By Cristal Cody
Springdale, Ark., Aug. 21 - The Florida Board of Education priced $200 million lottery revenue bonds with a 4.6389% true interest cost on Thursday, the issuer told Prospect News.
The series 2008B bonds (A2/AAA/A) priced with 3.5% to 5% coupons to yield 1.825% to 4.94%, said Carol Bagley, bond development supervisor for Florida's bond finance division.
The bonds have serial maturities from 2009 through 2028.
J.P. Morgan Securities Inc. was the winning bidder out of five bids in the competitive sale.
Proceeds will be used to fund the costs of constructing, acquiring or renovating educational facilities in various school districts.
| Issuer: | Florida Board of Education
|
| Issue: | Series 2008B lottery revenue bonds
|
| Amount: | $200 million
|
| Type: | Competitive
|
| True interest cost: | 4.6389%
|
| Coupons: | 3.5%-5%
|
| Yields: | 1.825%-4.94%
|
| Maturities: | 2009-2028
|
| Underwriter: | J.P. Morgan Securities Inc.
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: AAA
|
| Fitch: A
|
| Pricing date: | Aug. 21
|
| Settlement date: | Sept. 17
|
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