By Cristal Cody
Springdale, Ark., July 2 - Fort Smith, Ark., priced $117.42 million water and sewer refunding and construction revenue bonds with a 5.007% true interest cost, a sellside source said Wednesday.
The series 2008 bonds (/AAA/) priced with 4% to 5.25% coupons to yield 2.5% to 5.08%.
The bond sale was approved by the city on Tuesday.
The bonds, insured by Financial Security Assurance, have serial maturities from 2009 through 2023 and term maturities in 2028 and 2032.
Stephens Inc. was the senior manager of the negotiated sale, and Morgan Keegan was a co-manager.
Proceeds will be used to refund the city's series 2002A bonds and fund system improvements to the Mountainburg water treatment plant, neighborhood water lines and the Howard Hill elevated water storage tank.
| Issuer: | Fort Smith, Ark.
|
| Issue: | Water and sewer refunding and construction revenue bonds
|
| Amount: | $117.42 million
|
| Type: | Negotiated
|
| True interest cost: | 5.007%
|
| Coupons: | 4%-5.25%
|
| Yields: | 2.5%-5.08%
|
| Maturities: | 2009-2023 serials; terms due 2028 and 2032
|
| Underwriter: | Stephens Inc. (lead)
|
| Rating: | Standard & Poor's: AAA
|
| Settlement date: | July 1
|
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