thursday, according to an informed source.
The bonds (Aaa/AAA/AAA) priced on a competitive basis with a true interest cost of 2.84%.
Citigroup Global Markets Inc. was the winning bidder.
The bonds due Oct. 1, 2014 to Oct. 1, 2033 priced with 3% to 5% coupons to yield 0.12% to 3.72%.
The deal was downsized slightly from an initial $316,815,000 offering of bonds.
Public Financial Management Inc. was the financial adviser.
The proceeds will be used to finance school, transportation, public facilities, parks and recreation and public library improvements and to refund the county's series 2004A-B and 2005A revenue bonds.
| Issuer: | Fairfax County, Va.
|
| Issue: | Series 2014A public improvement and refunding bonds
|
| Amount: | $316.31 million
|
| Maturities: | Oct. 1, 2014- Oct. 1, 2033
|
| True interest cost: | 2.84%
|
| Coupons: | 3%-5%
|
| Yields: | 0.12%-3.72%
|
| Type: | Competitive
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Rating: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Jan. 23
|
| Settlement date: | Feb. 6
|
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