By Cristal Cody
Springdale, Ark., Feb. 21 - Fort Lauderdale priced $155 million water and sewer revenue bonds Thursday with a true interest cost of 4.727%, the city's financial advisor told Prospect News.
Wachovia Securities won the bidding in the competitive sale.
The bonds (Aa2) priced with coupons from 4% in 2009 to 5% in 2036 with yields from 2.05% to 4.98%, said Frank Hall Jr., president of Fidelity Financial Services in Hollywood, Fla.
Proceeds will fund improvements to two water treatment plants, enhance the water supply system with new wells and sewer extension through the city.
| Issuer: | Fort Lauderdale
|
| Issue: | Water and sewer revenue bonds
|
| Type: | Competitive
|
| Amount: | $155 million
|
| True interest cost: | 4.727%
|
| Coupons: | 4% to 5%
|
| Yields: | 2.05% to 4.98%
|
| Maturities: | 2009 to 2036
|
| Underwriter: | Wachovia Securities
|
| Ratings: | Moody's: Aa2
|
| Pricing date: | Feb. 21
|
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