By Cristal Cody
Springdale, Ark., March 27 - Florida priced $200 million public education capital outlay bonds in a competitive sale Thursday with a 4.88% true interest cost, the issuer told Prospect News.
The series 2006D full faith and credit State Board of Education bonds (Aa1/AAA/AA+) priced with 5% to 5.25% coupons to yield 2% to 5.15%, said Carol Bagley, bond development supervisor with the state's bond finance division.
The bonds, which were authorized in 2006, mature June 1, 2008 through June 1, 2037.
Merrill Lynch & Co. won the bidding in the sale.
Proceeds will be used to finance capital outlay projects for the State System of Public Education.
| Issuer: | Florida/State Board of Education
|
| Issue: | Public education capital outlay bonds
|
| Amount: | $200 million
|
| Type: | Competitive
|
| True interest cost: | 4.88%
|
| Coupons: | 5% to 5.25%
|
| Yields: | 2% to 5.15%
|
| Maturities: | 2008 to 2037
|
| Underwriter: | Merrill Lynch & Co.
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AA+
|
| Pricing date: | March 27
|
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