By Cristal Cody
Tupelo, Miss., Feb. 25 - The Florida Department of Management Services priced $125.855 million in certificates of participation with a 5.01% true interest cost on Wednesday, the Florida Division of Bond Finance told Prospect News.
The series 2009A certificates (Aa2/AA+/AA) priced with 4% to 5.25% coupons to yield 2% to 5.5%, said Carol Bagley, bond development supervisor for the state.
The certificates priced with a premium of 109.146 on the front end and were discounted to 97.036 on the back end of the maturities, she said.
The certificates have serial maturities from 2010 through 2028.
Barclays Capital Inc. was the winning bidder out of four bids in the competitive sale.
The proceeds will be used to acquire property and to build and equip a 2,000-bed adult male medium security private correctional facility in Santa Rosa County, Fla.
| Issuer: | Florida Department of Management Services
|
| Issue: | Certificates of participation
|
| Amount: | $125.855 million
|
| Type: | Competitive
|
| Underwriter: | Barclays Capital Inc.
|
| Maturities: | 2010-2028
|
| True interest cost: | 5.01%
|
| Coupons: | 4%-5.25%
|
| Yields: | 2%-5.5%
|
| Price: | 97.036-109.146
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA
|
| Pricing date: | Feb. 25
|
| Settlement date: | March 19
|
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