Published on 6/12/2014 in the Prospect News Municipals Daily.
New Issue: Mississippi Development prices $82.94 million special obligation bonds
By Sheri Kasprzak
New York, June 12 – The Mississippi Development Bank sold $82.94 million of series 2014 special obligation bonds, according to a pricing sheet.
The bonds (Aa3/AA-/) were sold through Raymond James/Morgan Keegan.
The bonds are due 2015 to 2030 with 1% to 5% coupons and 0.095% to 3.37% yields.
Proceeds will be used to finance a loan to De Soto County, Miss., to fund a highway capital project.
| Issuer: | Mississippi Development Bank
|
| Issue: | Series 2014 special obligation bonds
|
| Amount: | $82.94 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead), Morgan Stanley & Co. LLC, Duncan-Williams Inc. and Stephens Inc. (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
|
| Pricing date: | June 12
|
| Settlement date: | July 2
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5.51 million | 2015 | Serial | 1% | 100.449 | 0.095%
|
| $3.59 million | 2016 | Serial | 5% | 107.015 | 0.30%
|
| $3.77 million | 2017 | Serial | 5% | 110.81 | 0.63%
|
| $3.96 million | 2018 | Serial | 5% | 113.602 | 1.03%
|
| $4,155,000 | 2019 | Serial | 5% | 115.685 | 1.39%
|
| $4,365,000 | 2020 | Serial | 5% | 117.134 | 1.72%
|
| $4,585,000 | 2021 | Serial | 5% | 117.992 | 2.03%
|
| $4,815,000 | 2022 | Serial | 5% | 118.496 | 2.30%
|
| $5,055,000 | 2023 | Serial | 5% | 118.779 | 2.53%
|
| $5,305,000 | 2024 | Serial | 5% | 117.193 | 2.72%
|
| $5.57 million | 2025 | Serial | 5% | 116.205 | 2.84%
|
| $5.85 million | 2026 | Serial | 5% | 115.308 | 2.95%
|
| $6.14 million | 2027 | Serial | 5% | 114.178 | 3.09%
|
| $6.45 million | 2028 | Serial | 5% | 113.299 | 3.20%
|
| $6.77 million | 2029 | Serial | 5% | 112.507 | 3.30%
|
| $7.05 million | 2030 | Serial | 5% | 111.956 | 3.37%
|
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