Mississippi Development preps $165.17 million G.O. sale for Thursday

By Sheri Kasprzak

New York, July 6 - The Mississippi Development Bank is scheduled to bring to market its previously announced $165.165 million in series 2010 general obligation bonds on Thursday, according to a calendar of upcoming deals.

The bonds (/AA-/AA) will be sold on a negotiated basis. Morgan Stanley & Co. Inc. is the lead manager with Bank of America Merrill Lynch, Crews & Associates Inc., Duncan-Williams Inc. and Stephens Inc. as the co-managers.

The deal includes $95.275 million in series 2010C Walnut Grove Youth Correctional Facility project refunding bonds and $69.89 million in series 2010D East Mississippi Correctional Facility project refunding bonds.

The 2010C bonds are due 2016 to 2027, and the 2010D bonds are due 2016 to 2027.

Proceeds will be used to refund the development bank's series 2008A and 2008B bonds, which were used to finance a loan to the correctional facilities for improvements.

The bank, based in Jackson, Miss., provides funding for local governments.

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