By Sheri Kasprzak
New York, Nov. 16 - Nassau County of New York priced $115 million of series 2010 general obligation tax anticipation notes (/SP-1+/F1+), according to a pricing sheet. The offering was significantly downsized from $270 million.
The deal included $50 million of series 2010A notes, $25 million of series 2010B notes and $40 million of series 2010C notes.
The 2010A notes are due March 31, 2011 and have a 1.25% coupon priced at 100.162.
The 2010B notes are due Sept. 15, 2011 and have a 2% coupon priced to yield 1.1%.
The 2010C notes are due Oct. 15, 2011 and have a split maturity with a 1.75% coupon priced at 100.56, a 2% coupon priced at 100.732 and a 1.5% coupon, which was not reoffered.
TD Securities Inc. won the competitive bid for the notes.
Proceeds will be used to meet a cash flow deficit expected during the period the notes are outstanding.
| Issuer: | Nassau County, N.Y.
|
| Issue: | Series 2010 general obligation tax anticipation notes
|
| Amount: | $115 million
|
| Type: | Competitive
|
| Underwriter: | TD Securities Inc. (winner)
|
| Ratings: | Standard & Poor's: SP-1+
|
| Fitch: F1+
|
| Pricing date: | Nov. 16
|
| Settlement date: | Dec. 2
|
|
|
| $50 million series 2010A
|
| Amount | Maturity | Type | Coupon | Price
|
| $50 million | March 31, 2011 | Term | 1.25% | 100.162
|
|
|
| $25 million series 2010B
|
| Amount | Maturity | Type | Coupon | Yield
|
| $25 million | Sept. 15, 2011 | Term | 2% | 1.1%
|
|
|
| $40 million series 2010C
|
| Amount | Maturity | Type | Coupon | Price
|
| $25 million | Oct. 15, 2011 | Term | 1.75% | 100.56
|
| $15 million | Oct. 15, 2011 | Term | 2% | 100.732
|
| Oct. 15, 2011 | Term | 1.5% | NRO
|
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