By Cristal Cody
Springdale, Ark., Feb. 11 - Florida priced $300 million public education capital outlay bonds in a competitive sale won by Goldman, Sachs & Co., Tim Tinsley, chief of the state's bond program, said in an interview Monday.
The full faith and credit series 2007C bonds priced on Wednesday with a 4.43% true interest cost. The coupons ranged 3% to 5% with yields from 1.75% to 4.69%, Tinsley said.
The bonds mature June 1, 2008 through 2037.
Proceeds will be used to help pay the cost of capital outlay projects for the state's public education system.
Florida also plans to price $315.4 million series 2008A State Board of Education lottery revenue bonds structured with maturities from July 1, 2008 to 2027. Part of the proceeds will be used to finance the costs of constructing and renovating schools in the state and to refund a portion of series 1998B lottery revenue bonds.
Bond sales are on an 18-hour notice, and the state is watching the markets daily, Tinsley said.
| Issuer: | Florida
|
| Issue: | Public education capital outlay bonds
|
| Type: | Competitive
|
| Amount: | $300 million
|
| Coupons: | 3% to 5%
|
| Yields: | 1.75% to 4.69% |
|
| True interest cost: | 4.43%
|
| Maturities: | June 1, 2008 to 2037
|
| Underwriter: | Goldman, Sachs & Co.
|
| Ratings: | Moody's: Aa1 |
|
| S&P: AAA
|
| Fitch: AA+
|
| Pricing date: | Feb. 6
|
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