By Cristal Cody
Springdale, Ark., July 8 - The Florida Department of Education priced $200 million full faith and credit public education capital outlay bonds with a 4.6526% true interest cost on Tuesday, a state finance official told Prospect News.
The series 2006E bonds (Aa1/AAA/AA+) priced with 4% to 5% coupons to yield 1.8% to 4.72% for the serial maturities from 2009 through 2030, said Carol Bagley, bond development supervisor for Florida's bond finance division.
The bonds were authorized by the state in 2006.
Term bonds due in 2035 and 2038 priced with 5% coupons to yield 4.73% to 4.76%.
Merrill Lynch & Co. was the winning bidder in the competitive sale.
Proceeds will be used for capital school projects.
| Issuer: | Florida Department of Education
|
| Issue: | Full faith and credit public education capital outlay bonds
|
| Amount: | $200 million
|
| Type: | Competitive
|
| True interest cost: | 4.6526%
|
| Coupons: | 4%-5% serials; 5% terms
|
| Yields: | 1.8%-4.72% serials; 4.73%-4.76% terms
|
| Maturities: | 2009-2030 serials; terms due 2035 and 2038
|
| Underwriter: | Merrill Lynch & Co.
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AA+
|
| Pricing date: | July 8
|
| Settlement date: | July 30
|
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