Published on 4/15/2014 in the Prospect News Municipals Daily.
New Issue: Florence County, S.C., prices $125 million of general obligation bonds
By Sheri Kasprzak
New York, April 15 - Florence County, S.C., sold $125 million of series 2014 general obligation bonds, according to a pricing sheet.
The bonds (Aa2/AA-/) were sold competitively with J.P. Morgan Securities LLC winning the bid at a 1.377669% true interest cost.
The bonds are due 2015 to 2021 with 1% to 4% coupons with 0.17% to 1.88% yields.
Proceeds will be used to finance capital improvements for the county.
| Issuer: | Florence County, S.C.
|
| Issue: | Series 2014 general obligation bonds
|
| Amount: | $125 million
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC (winner)
|
| True interest cost: | 1.377669%
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Pricing date: | April 15
|
| Settlement date: | April 29
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $15,265,000 | 2015 | Serial | 1% | 100.902 | 0.17%
|
| $16,075,000 | 2016 | Serial | 3% | 105.338 | 0.43%
|
| $16.85 million | 2017 | Serial | 3% | 106.92 | 0.73%
|
| $17.65 million | 2018 | Serial | 4% | 111.946 | 1.01%
|
| $18,655,000 | 2019 | Serial | 4% | 113.463 | 1.26%
|
| $19,705,000 | 2020 | Serial | 4% | 113.87 | 1.60%
|
| $20.8 million | 2021 | Serial | 4% | 114.007 | 1.88%
|
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