By Sheri Kasprzak
New York, Nov. 17 - The Missouri Highways and Transportation Commission priced $150 million in series 2008A federal reimbursement state road bonds on Monday, said Ben Reeser, finance coordinator for the Missouri Department of Transportation.
The bonds (Aa2/AA/AA-) were sold on a negotiated basis with Citigroup Global Markets as the senior manager. The co-managers were Banc of America Securities LLC, Merrill Lynch & Co., George K. Baum & Co., Loop Capital Markets, Stifel Nicolaus and Valdes & Moreno Inc.
The bonds are due 2011 to 2025 with coupons from 3% to 5% and yields from 2.61% to 4.97%.
The true interest cost came in at 4.5%.
Proceeds will be used to reimburse the state for the costs of road improvements.
| Issuer: | Missouri Highways and Transportation Commission
|
| Issue: | Series 2008A federal reimbursement state road bonds
|
| Amount: | $150 million
|
| Type: | Negotiated
|
| True interest cost: | 4.5%
|
| Underwriters: | Citigroup Global Markets (lead), Banc of America Securities LLC, Merrill Lynch & Co., George K. Baum & Co., Loop Capital Markets, Stifel Nicolaus and Valdes & Moreno Inc.
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA-
|
| Pricing date: | Nov. 17
|
| Settlement date: | Dec. 4
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2011 | Serial | 3% | 2.61%
|
| 2012 | Serial | 3% | 2.94%
|
| 2013 | Serial | 3% | 3.16%
|
| 2014 | Serial | 3.25% | 3.34%
|
| 2015 | Serial | 4.5% | 3.52%
|
| 2016 | Serial | 5% | 3.73%
|
| 2017 | Serial | 5% | 3.95%
|
| 2018 | Serial | 4% | 4.15%
|
| 2019 | Serial | 4.25% | 4.37%
|
| 2020 | Serial | 4.5% | 4.56%
|
| 2021 | Serial | 5% | 4.68%
|
| 2022 | Serial | 5% | 4.76%
|
| 2023 | Serial | 5% | 4.83%
|
| 2024 | Serial | 5% | 4.90%
|
| 2025 | Serial | 4.75% | 4.97%
|
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