By Cristal Cody
Tupelo, Miss., Oct. 7 - The Maine Municipal Bond Bank priced $103.26 million revenue bonds with a 4.98% true interest cost on Tuesday, the issuer told Prospect News.
All but $7 million of the series 2008C bonds were sold through retail orders on Friday and Monday, said Bob Lenna, executive director of the bank.
The bonds (Aa1/AAA/AAA) priced with 4% to 5.5% coupons to yield 2.38% to 5.53%.
The bonds have serial maturities from 2009 through 2029 with terms due 2038.
Wachovia Bank, NA was the senior manager of the negotiated sale, and Citigroup Global Markets was the co-manager.
Proceeds will be used to purchase $99.39 million of municipal bonds from 18 cities, towns, school districts and other local government units in Maine.
| Issuer: | Maine Municipal Bond Bank
|
| Issue: | Revenue bonds
|
| Amount: | $103.26 million
|
| Type: | Negotiated
|
| True interest cost: | 4.98%
|
| Coupons: | 4%-5.5%
|
| Yields: | 2.38%-5.53%
|
| Maturities: | 2009-2029 serials; 2038 term
|
| Underwriter: | Wachovia Bank, NA (lead)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Oct. 7
|
| Settlement date: | Oct. 30
|
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