By Cristal Cody
Springdale, Ark., Jan. 15 - Nassau County in New York priced $125 million in general obligation bonds through a competitive sale Tuesday.
The series 2008A tax-exempt bonds (A2/A/A+) include $105 million in general improvement bonds, 2008 series A, and $20 million in sewer and storm water resources district bonds, series B.
UBS Securities LLC successfully bid on the aggregate series with a true interest cost of 3.97%, Edward Lin, senior managing consultant with Public Financial Management Inc., the county's financial advisor, said in an interview Tuesday.
The series A bonds have consecutive serial maturities from 2009 to 2028, and the series B bonds mature from 2009 to 2033.
The coupon for series A is 3.25% for the 2009 maturity with no yield offered, rising to a 3.5% coupon to yield 2.62% in 2010, and the 2028 maturity priced with a 4% coupon to yield 4.11%%.
The series B bonds priced with a coupon of 3.5% to yield 2.58% for the 2009 maturity, with the 2033 bonds priced with a coupon of 4.125% to yield 4.22%.
| Issuer: | Nassau County, New York
|
| Issue: | General obligation bonds
|
| Type: | Competitive
|
| Amount: | $125 million
|
| Underwriter: | UBS Securities
|
| Pricing date: | Jan. 15
|
| True interest cost: | 3.97%
|
| Ratings: | Moody's: A2
|
| Standard & Poor': A
|
| Fitch: A+
|
|
|
| Series A bonds
|
| Issue: | General improvement bonds, 2008 series A
|
| Amount: | $105 million
|
| Maturities: | Serial structure from 2009 through 2028
|
| Coupon: | 3.25% in 2009 to 4% in 2028
|
| Yield: | 2.62% in 2010 to 4.11% in 2028
|
|
|
| Series B bonds
|
| Issue: | Sewer and storm water resources district bonds, series B
|
| Amount: | $20 million
|
| Maturities: | Serial structure from 2009 through 2033
|
| Coupon: | 3.5% in 2009 to 4.125% in 2033
|
| Yield: | 2.58% in 2009 to 4.22% in 2033
|
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