By Cristal Cody
Tupelo, Miss., Aug. 6 - The state of Florida priced $147 million in refunding bonds with a 3.16% true interest cost for the State Board of Education on Thursday, the Florida Division of Bond Finance told Prospect News.
The series 2009A full faith and credit public education capital outlay bonds (Aa1/AAA/AA+) were sold with 2.50% to 5.00% coupons to yield 0.49% to 3.84% from 2010 through 2022, said Carol Bagley, bond development supervisor for the state.
Morgan Stanley & Co. Inc. was the winning bidder out of six bidders in the competitive sale.
The proceeds will be used to refund a portion of the outstanding series 1998C public educational capital outlay refunding bonds.
| Issuer: | Florida/State Board of Education
|
| Issue: | Series 2009A public education capital outlay refunding bonds
|
| Amount: | $147 million
|
| Type: | Competitive
|
| Underwriter: | Morgan Stanley & Co. Inc.
|
| Maturities: | 2010-2022
|
| True interest cost: | 3.16%
|
| Coupons: | 2.50%-5.00%
|
| Yields: | 0.49%-3.84%
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AA+
|
| Pricing date: | Aug. 6
|
| Settlement date: | Aug. 27
|
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