By Cristal Cody
Springdale, Ark., April 16 - Florida priced $99.685 million Everglades restoration revenue refunding bonds with a 4.2693% true interest cost on Wednesday, the issuer told Prospect News.
The Department of Environmental Protection series 2008A bonds (A1/AA-/A+) priced with 3% to 5% coupons to yield 2.15% to 4.59%, said Carol Bagley, bond development supervisor with the state's bond finance division.
The bonds have maturities from July 1, 2008 through July 1, 2025.
UBS Investment Bank won the bidding in the competitive sale.
Proceeds will be used to refinance the outstanding series 2006A and B multi-modal Everglades restoration revenue bonds and to fund a reserve account.
| Issuer: | Florida
|
| Issue: | Everglades restoration revenue refunding bonds
|
| Amount: | $99.685 million
|
| Type: | Competitive
|
| True interest cost: | 4.2693%
|
| Coupons: | 3% to 5%
|
| Yields: | 2.15% to 4.59%
|
| Maturities: | 2008 to 2025
|
| Underwriter: | UBS Investment Bank
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA-
|
| Fitch: A+
|
| Pricing date: | April 16
|
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