By Cristal Cody
Springdale, Ark., July 22 - Montgomery County, Md., priced $250 million general obligation bonds with a 4.1809% true interest cost on Tuesday, a source told Prospect News.
The series 2008A bonds (Aaa/AAA/AAA) priced with 3% to 5% coupons to yield 1.74% to 4.72%.
The bonds have serial maturities from 2009 through 2028.
Wachovia Securities was the winning bidder in the competitive sale.
Proceeds will be used to redeem commercial paper to provide permanent financing for county capital projects, which include construction, renovations and equipment for libraries, new public schools and fire and police facilities.
| Issuer: | Montgomery County, Md.
|
| Issue: | Series 2008A general obligation bonds
|
| Total amount: | $250 million
|
| Type: | Competitive
|
| True interest cost: | 4.1809% |
|
| Coupons: | 3%-5%
|
| Yields: | 1.74%-4.72%
|
| Maturities: | 2009-2028
|
| Underwriter: | Wachovia Securities
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | July 22
|
| Settlement date: | Aug. 5
|
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