Memphis plans $125.89 million general improvement and refunding bonds

By Sheri Kasprzak

New York, March 14 - The City of Memphis, Tenn., is expected to price $125.89 million of series 2012 general improvement and refunding bonds, according to a preliminary official statement.

The deal includes $121.89 million of series 2012A tax-exempt bonds and $4 million of series 2012B taxable bonds.

The bonds (Aa2/AA/) will be sold on a negotiated basis with Bank of America Merrill Lynch and Morgan Keegan & Co. Inc. The co-managers are Duncan-Williams Inc. and Harvestons Securities Inc.

The 2012A bonds are due 2016 to 2032 and the 2012B bonds are due 2013 to 2026.

Proceeds will be used to finance various capital improvement projects within the city, as well as to refund the city's series 2004 and 2006A general improvement bonds.

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