By Cristal Cody
Tupelo, Miss., March 10 - Hamilton County in Tennessee priced $55 million in general obligation bonds and bond anticipation notes with 2.022% to 3.583% true interest costs on Tuesday, the issuer told Prospect News.
The $31.50 million series 2009 bonds (Aa1//AA+) priced with a 3.583% true interest cost, said Louis Wright, finance director.
The bonds priced with 3.00% to 4.375% coupons for the serial maturities from 2010 through 2024.
The $23.50 million series 2009 taxable bond anticipation notes (MIG1//F1+) priced with a 2.022% true interest cost.
The notes, due March 1, 2010, were sold with a 2.25% coupon, Wright said.
The yields were not immediately available.
Morgan Keegan & Co., Inc. was the winning bidder in the competitive sales.
The proceeds will be used to refund outstanding commercial paper bond anticipation notes on April 9 and to finance public works projects, including roads and water and sewer facilities.
The county seat of Hamilton County is Chattanooga.
| Issuer: | Hamilton County (Tennessee)
|
| Issue: | General obligation bonds and bond anticipation notes
|
| Amount: | $55 million
|
| Type: | Competitive
|
| Underwriter: | Morgan Keegan & Co., Inc.
|
| Pricing date: | March 10
|
| Settlement date: | March 24
|
|
|
| Series 2009 bonds
|
| Issue: | General obligation bonds
|
| Amount: | $31.5 million
|
| Maturities: | 2010-2024
|
| True interest cost: | 3.583%
|
| Coupons: | 3.00%-4.375%
|
| Ratings: | Moody's: Aa1
|
| Fitch: AA+
|
|
|
| Series 2009 BANs
|
| Issue: | Bond anticipation notes
|
| Amount: | $23.50 million
|
| Maturity: | 2010
|
| True interest cost: | 2.022%
|
| Coupon: | 2.25%
|
| Ratings: | Moody's: MIG1
|
| Fitch: F1+
|
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