By Sheri Kasprzak
New York, Sept. 15 - The Metropolitan Council of the Twin Cities Area of Minnesota sold $90 million of series 2011C grant anticipation notes, said a pricing sheet.
The notes (MIG 1/SP-1+/) are due 2012 to 2014 with 0.25% to 1% coupons. J.P. Morgan Securities LLC won the competitive bid for the bonds with a 0.39% true interest cost.
Proceeds from the sale will be used to provide interim financing for the construction of the Central Corridor project, a light rail line that will link the downtown areas of St. Paul and Minneapolis.
Issuer: | Metropolitan Council of the Twin Cities Area
|
Issue: | Series 2011C grant anticipation notes
|
Amount: | $90 million
|
Type: | Competitive
|
Underwriter: | J.P. Morgan Securities LLC (winner)
|
TIC: | 0.39%
|
Ratings: | Moody's: MIG 1
|
| Standard & Poor's: SP-1+
|
Pricing date: | Sept. 15
|
Settlement date: | Sept. 28
|
|
Amount | Maturity | Type | Coupon | Price
|
$25 million | 2012 | Serial | 1% | 100.343
|
$20 million | 2013 | Serial | 0.25% | 100
|
$45 million | 2014 | Serial | 0.45% | 100
|
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