Miami-Dade County, Fla., to price $439 million bonds Thursday

By Sheri Kasprzak

New York, July 8 - Miami-Dade County in Florida will price its previously announced $439 million in water and sewer refunding bonds on Thursday, said Rachel Baum, the county's chief financial officer.

The bonds (A1/A+/) will be sold on a negotiated basis with RBC Capital Markets as the lead manager. Citigroup Global Markets is a co-manager.

Proceeds will be used to refund the county's series 1994 variable-rate bonds.

"As the insurer has been downgraded, the bonds were trading at a very high interest rate," Baum said. "As such, we had no choice but to refund the bonds into another mode."

The bonds are due from 2008 to 2022.

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